For more than two years, Monaco has been working towards a decision with consequences far beyond its borders. On 30 October, it arrived: the Financial Action Task Force confirmed the Principality’s removal from its “grey list” of jurisdictions under increased monitoring.
The announcement, made following the FATF’s plenary meeting in Paris from 28 to 30 October, marks a significant milestone for Monaco’s financial reputation. It recognises an extensive programme of reforms designed to strengthen the country’s response to money laundering, terrorist financing and related financial crime.
For the Principality, however, the message accompanying the decision was deliberately forward-looking. The scrutiny may be changing, but the work will continue.
“We do not see this as a finish line: what matters now is what Monaco puts into practice over the long term,” said Minister of State Christophe Mirmand.
From promises to proof
Removal from the grey list followed an assessment of Monaco’s progress reports and a FATF visit to the Principality in September. Together, these allowed the international body to examine both the reforms introduced since 2024 and their implementation.
An important signal had already come in June 2026. When Monaco’s fourth progress report was adopted, the FATF made a preliminary determination that the Principality had substantially completed its 2024 Action Plan.
October’s decision takes that process a decisive step further.
The changes reach across the institutions responsible for protecting Monaco’s financial system: supervisors, investigators, prosecutors and the authorities handling cooperation with foreign jurisdictions.
Their common purpose is practical. Understanding where illicit money may enter the system is only the beginning; authorities must also be able to follow it, obtain information across borders and seize assets when necessary.
More staff, tougher sanctions, greater cooperation
One of the clearest illustrations of the effort is the expansion of the Monaco Financial Security Authority, the AMSF.
According to the Government, staffing at the authority has quadrupled, with the workforce set to reach 80 by the end of 2026. The AMSF supervises professionals and serves as Monaco’s Financial Intelligence Unit. The Government reports that suspicious transaction reports are now of better quality and are processed more quickly.
The Government also reports stronger sanctions against professionals who fail to meet their anti-money laundering obligations. Tougher penalties extend to breaches of transparency requirements concerning the ultimate owners of companies — the “beneficial owners” whose identities are essential to understanding who controls corporate structures.
International cooperation has been another priority. Monaco has increased its requests to foreign authorities for assistance in identifying and seizing criminal assets, while giving priority to incoming requests for assistance in criminal matters.
Alongside those changes, the Principality has strengthened its understanding of money laundering risks, including those linked to tax fraud committed abroad. It also reports increased resources for the justice system, effective, proportionate and dissuasive criminal penalties for money laundering, and a significant rise in asset seizures and confiscations.
A question of credibility
For a financial centre, the significance of this decision extends beyond the completion of an action plan. It concerns confidence in the institutions that supervise business, enforce transparency requirements and pursue financial crime.
Mirmand described compliance with international standards as “a deliberate choice in Monaco’s governance”, supporting the credibility and stability of its financial centre.
He attributed the outcome to coordinated work across public authorities and government departments under the leadership of H.S.H. Prince Albert II.
The Government also acknowledged the contribution of the National Council and private-sector stakeholders. The reforms required a collective effort, bringing together those who establish the rules, those who enforce them and those expected to apply them in daily business.
The next examination is already in view
Monaco is keeping the structures established to coordinate its national strategy, including the relevant committee and the Permanent Secretariat responsible for combating money laundering and related financial crime.
Three further projects are already underway: a continuing review of legislation and regulation, the creation of a national statistical database, and a third national risk assessment.
These will also help prepare the Principality for its forthcoming sixth-round evaluation by MONEYVAL, the Council of Europe’s specialist monitoring body.
For Monaco, leaving the grey list is both an achievement to announce and a standard to maintain. The next measure of success will be how consistently the reforms deliver in the quality of supervision, the effectiveness of investigations and the ability to recover criminal assets.
