Monaco is intensifying its efforts to tackle money laundering through targeted training programmes for legal professionals, aiming to address shortcomings identified by the Financial Action Task Force (FATF) in June 2024…
The FATF deemed Monaco non-compliant with international standards, placing it on the grey list and prompting urgent reforms to protect its financial reputation.
One key initiative is the specialised training launched in February by the Monegasque Training Institute, focusing on professionals involved in every stage of anti-money laundering processes. Over 30 hours, magistrates, police, prosecutors, and administrative authorities gained insights into identifying criminal assets, managing seizures, and neutralising illicit financial activities.
The training concluded on 4 July with international experts from France, Italy, Spain, and the United States sharing their experiences. “We are catching up with legal provisions,” organisers noted, highlighting that Monaco is rapidly adapting its frameworks to align with major global standards. Plans are underway to expand the financial affairs division of the General Prosecutor’s office to strengthen investigations and enforcement in money laundering and financial crime cases.
Monaco’s proactive approach was praised by MONEYVAL last December, acknowledging the country’s significant progress over the past two years. Officials emphasised the Principality’s enthusiasm and determination to meet FATF benchmarks through legal reforms and extensive professional development. The ultimate goal is clear: to secure removal from the FATF grey list by June 2026.
As Monaco continues this transformation, training remains a powerful tool in ensuring that financial integrity, compliance, and international trust remain cornerstones of the Principality’s economic and legal systems.
