Monaco convinces with a firm hand: fines to UBS and Julius Baer take the Principality off the international anti-money laundering radar
The international body GAFI endorses the reforms of the Principality and lifts enhanced supervision after more than two years. It officially exits the grey list of the body.
The Principality of Monaco has officially been removed from the grey list of jurisdictions under increased monitoring by the Financial Action Task Force (FATF or GAFI). The decision, ratified at the FATF's plenary assembly in Paris, ends over two years of enhanced supervision and confirms the success of Monaco's regulatory reforms.
Monaco was added to the list in June 2022 due to strategic deficiencies in its anti-money laundering mechanisms, but has since fulfilled its action plan commitments, including improving its understanding of money laundering and tax fraud risks, strengthening the identification of illicit assets, and increasing transparency on company ownership.
The removal from the grey list follows a technical visit to Monaco in early September that verified the country's progress.
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