Monaco showcased significant progress in its anti-money laundering (AML) and counter-terrorism financing (CTF) frameworks during a key meeting with the Moneyval committee in Strasbourg today. The session marked an important step in the Principality’s efforts to align with international standards and address its placement on the Financial Action Task Force (FATF) "grey list." Since a critical evaluation in January 2023, Monaco has implemented an extensive reform agenda, launching four major legislative packages with a total of 481 articles, amending 11 existing laws, and enhancing three legal codes, in a collaborative effort between the government, the National Council, and various stakeholders.
The meeting coincided with the publication of Moneyval’s first follow-up report, which lauded Monaco for "significant advancements," noting that the Principality is now compliant with 39 out of 40 FATF recommendations. This compliance includes full adherence to seven recommendations and substantial compliance to 32. However, Monaco continues to work on fully addressing recommendations related to new technologies. By detailing its comprehensive action plan, established with FATF in June 2024, Monaco underscored its determination to be removed from the grey list by mid-2026, highlighting its enhanced measures against money laundering, terrorism financing, and other illicit activities.
This positive evaluation from Moneyval reinforces Monaco's reputation as a secure and reliable financial hub, reflecting its ongoing commitment to financial transparency and international regulatory compliance. Looking ahead, Monaco remains steadfast in its mission to maintain these standards and achieve its strategic goal of exiting the grey list, thus ensuring the integrity and security of its financial landscape for the future.
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