Summary:
Monaco is actively working to be removed from the “grey list” of the Financial Action Task Force (FATF) by implementing measures and mobilizing all stakeholders.
Full Story:
On Wednesday, October 30th, the Principality of Monaco held a plenary meeting of the coordinating committee for the national strategy to combat money laundering, terrorist financing, the proliferation of weapons of mass destruction, and corruption. The meeting was chaired by His Excellency the Minister of State, Didier Guillaume, and attended by all competent authorities, the National Council, and representatives from the private sector. The purpose of the meeting was to assess the current situation following Monaco being placed on the enhanced monitoring list, also known as the “gray list,” by the Financial Action Task Force (FATF). Minister of State Guillaume commended the collective commitment of all stakeholders and thanked them for their legislative and operational efforts. He emphasized the importance of regular exchanges with the private sector and encouraged all actors to bring specific situations to the attention of the relevant services. The active involvement of the Principality’s stakeholders is crucial in achieving the shared objective of being removed from the FATF’s “gray list.” Significant measures have already been implemented, and the mobilization of all parties remains strong to address the remaining challenges and fulfill the FATF action plan within the agreed timeline. Minister of State Guillaume stressed that Monaco has an obligation to produce results, and efforts must continue to make the fight against money laundering, terrorist financing, the proliferation of weapons of mass destruction, and corruption inherent to the activities of all entities concerned. In addition to on-the-ground actions, Monaco must also ensure regular updates to its practices and regulations to align with evolving international standards and developments at the European level.
Source:
Gouvernement Monaco
