Mónaco 'limpia' su nombre: el paraíso de las fortunas, a un paso de salir de la lista del 'dinero sucio'

Bulgaria and Cote d'Ivoire are expected to leave the grey list of the GAFI, the international mechanism that monitors and flags countries with serious deficiencies in combating money laundering, next month. The Principality of Monaco, home to the largest concentration of millionaires and multibillionaires on the planet, is also set to leave the GAFI's list of money laundering surveillance next month.

Monaco will join Bulgaria and Cote d'Ivoir in this milestone, marking a boost for its recent regulatory reforms. The global supervisor, based in Paris, had included Monaco in its so-called grey list in June 2024 due to deficiencies in its mechanisms to combat dirty money flows. However, according to Bloomberg's sources familiar with the process, evaluators have noted significant progress that paves the way for Monaco's definitive exclusion, a status that Bulgaria and Cote d'Ivoir would also reach.

Despite the optimism, sources warn that the resolution will not be official until the GAFI plenary meeting on October 30 in Paris, where decisions require unanimous consensus among key members such as the US, UK, the European Commission, China, Japan, and India. Being on this list often brings severe economic consequences. A 2021 International Monetary Fund (IMF) report warned that sanctioned countries experience a significant and statistically significant reduction in capital inflows.

Reflecting the expected departure, markets reacted positively: a fund tracking Bulgaria's main stock index rose by 2.8%, while shares of Monaco's Société des Bains de Mer, operator of the famous Monte Carlo casinos, climbed 1.8% on the Paris stock exchange. To regain international trust, the Monacan government has tightened its legal framework and stepped up penalties.

Earlier this year, Monaco's anti-money laundering regulator imposed a €6 million fine on UBS Group AG for various breaches, adding to sanctions against other entities like Julius Baer Group Ltd. For Bulgaria, a country in the midst of adopting the euro, the 2023 designation dealt a blow to its reputation in the European Union. However, technicians have recognized improvements in risk monitoring and control of virtual asset service providers (cryptocurrencies).

Bulgarian Prime Minister Rumen Radev recently stated that there is political will and necessary actions to remove Bulgaria from this shameful list. Cote d'Ivoire has received praise for strengthening banking supervision and verifying the real beneficiaries of companies, even sentencing a well-known local influencer to prison for charges of asset laundering.