Monaco is strategising its removal from the FATF “grey list” and heightened scrutiny by the global watchdog, executing its new action plan to “refine” risk mapping for foreign tax fraud money laundering.
On Wednesday 10th July, the two committees of the National Strategy Coordination and Monitoring Committee for combating money laundering, terrorism financing, the proliferation of weapons of mass destruction, and corruption convened under the chairmanship of Minister of State Didier Guillaume.
The meeting aimed to assess the situation following the inclusion of the Principality of Monaco on the Financial Action Task Force (FATF) “grey list”, which puts the Principality under enhanced monitoring by the global anti-money laundering watchdog.
Monaco’s Minister of Finance and Economy Pierre-André Chiappori, who led a delegation at the FATF plenary session in Singapore, said, “The grey list is not good news, but the FATF has nonetheless acknowledged the significant progress made by the Principality. Therefore, all involved parties must continue their efforts to ensure Monaco’s removal from this list at the FATF plenary session in June 2026.”
Chiappori also addressed false claims in the media that Monaco has been flagged for involvement in foreign tax fraud money laundering cases. “This is absolutely false,” said the finance minister, who was appointed in March this year. “What is required of us is to refine our risk mapping for foreign tax fraud money laundering by adopting a more precise methodology.”
The agreed action plan between FATF and Monaco was reviewed, with Chiappori noting, “This action plan is relatively short in both content and duration, which is an encouraging sign. It involves continuing the recruitment plan for the Monaco Financial Security Authority (AMSF), enhancing international cooperation requests, and ensuring the effectiveness and number of sanctions.”
Meanwhile, the Minister of State called for “the establishment of a permanent dialogue between the Government and representatives from all sectors impacted by this monitoring procedure to address any difficulties arising from the Principality’s inclusion on the grey list.”
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Photo credit: Manuel Vitali, Government Communication Department