Monaco faces an imminent decision regarding its financial transparency and compliance with international anti-money laundering standards. The international financial press anticipates the announcement of Monaco’s potential grey listing as early as Friday, June 28. Bloomberg suggests the decision could come within hours, while BizNews highlights the pressure Monaco faces from global watchdogs: “With its economy heavily reliant on financial services, Monaco’s bid to avoid scrutiny hinges on international consensus amid mounting pressure from global watchdogs.”
The ongoing plenary meeting of the Financial Action Task Force (FATF) in Singapore, which concludes on Friday, is likely to be the forum where the grey listing is announced. The FATF, an intergovernmental organization aimed at combating money laundering and terrorism financing, has been scrutinizing Monaco’s adherence to money-laundering standards over several years. This assessment has been supported by the Council of Europe’s Moneyval body.
The decision on Monaco’s status was initially expected earlier this year. Should the grey listing be confirmed, it is expected to complicate Monaco’s international financial transactions, although the specific impacts remain uncertain.
Ironically, the FATF meeting in Singapore coincides with the trial of six Monaco bankers in the Principality, charged with accepting large cash deposits of dubious origins. This trial underscores the ongoing challenges Monaco faces in maintaining financial integrity.
In a related development, a delegation from Monaco’s National Council, led by its President Thomas Brezzo, has been visiting Strasbourg, the seat of Moneyval. According to the National Council, Brezzo seized the opportunity “to raise awareness among those involved about the important and rigorous legislative work implemented by the National Council.” The delegation emphasized Monaco’s continuous commitment to meeting the highest international standards in the fight against money laundering.
The National Council’s press release added: “Thomas Brezzo and the members of the National Council delegation will continue to play an active and responsible role within the international community and will travel again to Strasbourg at the beginning of October 2024 to celebrate the 20th anniversary of Monaco’s accession to the Council of Europe.”
As the FATF prepares to release its report on Monaco, the Principality remains under intense scrutiny. The impending decision will likely shape the future of Monaco’s financial landscape and its role within the global financial community.
