FATF Removes Monaco, Bulgaria, Congo, and Ivory Coast from Grey List

The "Financial Action Task Force" (FATF), concerned with combating money laundering, announced on Friday that it removed Monaco and three other countries from its "grey list," two years after including the principality in areas requiring enhanced monitoring.

The organization stated following a general meeting that it also struck Bulgaria, the Democratic Republic of Congo, and Ivory Coast from this list.

It added that these countries have completed the action plans they pledged to implement, "and therefore will no longer be subject to the enhanced monitoring process," according to "AFP."

The "FATF," headquartered in Paris, monitors the implementation by more than 200 countries of international standards aimed at preventing money laundering and terrorist financing.

Countries listed on the "Grey List" are classified as suffering from "strategic deficiencies" in combating money laundering and terrorist financing, but at the same time cooperate with the Financial Action Task Force to address these issues.

The Principality of Monaco, with a population of less than 40,000, is a destination for the wealthy and celebrities thanks to its tax system free of income or wealth taxes.

The "FATF" noted that Monaco made "significant progress" in enhancing the effectiveness of its efforts to combat money laundering and terrorist financing.

Monaco's Minister of State Christophe Mirmand said: "This decision comes in recognition of more than two years of concrete, precise, and coordinated work by all state authorities and administrations."

Mirmand added in a statement: "We do not consider this the finish line; what matters now is what Monaco will deliver in the long term."

The "FATF" had urged the Mediterranean principality to facilitate the work of investigators and prosecutors and increase the confiscation of assets suspected of resulting from criminal activities.

It called for more effective cooperation in combating money laundering and terrorist financing, and for officials in the principality to send more requests to identify criminal assets abroad and seek their confiscation.

In this context, Monaco introduced the crime of "presumed money laundering" to facilitate the prosecution of cases related to suspicious funds.

According to Monaco authorities, dozens of investigations related to money laundering were opened in 2025, and the number of convictions rose from 3 cases in 2021 to 28 in 2025.

Bulgaria, which was included in the "Grey List" in 2023, welcomed its removal from the list.

Prime Minister Rumen Radev said in a statement that this development "means strengthening confidence in our country, attracting more investments, and providing more job opportunities," adding that it will also facilitate international financial transfers specific to Bulgaria.

The Democratic Republic of Congo was included in the "Grey List" in 2022, while Ivory Coast had been on it since 2024.

With the removal of these four countries, 18 countries and territories remain on the Financial Action Task Force's "Grey List," including Bosnia, Bolivia, Iraq, Syria, Yemen, and the British Virgin Islands.

The "FATF" "Black List" of high-risk countries regarding money laundering and terrorist financing currently includes Iran, Burma, and North Korea.