FATF to visit Monaco as AML review enters final stretch
By Zak Jackson, MonacoViews Editorial
Monaco's national anti-money laundering committee met on 10 September, reporting significant progress in its FATF review process ahead of a planned on-site inspection.
A high-level meeting of Monaco's Committee for the Coordination and Monitoring of the National Strategy against money laundering, terrorist financing, weapons proliferation and corruption took place on Thursday 10 September, chaired by the Minister of State. The session centred on the Principality's ongoing review with the Financial Action Task Force's International Co-operation Review Group, with officials reporting substantial progress against the action plan set by the FATF.
The planned on-site visit from FATF inspectors marks a significant milestone in the review process, signalling that Monaco's compliance standing is approaching a formal reassessment. For the Principality's financial sector, property market and business community, the outcome of that visit will carry real weight, as a positive FATF finding would reinforce Monaco's reputation as a well-regulated jurisdiction and ease certain cross-border transaction processes for residents and investors alike.
Monaco has invested considerable effort in strengthening its financial intelligence frameworks in recent years, tightening due diligence requirements across banking, real estate and legal services. The September committee meeting suggests those reforms are now being recognised at the international level, with an on-site evaluation the next formal step before any change to Monaco's current status with the FATF.