Summary:
Monaco has been placed on the gray list by the Financial Action Task Force due to persistent deficiencies in the fight against financial fraud, and has 18 months to convince the task force that it has implemented sufficient measures.
Full Story:
Monaco has been placed on the grey list by the Financial Action Task Force (FATF) due to persistent shortcomings in its efforts to combat financial fraud. Despite notable progress in recent years, including the establishment of laws, institutions, and control mechanisms, the FATF is calling for more effective penalties and increased staffing for the Monegasque Financial Services Association (AMSF) and the court. Monaco has been given 18 months to address these concerns and convince the FATF of its commitment to fighting financial fraud. It is imperative for Monaco to demonstrate further improvements in its anti-fraud measures during this period.
Source:
L’observateur de Monaco
