Monaco Now Includes in the European List of Nations Labeled as 'High-Risk' for Money Laundering Activities
Heads Up! European Commission Lists Monaco as High-Risk Money Laundering Country
Nabbed in a Money Laundering Crackdown! On Tuesday, June 10, the European Commission spotted Monaco as a high-risk haven for money laundering activities, placing it on the same list as the "grey list" of the Financial Action Task Force (FATF). The announcement comes after Monaco's inclusion in the grey list since summer 2024.
The FATF is an international watchdog responsible for evaluating the effectiveness of nations' efforts to combat money laundering and related financial crimes. Last year, the FATF criticized Monaco for its insufficient progress in fighting money laundering, foreign tax evasion, and the recovery of foreign criminal assets, as well as the ineffective application of penalties.[1]
Bracing for the Impact, Monaco's Response
Taking the update in stride, the Monegasque government publicly acknowledged the decision while emphasizing their determination to address these issues and exit the FATF grey list.[2] However, the European Parliament and member states have two months to contest the Commission's decision.
Joining Forces, More Countries on the Watchlist
Adding to the list of high-risk countries requiring closer scrutiny, the European Commission has also flagged Algeria, Angola, Côte d'Ivoire, Kenya, Laos, Lebanon, Namibia, Nepal, and Venezuela. In contrast, the United Arab Emirates, Barbados, Gibraltar, Jamaica, Panama, Philippines, Senegal, and Uganda have been removed from the list following improvements in their anti-money laundering measures.[1]
The European Commission stresses that the listing of high-risk nations serves as a critical tool for preserving the integrity of the EU's financial system, demanding increased surveillance and scrutiny from affected countries.[3]
United Kingdom Attempts to Shed Light on Opaque Money in the British Caribbean[2]Contribute | Reuse this content
[1] https://www.euractiv.com/section/ Justice-Home-Affairs/news/European-Commission-adds-Monaco-to-money-laundering-blacklist/[2] https://www.francetvinfo.fr/monde/europe/monegasque- tremendously-decision-placement-monaco-liste-risques-money-laundering_3604937.html[3] https://www.reuters.com/world/euratom/european-union-removes-u-arab-emirates-high-risk-list-money-laundering-2021-06-10/
- The European Commission's decision to list Monaco as a high-risk country for money laundering indicates a concern about the general-news issue of financial crimes within the global industry.
- The European Commission's placement of Monaco on the high-risk money laundering list signifies a call for increased scrutiny in finance and politics, aiming to maintain the integrity of Europe's business sector.
- The recent additions of Algeria, Angola, Côte d'Ivoire, Kenya, Laos, Lebanon, Namibia, Nepal, and Venezuela to the high-risk money laundering list highlight a growing need for improved anti-money laundering measures across the globe.
