Monaco Enhances Anti-Money Laundering and Corruption Measures Under Ministerial Leadership

In a significant stride towards bolstering its financial integrity, Monaco convened the inaugural meeting of the Coordination and Monitoring Committee for the national strategy to combat money laundering, terrorism financing, and corruption on Thursday, December 5. Under the guidance of Minister of State Didier Guillaume, the committee evaluated recent advancements in regulatory measures, which have included escalated administrative sanctions and increased scrutiny over money laundering convictions, alongside a notable rise in the seizure of assets suspected to stem from illicit activities.

During the session, Minister Guillaume lauded the concerted efforts of authorities and state services that have led to these critical enhancements in Monaco's financial oversight mechanisms. The committee's discussions underscored a unified commitment to elevate Monaco's compliance with international standards, particularly emphasizing the urgency to extricate the principality from the Financial Action Task Force's (FATF) grey list.

In pursuit of this goal, Monaco is scheduled to submit a progress report in May 2025, adhering to the FATF Action Plan initiated earlier this year. Moreover, preparations are underway to formulate a strategic plan for 2025-2027, aimed at perpetuating and amplifying the jurisdiction’s efforts to fortify its defenses against financial crimes, thereby ensuring its standing as a trusted and secure global financial hub.