Monaco’s efforts to strengthen its framework against financial crime continued to advance last week as the Coordination and Monitoring Committee held a new working session.
Members of the committee’s First College, focused on for the national strategy on combating money laundering, terrorist financing, the proliferation of weapons of mass destruction and corruption, met on Friday, January 30 under the chairmanship of the Minister of State, Christophe Mirmand. The meeting provided an opportunity to review progress made under the action plan adopted by the Financial Action Task Force in June 2024, as well as the next steps in Monaco’s reform agenda.
During the session, the Minister of State highlighted the significant advances already achieved, noting that Monaco’s efforts have been acknowledged internationally, in particular through the adoption by the FATF of the Principality’s first two progress reports. These milestones were presented as clear recognition of the scale and seriousness of the reforms undertaken.
The authorities and services involved were commended for the quality and depth of the work carried out to date, as well as for the legislative and operational changes introduced with the aim of bringing Monaco’s national system fully into line with the highest international standards in the fight against financial crime.
While the objective of removal from the FATF’s grey list remains a priority, and ultimately from the European Union’s list, the Minister of State stressed that the reforms go beyond short-term compliance. He underlined that the structural changes currently under way are also intended to prepare the Principality for its next evaluation by MONEYVAL.
As the third progress report is due to be submitted shortly to the FATF Plenary for adoption, committee members reviewed the exchanges that have taken place as part of the follow-up process since the last FATF Plenary session in October 2025. An update was also provided on the 70th Plenary Meeting of MONEYVAL, attended by a Monegasque delegation in December 2025.
The meeting concluded with a forward-looking discussion on the substantial work that will continue or be launched throughout 2026, in line with the National Strategy for the period 2025–2027 and the associated National Action Plan. In light of the milestones ahead in the short, medium and longer term, all stakeholders were urged to remain fully mobilised and to sustain the level of commitment demonstrated so far.
Photo: Communication Department