On Friday June 28, 2024, the Financial Action Task Force (FATF) placed Monaco and Venezuela on its “enhanced surveillance” gray list. In a press release, the GAFi specified that these two territories required enhanced surveillance.
Although Monaco has made significant progress, GAFi stressed the importance of improving the fight against tax fraud, offshore money laundering and the application of dissuasive sanctions. Monaco had already been called to account in January 2023 for improvements in these areas.
What is the GAFi?
The Financial Action Task Force (FATF) is an intergovernmental organization created in 1989 by the G7.
Its main objective is to develop and promote national and international policies to combat money laundering, terrorist financing and other threats to the integrity of the international financial system.
The FATF sets standards and monitors their effective implementation by member countries, assessing their regulatory frameworks and providing recommendations to improve their prevention and enforcement systems.
And what is the “grey list”?
The Financial Action Task Force's (FATF) “grey list” comprises jurisdictions that have strategic shortcomings in the fight against money laundering and terrorist financing, but have committed to addressing these shortcomings.
These countries are placed under increased scrutiny and must implement action plans to improve their regulatory and operational frameworks to comply with GAFi international standards.
You can access the full list by clicking here.