Monaco set to join dirty money “grey list” next week

Monaco, famed haven for the global elite, faces a financial reckoning as it risks landing on the FATF's "grey list" for insufficiently combatting money laundering. Despite recent efforts, persistent failings flagged since 2022 could prompt increased monitoring, denting the principality's prestige and investor confidence. With its economy heavily reliant on financial services, Monaco's bid to avoid scrutiny hinges on international consensus amid mounting pressure from global watchdogs. A pivotal decision looms at the FATF's upcoming plenary in Singapore.

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By Ben Bartenstein, Anthony Cormier and Gaspard Sebag

Monaco, home to the world's highest concentration of millionaires and billionaires, is at risk of being added to an international financial "gray list" as soon as next week for not making enough progress in tackling illicit flows of money.

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