In March 2022, Monaco drew praise after formally advising the private sector on how to handle the risk of illicit finance associated with luxury yachts. A year later, the small, wealthy enclave nestled in the middle of the French Riviera has been cast in a different light. Following a two-week visit in February 2022, the Financial Action Task Force, or FATF, revealed Monday that Monaco had adopted just enough reforms since 2013 to meet, or nearly meet, the group's standards against money laundering, terrorist financing and other financial crimes, at least on paper. Overall, Monaco rated "compliant" or "largely compliant"...
Ahead of a global evaluation that ended in March, Monaco published a new AML strategy and formally advised institutions on the threat of illicit finance that sport agents and real estate sometimes present.
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