Today, Monaco presents its case before the Moneyval committee in Strasbourg, showcasing significant progress in addressing its placement on the Financial Action Task Force (FATF) “grey list.”
This crucial meeting highlights the Principality’s commitment to enhancing its anti-money laundering (AML) and counter-terrorism financing (CTF) framework to align with international standards.
Since Moneyval’s evaluation report in January 2023, Monaco has embarked on an ambitious reform agenda to rectify identified deficiencies. Over the past 16 months, the Principality has introduced four major legislative packages containing 481 articles. These efforts have led to amendments in 11 existing laws, one Sovereign Ordinance, and three legal codes. The reforms are the result of collaboration among the Government, the National Council, public authorities, and private sector stakeholders, demonstrating a united approach to achieving compliance.
Moneyval’s first follow-up report, published today, acknowledges Monaco’s “significant advancements,” resulting in favourable re-evaluation of 15 FATF recommendations. Monaco is now compliant with 39 out of 40 recommendations, achieving “fully compliant” ratings for seven and “largely compliant” for 32. Only one recommendation—concerning new technologies—remains partially compliant, with minor gaps to address.
In today’s session, Monaco emphasizes its progress in combating money laundering, terrorism financing, weapons proliferation, and corruption. The Principality highlights its strengthened financial compliance framework and the robust measures implemented to safeguard its financial system. By presenting its action plan, established with FATF in June 2024, Monaco reaffirms its readiness to exit the grey list, with a target date of mid-2026.
Moneyval’s recognition of Monaco’s achievements marks a milestone for the Principality’s financial integrity. These reforms reinforce Monaco’s global reputation as a trusted financial jurisdiction, reflecting its dedication to transparency and international cooperation.
As it looks to the future, Monaco remains focused on implementing its action plan and maintaining compliance. The strides made so far demonstrate the nation’s commitment to safeguarding its financial systems and achieving its ultimate goal of leaving the grey list.
