Monaco nears FATF grey-list exit alongside Bulgaria

Monaco and Bulgaria are on track to exit the Financial Action Task Force's grey list by the end of October following successful reforms to combat money laundering and terrorist financing, alongside Côte d'Ivoire. The FATF will evaluate the three countries at its plenary meeting from October 26 to 30, pending confirmation that the measures are being effectively implemented and maintain strong political backing.

Monaco entered the grey list in June 2024 after concerns were raised about its ability to address money-laundering risks, particularly those arising from foreign tax fraud, and improve transparency around suspicious transactions and criminal asset seizures. Bulgaria, placed under increased monitoring in October 2023, has also completed its action plan, with the FATF citing progress in implementing its national strategy, enhancing beneficial-ownership data, strengthening oversight of high-risk sectors, and improving the investigation and prosecution of money laundering cases.

Côte d'Ivoire's entry into the grey list in October 2024 was also attributed to improved international cooperation, better risk-based supervision of financial institutions, enhanced access to beneficial ownership information, and increased use of financial intelligence by law enforcement. The FATF does not automatically remove jurisdictions from the grey list once an action plan is completed; an on-site assessment is required before the plenary decides whether the increased monitoring can conclude.