After two years and four months of increased monitoring, the Principality of Monaco was officially removed from the Financial Action Task Force (FATF) grey list on 30 October 2026. The decision marks a major milestone for Monaco’s financial centre and recognises the extensive reforms undertaken to combat money laundering and terrorist financing.

 

A Historic Decision for the Principality

During its plenary meeting in Paris, the Financial Action Task Force (FATF) confirmed Monaco’s removal from the list of jurisdictions with strategic deficiencies in their measures to combat money laundering and terrorist financing.

The Principality had been subject to increased monitoring since June 2024 and progressively implemented a series of legislative, judicial and administrative reforms to meet international requirements.

In early September 2026, FATF assessors visited Monaco to evaluate the progress achieved on the ground.

The decision announced on 30 October confirms that Monaco has fulfilled the commitments outlined in its action plan and is no longer subject to the FATF’s increased monitoring process.

 

International Recognition for Progress in Six Key Areas

The FATF particularly acknowledged the improvements Monaco has made across six essential areas.

The Principality has strengthened its understanding of risks associated with money laundering and tax fraud committed abroad, while intensifying efforts to identify and seize criminal assets held overseas.

Authorities have also improved the enforcement of administrative sanctions and oversight of transparency requirements concerning beneficial ownership.

At the same time, the capabilities of the Monegasque Financial Security Authority (Autorité Monégasque de Sécurité Financière, AMSF) have been significantly expanded, allowing for more effective processing of suspicious transaction reports.

The judicial system has also received additional personnel and organisational resources, particularly for judges and prosecutors handling complex financial investigations.

Finally, Monaco has increased the seizure of assets suspected of originating from criminal activities.

 

A Significantly Strengthened Financial Authority

The Autorité Monégasque de Sécurité Financière (AMSF), headed by Bruno Dalles, former director of France’s financial intelligence unit Tracfin, now plays a central role in Monaco’s efforts to combat financial crime.

Its workforce has been substantially expanded, with a target of approximately 80 employees by the end of 2026.

Suspicious transaction reports have also increased, particularly due to greater participation from professionals outside the traditional financial sector, including notaries and gaming establishments.

These developments have been accompanied by stronger inspections and improved procedures for processing sensitive financial information.

 

Substantial Financial Penalties Imposed on Banks

One of the decisive factors behind Monaco’s removal from the grey list was the effective enforcement of sanctions for breaches of anti-money laundering regulations.

Over the past two years, ten entities operating in Monaco’s financial sector have received administrative fines totalling €10 million.

Among the most significant penalties were those imposed on several banking institutions:

• UBS Monaco: €6 million.

• Julius Baer Wealth Management Monaco: €1.5 million.

• Banque Havilland, now renamed Moncrief Private Bank: €1 million.

These decisions demonstrate the strengthening of financial supervision and the authorities’ determination to enforce existing regulations effectively.

 

More Than €430 Million in Assets Under Management

The Principality has also established a specialised department responsible for managing assets seized or confiscated in connection with judicial proceedings.

According to the published figures, this department currently manages approximately €434 million in assets, including real estate valued at €167 million.

The initiative is intended to improve the administration and preservation of assets involved in financial crime investigations and legal proceedings.

 

A New Chapter for Monaco’s Financial Centre

Monaco’s removal from the FATF grey list sends a positive signal regarding the international reputation and credibility of the Principality’s financial centre.

It highlights the progress made by the Monegasque authorities in aligning their regulatory framework with international standards for transparency and the prevention of financial crime.

However, this recognition does not mean that all risks have been eliminated or that ongoing monitoring obligations have come to an end.

The Principality must continue its efforts to ensure the long-term effectiveness of its supervisory controls and enforcement mechanisms.

For Monaco, the decision represents an important step towards further strengthening international confidence in its financial sector and institutions.