Monaco and nine other nations were added to the European Union’s (EU) money-laundering “high-risk” list on Tuesday, while the United Arab Emirates was removed. Along with Monaco, the European Commission added Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Namibia, Nepal, and Venezuela to the list of nations whose money laundering regulations are being closely watched.
It eliminated Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, and Uganda in addition to the United Arab Emirates. The actions follow a money-laundering watchdog’s announcement in February that it had added Laos and Nepal to its list of nations under heightened scrutiny, while removing the Philippines.
The Financial Action Task Force (FATF), a Paris-based body that evaluates efforts by more than 200 states and territories to combat money laundering and terrorism funding, compiles a “grey list” of countries subject to heightened financial transaction surveillance. Along with EU members Bulgaria and Croatia, Monaco has been on the FATF list since the middle of 2024.
“The European Commission has now submitted a revision to the EU list which reiterates our strong commitment to aligning with international standards, particularly those set by the FATF,” stated Maria Luis Albuquerque, the EU’s financial services commissioner.
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