Yes. As of mid-October 2026, Monaco remains on the Financial Action Task Force (FATF) grey list, where it has been since June 2024. However, the FATF has found that the Principality has substantially completed its action plan, and a decision on its removal is expected at the conclusion of the FATF plenary in Paris on October 30, 2026.
Removal is not automatic. It depends on the outcome of an FATF on-site assessment and a decision by the plenary, but Monaco has now reached the final stage of the process.
What is the FATF grey list?
The FATF, based in Paris, sets global standards for combating money laundering and terrorist financing. Its list of ‘jurisdictions under increased monitoring’, commonly known as the grey list, covers countries that have committed to addressing strategic deficiencies within agreed deadlines.
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It is not a blacklist. The FATF itself does not call for enhanced due diligence against grey-listed jurisdictions and asks banks to adopt a risk-based approach rather than excluding entire categories of clients.
Why was Monaco grey-listed?
Monaco was placed on the list in June 2024, following a 2023 evaluation by MONEYVAL, the Council of Europe’s anti-money laundering body. The Principality made a high-level political commitment to work with the FATF and MONEYVAL to implement an agreed action plan.
The concerns were less about legislation than about results. The action plan required Monaco to improve its understanding of money laundering risks linked to tax fraud committed abroad, pursue the seizure of criminal assets overseas more frequently, and impose tougher sanctions for breaches, including those involving beneficial ownership rules. It also called for increased resources for its financial intelligence unit, faster judicial proceedings and more seizures of suspected criminal property.
What has Monaco done since?
The Government has undertaken a broad programme of legislative, regulatory and judicial reform. Staffing at the Monegasque Financial Security Authority (AMSF) has increased from around 20 to nearly 80 over four years, additional magistrates have been recruited to the Public Prosecutor’s Office, and suspicious transaction reports have risen steadily.
Enforcement has also become more visible. The AMSF fined UBS €6 million earlier this year over compliance failings, whilst a separate €1 million penalty was imposed on another bank in the Principality. Sanctions have also been strengthened in higher-risk sectors, including real estate, auctions and corporate services.
The FATF adopted Monaco’s second progress report in October 2025 and its third in February 2026. In June 2026, it went further, making an initial determination that Monaco had substantially completed its action plan and warranted an on-site visit. NEWS.MC reported this milestone at the time.
What happens at the October plenary?
The on-site visit is intended to confirm that reforms are being implemented, are sustainable and continue to have political backing. If the FATF is satisfied, the plenary can remove Monaco from the grey list, with the outcome expected to be published on October 30.
According to Bloomberg, citing people familiar with the deliberations, Monaco is expected to leave the list alongside Bulgaria and Côte d’Ivoire, which reached the same stage in June. However, no formal decision has yet been taken, as NEWS.MC reported in September.
What does grey listing mean in practice?
For most residents, the effect has been additional paperwork rather than closed doors. Foreign banks and financial professionals have tended to ask more questions about the source of funds involved in transactions linked to Monaco, potentially slowing account openings, property purchases and corporate deals.
The bigger practical issue concerns the European Union. The European Commission added Monaco to its list of high-risk third countries in June 2025, with effect from August 5, 2025, and retained it in the update that took effect in January 2026.
Under EU rules, banks and other regulated entities must apply enhanced due diligence to business relationships and transactions involving listed countries.
What happens next?
If Monaco is removed from the FATF grey list on October 30, its removal from the EU list will not happen automatically. The European Commission normally reflects FATF delistings in a subsequent delegated regulation, which must then pass through a scrutiny period before taking effect. Consequently, EU enhanced due diligence requirements could remain in place for several months.
The work will not stop there. The Government has indicated that Monaco must still complete its third National Risk Assessment and prepare for its next MONEYVAL evaluation, as reported following the September coordination committee meeting.
If the FATF does not remove Monaco from the grey list this month, the Principality will remain under increased monitoring until at least the next plenary, normally held in February.
Key dates
- June 2024: FATF places Monaco under increased monitoring.
- August 5, 2025: Monaco’s inclusion on the EU high-risk third countries list takes effect.
- October 2025: FATF adopts Monaco’s second progress report.
- February 2026: FATF adopts Monaco’s third progress report.
- June 2026: FATF finds Monaco’s action plan substantially completed and authorises an on-site visit.
- October 26–30, 2026: FATF plenary in Paris, with the outcome expected on October 30.
Frequently asked questions
Is Monaco on the FATF grey list?
Yes. Monaco has been on the FATF list of jurisdictions under increased monitoring since June 2024. A decision on its removal is expected on October 30, 2026.
When could Monaco come off the grey list?
The earliest realistic date is October 30, 2026, the final day of the FATF plenary in Paris. In June 2026, the FATF found that Monaco had substantially completed its action plan, paving the way for an on-site visit and a final decision.
Is the grey list the same as a blacklist?
No. The blacklist covers ‘high-risk jurisdictions subject to a call for action’. Grey-listed countries are working with the FATF to address identified deficiencies, and the FATF does not itself call for enhanced due diligence against them.
Is Monaco on the EU high-risk list?
Yes. The European Commission added Monaco to its list of high-risk third countries with effect from August 5, 2025. Removal requires a separate decision by the Commission, which generally follows an FATF delisting after some delay.
Does the grey list affect people living in Monaco?
Mainly through banking and compliance requirements. Residents and businesses dealing with banks or financial professionals abroad, particularly in the EU, may face more detailed checks on the source of funds, potentially lengthening transactions.
This article will be updated following the FATF decision on October 30.
