On Wednesday, October 30, the Coordination and Monitoring Committee of Monaco’s National Strategy to Combat Money Laundering, Terrorism Financing, and the Proliferation of Weapons of Mass Destruction convened in a plenary session under the leadership of Minister of State Didier Guillaume…
This high-level gathering saw representatives from key governmental bodies, the National Council, and private sector leaders joining forces to address the Principality’s current placement on the Financial Action Task Force’s (FATF) “grey list.”
The grey list status, which indicates heightened monitoring, underscores the FATF’s call for Monaco to intensify its actions in preventing financial crimes. Minister Guillaume commended the “collective commitment” across both public and private sectors, acknowledging the legislative and operational strides made so far in meeting FATF criteria. He stressed that ongoing efforts and collaboration are essential, particularly as the nation works towards the robust action plan set forth by the FATF.
Regular dialogue between public authorities and the private sector is central to identifying and addressing any real-world scenarios that may arise in implementing anti-money laundering and anti-corruption measures. This partnership ensures that all entities in Monaco remain aligned in their objectives to meet FATF requirements and ultimately achieve removal from the grey list.
Already, Monaco has introduced several impactful measures and pledged to maintain a high level of commitment. Minister Guillaume reiterated that all relevant sectors are expected to make compliance with anti-financial crime standards an inherent part of their activities. As Monaco advances, maintaining up-to-date practices and regulations in line with international standards and European developments will remain a priority to fortify the nation’s regulatory framework against financial crimes.
Photo: ©Direction de la Communication – Manuel Vitali
