On 11th July, Monaco’s inaugural session of the National Coordination and Monitoring Committee, chaired by interum Minister of State Isabelle Berro-Amadeï, convened to assess the Principality’s progress under the FATF’s grey list arsenal. With the first progress report accepted by the Financial Action Task Force (FATF) and attention now turning to the second, public authorities stressed the importance of swift and sustained reform to secure Monaco’s removal from the list at the earliest opportunity.

Monaco assembled the first collegiate of its Comité de Coordination et de Suivi de la stratégie nationale de lutte contre le blanchiment de capitaux on 11th July under the leadership of Isabelle Berro-Amadeï, interum Minister of State and Government Counsellor for Foreign Affairs and Cooperation. At the meeting, the committee highlighted the collective dedication of ministries and authorities since the launch of the FATF’s ICRG monitoring process. Monaco’s adoption of its initial progress report, formally endorsed by the FATF at its last plenary, marks a critical turning point on the road to exiting the grey list.

Context: grey listing and national reforms to date

Monaco was placed on FATF’s grey list in June 2024, a designation that means the country is recognised as having deficiencies in its anti-money‑laundering and counter‑terrorist financing framework but is actively addressing them. In June 2025, FATF formally acknowledged Monaco’s “robust progress” following submission of its first voluntary status update. Monaco has since adopted a national strategy and action plan for 2025–2027, detailing comprehensive reforms aimed at resolving strategic vulnerabilities.

Recent European-level developments

Monaco’s grey‑list status was mirrored by the European Commission in an updated “high‑risk jurisdictions” list issued on 10th June 2025. The government has affirmed the designation as standard procedure and reiterated its commitment to align with FATF deadlines and benchmarks, signalling a united effort across national and European platforms.

Committee urges continued reform pace

With the first progress report formally approved, attention has shifted to preparing for the FATF’s second review. Committee members were reminded of procedural milestones ahead and urged to sustain momentum in regulatory and supervisory reform. The overarching aim remains to exit the grey‑list status “as quickly as possible”.

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Photo credit: Manuel Vitali, Government Communications Department