The European Commission announced Tuesday, June 10, the addition of Monaco to its list of countries to “High risk” In terms of money laundering. The European executive aligned himself on the “Gray list” of the Financial Action Group (GAFI), where Monaco has been included since the summer of 2024. This international organization is responsible for assessing the action of states in the fight against money laundering. In addition, the Commission announced the withdrawal of the United Arab Emirates from this list.
Last year, the GAFI had notably criticized the lack of efforts in the fight against money laundering and tax fraud committed abroad, seizure of criminal assets abroad or the application of effective and dissuasive sanctions.
In a statement on Tuesday, the Monegasque government “Took note of this expected update which would lead to the placement of Monaco on the list of the European Union, which however assumes that the European Parliament or the Council of the EU do not decide otherwise”.
Algeria and Lebanon also classified at “high risk”
MEPs and member states can indeed contest this new list within a maximum of two months. The Principality also underlined its ” determination “ to put in place measures to get out of the GAFI gray list.
Besides Monaco, the European Commission has added to high -risk countries, which are the subject of increased supervision, Algeria, Angola, Côte d'Ivoire, Kenya, Laos, Lebanon, Namibia, Nepal and Venezuela. And she removed from the La Barbado, Gibraltar, Jamaica, Panama, Philippines, Senegal and Uganda list, in addition to the Emirates.
“The identification and list of high -risk jurisdictions remain an essential tool to preserve the integrity of the EU financial system”underlined the European Commissioner in charge of financial services, Maria Luis Albuquerque.
Source: Lemonde