Monaco has reaffirmed its commitment to transparency and reform following the European Commission’s recent move to include the Principality on its list of countries considered high-risk for money laundering. The update, while not surprising, stems from the EU's procedural alignment with the FATF’s grey list, which Monaco was added to in mid-2024.
In response, the Monegasque government emphasized that this inclusion is not final and could be reversed by the European Parliament or the Council. Officials stressed that this step is procedural rather than punitive and reflects the EU’s automatic application of FATF guidelines to its own criteria.
Despite this development, Monaco’s financial oversight progress has been significant. MONEYVAL, the European body responsible for evaluating anti-money laundering measures, confirmed in late 2024 that Monaco is compliant with 39 of the 40 recommended actions. This achievement demonstrates the government’s focused work to meet international expectations.
The next key moment for the Principality will be the upcoming plenary meeting of the FATF and MONEYVAL in Strasbourg. Monaco intends to present clear evidence of continued progress and reaffirm its goal of exiting the grey list by June 2026.
Thomas Brezzo, President of the National Council, has also voiced his support, stating that Monaco’s institutions stand united in advancing legislation and regulatory reform to strengthen its AML/CFT (Anti-Money Laundering and Counter-Terrorism Financing) systems.
Brezzo further expressed solidarity with local businesses, acknowledging their vital role in meeting compliance standards under increasingly demanding international frameworks.
As legislative efforts accelerate, Monaco remains focused on both upholding its international responsibilities and ensuring its long-standing reputation as a secure and respected financial hub within Europe.