Monaco appoints new financial security chief as it works to exit FATF ‘grey list’

Monaco has appointed Bruno Dalles as the new head of its Financial Security Authority (AMSF), the agency responsible for tackling money laundering, terrorist financing, and corruption. The appointment comes as Monaco prepares to send its first progress report to the Financial Action Task Force (FATF), outlining steps taken to address concerns that led to its inclusion on the organisation’s “grey list” last year.

Bruno Dalles, currently Attorney General at the Court of Appeal in Nouméa, will take up his new position on 3 March. He replaces Sophie Thévenoux, who had led the agency since 29th January.

A former head of TRACFIN, France’s financial intelligence unit, Dalles has a background in investigating financial crime and public finance management. His experience is expected to play a key role as Monaco works to improve oversight of its financial system.

AMSF was created to replace SICCFIN, the previous financial intelligence unit, as part of Monaco’s response to FATF recommendations calling for stronger, more independent regulation.

*Photo source: Government Communication Department*

Government reviews anti-money laundering strategy

Dalles’ appointment was announced as Monaco’s Coordination and Monitoring Committee for its national anti-money laundering strategy met on 27th February.

The meeting, chaired by Minister of Foreign Affairs and Cooperation Isabelle Berro-Amadeï, reviewed the country’s progress since being placed on FATF’s grey list. Officials also finalised Monaco’s upcoming progress report, which will be submitted to FATF’s International Cooperation Review Group (ICRG) for assessment.

Berro-Amadeï thanked government agencies and financial institutions for their efforts but stressed the need for continued cooperation to meet international standards.

Monaco’s position on FATF grey list

Monaco was added to FATF’s grey list in June 2024 due to concerns over its ability to prevent money laundering, particularly in cases linked to tax fraud abroad. While FATF acknowledged improvements in financial controls, it said further action was needed to ensure effective enforcement.

Since then, Monaco has restructured its financial oversight agencies, introduced new legislation, and increased regulatory scrutiny. Officials hope these efforts will allow the country to be removed from the grey list by 2026.

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