Monaco steps up anti-money laundering efforts as it pushes for grey list exit

Meeting on Friday, March 27 under the chairmanship of Minister of State Christophe Mirmand, Monaco’s AML/CFT coordination committee reviewed recent progress and called for continued collective commitment ahead of the Principality’s next international evaluation.

Monaco’s National Coordination and Monitoring Committee for its strategy against money laundering, terrorist financing, proliferation of weapons of mass destruction, and corruption convened on Friday in two successive sessions, a first college meeting followed by a full plenary, under the chairmanship of Minister of State Christophe Mirmand.

Mr Mirmand opened proceedings by highlighting a significant milestone: the adoption of Monaco’s 3rd progress report by the Financial Action Task Force (FATF) at its most recent plenary assembly in February. A Monégasque delegation had attended the session in person. Attention now turns to the forthcoming submission of the Principality’s 4th follow-up report, the next step in the ongoing monitoring proces

The Minister of State also praised the success of the 6th-cycle MONEYVAL evaluator training, organised by the Permanent AML/CFT Secretariat in Monaco from 16 to 20 March 16 March 20. Around forty participants attended, including five representatives from Monégasque authorities and services, a concrete sign of the Principality’s active engagement in international evaluation mechanisms.

While removal from both the FATF grey list and the European Union’s equivalent list remains the primary objective, participants were reminded of the need to begin preparing now for Monaco’s next full evaluation by the MONEYVAL Committee. Two major workstreams will feed into that process: a comprehensive review of the legislative and regulatory framework on AML/CFT, and the conduct of the third national risk assessment.

Mr Mirmand extended his thanks to all relevant authorities and services, to the National Council, and to private sector representatives for the efforts deployed and the rigour and commitment shown to date. He nonetheless stressed that this collective engagement must be sustained over the long term.

Rounding off the session, private sector representatives were invited to share their first-hand accounts of the practical impact, on their respective professions, of Monaco’s inclusion on the FATF and EU grey lists, feedback that will help shape the next phase of the Principality’s response.