The European Commission is proceeding with the update of its list of jurisdictions, following the 2024 revision of the grey list issued by the Financial Action Task Force (FATF), the global standard-setting body for anti-money laundering and counter-terrorist financing. In accordance with this update, the inclusion of the Principality of Monaco in the revised EU list is expected to take place as scheduled.
As per its usual procedure, the EU mirrors FATF decisions when adjusting its own grey and black list of jurisdictions seen as deficient in the fight against money laundering and terrorist financing. Monaco, added to the FATF’s grey list in June 2024, is now poised to be formally included in the EU’s equivalent list—pending final approval from the European Parliament or the EU Council.
The Monegasque government acknowledged the anticipated move, maintaining that this is part of a standard process, and reiterated its commitment to tightening financial oversight. Authorities in the Principality highlighted ongoing efforts to implement the FATF-mandated Action Plan, steered by its National Coordination and Monitoring Committee, and carried out in concert with EU institutions.
Despite the reputational blow, Monaco insists it’s on the fast track to redemption. Officials are aiming for a swift removal from the grey list and point to strong progress already made—progress that will be scrutinised at the upcoming FATF-MONEYVAL joint plenary in Strasbourg from Tuesday, June 10 to Friday, June 13.
The Principality also noted a significant technical win: in December 2024, MONEYVAL positively rated 39 out of 40 FATF recommendations, recognising Monaco’s substantial compliance improvements.
