They are no longer under “reinforced surveillance” for money laundering risks: the Financial Action Task Force removes Monaco, Bulgaria, Ivory Coast and the DRC from its gray list

Monaco, Bulgaria, Ivory Coast and the Democratic Republic of Congo have been removed from the gray list of countries under "enhanced surveillance" by the Financial Action Task Force (FATF), this body fighting against money laundering and the financing of terrorism said on Friday. “Following conclusive on-site visits”, the FATF highlighted “the positive progress made in correcting strategic inadequacies in the fight against money laundering and against the financing of terrorism and proliferation”, in a press release published at the end of a plenary session. “These jurisdictions have implemented all of their action plans within the agreed deadlines and will therefore no longer be subject to the FATF’s enhanced surveillance process,” he added.

Monaco was placed on the FATF gray list in June 2024, which led the principality to present an action plan to exit it, consisting of better identifying risks, toughening sanctions, increasing international cooperation, imposing dissuasive sanctions or carrying out more seizures. Le Rocher introduced into its legislation an offense of presumption of money laundering to facilitate prosecution in the event of opacity of funds, and significantly strengthened the human resources of its Monegasque Financial Security Authority (AMSF). An economic and financial center has been created within its general prosecutor's office.

"A desire to set an example" "This is not a point of arrival for the principality. It is a transformation of professional practices which has been implemented" and constitutes "a foundation for the future", declared the Monegasque head of government, Christophe Mirmand, to journalists. He sees in these reforms, which he believes will continue, "a desire to set an example" and "a strong element of the principality's attractiveness".

To date, the AMSF has sanctioned around fifteen companies, for a total of 10 million euros, including six million against the UBS bank, 1.5 million against the wealth manager Julius Baer and 1 million euros against the Havilland bank (now Moncrief). Bulgaria also welcomed its exit from the gray list where it had been since 2023. This “means more confidence in our country, more investments and more jobs”, declared Prime Minister Rumen Radev in a press release.

“Payments to and from abroad will also be faster and simpler,” he added.

Machine-translated from French