Summary:
Monaco has made significant progress according to GAFI, but has been placed on the gray list due to insufficient monitoring and sanctions for money laundering and terrorism financing.
Full Story:
Monaco has been placed on the “grey list” by the Financial Action Task Force (GAFI), although it is not at the same level as other countries on the list. The country will be subject to enhanced monitoring for the next 18 months, until January 2026. According to GAFI, Monaco has made significant progress in terms of anti-money laundering and counter-terrorism measures, but there are still areas where improvements need to be made. The GAFI report highlighted the need for stronger surveillance on risks, higher sanctions, and more condemnation of illicit activities. Monaco is also encouraged to increase its legal personnel to effectively manage seized assets. Despite the grey listing, the Ministers of State and Finance have expressed their commitment to addressing these issues and ensuring Monaco’s compliance with international standards. Overall, Monaco’s strong financial position and prudent fiscal management ensure that its budget will not be affected by this listing.
Source:
montecarloin
