Monaco’s government has pledged to continue its financial crime reforms after the Principality’s removal from the FATF grey list, with Minister of State Christophe Mirmand describing compliance as a matter of credibility and stability for its financial centre.

Responding to Friday’s decision, Mirmand welcomed the recognition of more than two years of work across Monaco’s institutions under Prince Albert II, but made clear that the programme would continue.

“We do not see this as a finish line: what matters now is what Monaco delivers over the long term. The reforms will therefore continue as practices evolve,” he said.

The government confirmed that the bodies coordinating Monaco’s national strategy will remain in place. Three further projects are already under way: an ongoing review of legislation and regulations, the creation of a national statistical database and a third national risk assessment.

The response sets out how Monaco intends to preserve the progress that secured its exit from increased monitoring, while preparing for its next international evaluation.

Mirmand links compliance to Monaco’s financial credibility

The Financial Action Task Force formally removed Monaco from its grey list at its Paris plenary, held from 28th to 30th October. The Principality had been under increased monitoring since June 2024.

In its statement, the government confirmed that FATF assessors visited Monaco in September, following a preliminary finding in June that the country had substantially completed its action plan.

Mirmand said the decision recognised “more than two years of concrete, rigorous and coordinated work by all of the State’s authorities and departments, under the leadership of H.S.H. Prince Albert II”.

“It also confirms that, in Monaco, compliance with the highest international standards is a governance choice, one that serves the credibility and stability of our financial center,” he said.

The government credited the outcome to a collective effort, acknowledging the role of the National Council and private-sector businesses alongside state authorities and departments.

Financial watchdog to reach 80 staff

Among the changes highlighted in the government’s response is the expansion of the Autorité Monégasque de Sécurité Financière (AMSF), which supervises regulated professionals and serves as Monaco’s financial intelligence unit.

The authority’s staffing has quadrupled and is set to reach 80 by the end of 2026, said the government, while suspicious transaction reports were of better quality and being processed more quickly.

It pointed to stronger sanctions against professionals who fail to meet anti-money laundering obligations, including breaches of requirements to identify the true owners of companies.

Other changes included greater judicial resources, stronger criminal penalties for money laundering and a significant increase in seizures and confiscations of assets suspected to originate from criminal activity.

International cooperation was another part of the response. The government reported a sustained increase in requests sent overseas to identify and seize criminal assets, alongside the prioritisation of incoming requests for international criminal legal assistance.

It also highlighted an improved understanding of money laundering risks, including those arising from tax fraud committed abroad — one of the weaknesses Monaco had been required to address.

See also: Monaco’s financial crime watchdog blocks €87 million as reports hit record high

Coordination bodies will remain in place

The government said removal from the grey list would not bring an end to the structures established to oversee reform.

The national strategy’s coordination committee and its permanent secretariat will continue their work, with the next phase focused on maintaining and strengthening the system.

The planned national statistical database, continuing legislative review and recently launched third national risk assessment will also support preparations for Monaco’s next evaluation by Moneyval, the Council of Europe’s anti-money laundering monitoring body, under its sixth evaluation round.

The government thanked the FATF and its secretariat for their engagement throughout the process, and Moneyval for its support. Its stated objective now is to ensure that the changes verified during the monitoring process become sustained practice.

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