The Council of Europe has commended Monaco for its substantial strides in combating money laundering and terrorist financing, according to a recent Moneyval report. Released on December 10, the report highlights the impressive reforms implemented by the Principality since being placed on the Financial Action Task Force (FATF) "grey list" in June 2024. Monaco's proactive measures have led to compliance with 39 of FATF's 40 recommendations, with significant legislative updates including four major legislative packages comprising 481 articles.
These reforms were a collaborative effort involving the Prince's government, the National Council, and various public and private stakeholders, aimed at enhancing the financial integrity of Monaco. The government has expressed a strong commitment to maintaining these standards, with a focus on addressing the remaining recommendation related to new technologies, such as virtual assets and cryptocurrencies. Minister of Finance Pierre-André Chiappori noted the positive international response to Monaco's reforms, emphasizing the ongoing efforts to remove the Principality from the grey list by mid-2026.
The Moneyval report not only acknowledges Monaco's commitment to transparency but also reinforces its reputation as a trusted global financial hub. The Principality's concerted efforts to align with international financial standards underscore its dedication to fostering a secure and compliant financial environment, crucial for its standing in the global financial community. These efforts are set to continue, with the government focusing on enhancing the oversight of virtual assets and aligning further with European Union standards.
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