Monaco has taken another significant step towards removal from the Financial Action Task Force (FATF) grey list after the international body adopted the Principality’s fourth progress report during its latest plenary meeting…
The FATF concluded that Monaco has now substantially completed the implementation of the action plan established in June 2024, recognising the extensive reforms introduced over the past two years to strengthen anti-money laundering and counter-terrorist financing measures.
The decision marks a major milestone in the Principality’s efforts to align its financial and judicial systems with the highest international standards. Authorities have undertaken a broad programme of legislative, regulatory and operational reforms involving government departments, supervisory bodies and the justice system.
The next stage of the process will be an on-site FATF visit to Monaco, with the date still to be confirmed. During the visit, FATF representatives will assess whether the reforms are fully embedded in day-to-day operations, functioning effectively and capable of delivering sustainable results over the long term.
The visit will also provide an opportunity for Monaco to demonstrate the continued commitment of the Princely Government and judicial authorities to maintaining rigorous compliance standards.
A successful assessment would represent one of the final steps towards Monaco’s removal from the FATF grey list, a development widely viewed as crucial for reinforcing the Principality’s international reputation and financial competitiveness.
Image: Dominik Pearce
