At a pivotal meeting on 17th June, Monaco’s Coordination and Monitoring Committee for the national anti-money laundering strategy reaffirmed its commitment to financial transparency and reform. The gathering, chaired by Minister Isabelle Berro-Amadeï, showcased key improvements and addressed the Principality’s recent inclusion on the European Union’s high-risk list.
The dual sessions of the committee, which included both public and private stakeholders, reviewed Monaco’s latest report adopted by the FATF (Financial Action Task Force) plenary on 13th June. The report noted significant progress in achieving goals set under the ongoing ICRG monitoring process. These gains include strengthened institutional procedures and legal adjustments aligned with international expectations.
Reforms and legal evolution continue
Among the latest legal milestones is the Sovereign Ordinance no. 11.242, published on 30th May, which allows a magistrate to chair the sanctioning body of Monaco’s Financial Security Authority (AMSF). The government also announced the signing of an amendment to the 1963 Customs Convention with France and the introduction of two legislative texts: one on the judicial reserve and another converting a proposed law on plea bargaining into a government bill.
Clarifying Monaco’s EU listing context
Addressing recent media attention, officials reiterated that Monaco’s inclusion on the EU’s high-risk list stems automatically from its grey-listing by the FATF. This technical correlation, they stressed, does not reflect new shortcomings but follows standard EU procedures. The government has encouraged ongoing cooperation across all sectors, urging continued momentum ahead of the forthcoming MONEYVAL evaluation.
See also:
Greylist: FATF acknowledges Monaco’s robust progress in anti‑money laundering reforms
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Photo credit: Stephane Danna, Government Communication Department