Monaco is expected to be removed next month from the "grey list" of countries that do not take sufficient action against illegal money flows, according to the financial news agency Bloomberg, citing sources familiar with the matter.
The microstate on the French Riviera was placed on the "grey list" in 2024 by the Financial Action Task Force (FATF), an intergovernmental organisation that combats money laundering.
Countries on this list are not doing enough to combat money laundering but are cooperating with the FATF watchdog to address these shortcomings.
There is also a "blacklist" of countries that take virtually no action against suspicious financial flows. Three countries are on this list: North Korea, Iran and Myanmar.
Now, Monaco is said to have made sufficient progress to be removed from the "grey list". Bulgaria and Côte d’Ivoire are also expected to be removed from it.
The list will be updated at the end of October. A final decision has not yet been made.
Countries that end up on the Financial Action Task Force’s lists come under extra scrutiny from the financial world. This status can make foreign investors wary of doing business in the countries on the list.
