The European Commission today announced the addition of Monaco to the list of “high -risk” countries that has drawn up dirty money laundering, and the removal of the United Arab Emirates. The European Commission has been aligned with the “Gray List” of the Financial Action Team (FATF), where Monaco is included in the summer of 2024. This international organization is responsible for evaluating states’ action in the fight against money laundering. Last year, FATF had mainly criticized the lack of efforts to combat money laundering and financial fraud perpetrated abroad, seizure of assets derived from criminal activities abroad or in the application of effective or deterrent sanctions. In a statement issued today, the government of the Principality “noted this expected update that will lead to Monaco’s accession to the European Union list, which however presupposes that the European Parliament or the EU Council will not decide otherwise”. […]
Source: News Beast
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