Monaco Exits the FATF Grey List
The Financial Action Task Force (FATF) announced on Friday 30 October 2026, at its plenary in Paris, that Monaco has been removed from its list of jurisdictions under increased monitoring. The Principality had been on the list since June 2024.
A decision based on concrete results
According to FATF President Giles Thomson, the Principality notably increased its seizures of property suspected to derive from criminal activity. In June 2026, the FATF had preliminarily concluded that the 2024 action plan was largely completed. An on-site visit in September 2026 preceded the decision. Bulgaria, Côte d'Ivoire and the Democratic Republic of the Congo are leaving the list at the same time as Monaco.
Six areas of reform in just over two years
- a refined assessment of money laundering risks, in particular those linked to tax fraud committed abroad;
- more international mutual legal assistance requests to identify and seize criminal assets;
- significantly tougher penalties for breaches of anti-money-laundering obligations or of beneficial ownership transparency rules;
- an AMSF (Monegasque Financial Security Authority) whose staff has quadrupled, to around 80 people by the end of 2026;
- suspicious transaction reports of better quality, processed more quickly;
- additional resources for the justice system, with a clear increase in seizures and confiscations.
In December 2024, the Council of Europe's MONEYVAL committee had already acknowledged that Monaco complied with 39 of the FATF's 40 recommendations.
What this means for banks
The exit removes a reputational risk signal for institutions in the Principality. However, it does not automatically ease due diligence obligations, nor those linked to economic sanctions. Above all, since June 2025 Monaco remains on the European Commission's list of high-risk third countries, which requires European institutions to apply enhanced vigilance to transactions linked to the Principality. Removal from that list is presented as the next step.
The work continues
Minister of State Christophe Mirmand refuses to see it as "a finish line" and announced that reforms will continue. The President of the National Council, Thomas Brezzo, is aiming for removal from the European list. The national strategy runs until 2027, with Monaco's next MONEYVAL evaluation on the horizon.
