The European Union announced an update to its list of countries deemed “high-risk” for money laundering, on Tuesday, June 10th, removing the United Arab Emirates but adding Monaco to its monitoring list.
According to the European Commission, the new additions include Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Namibia, Nepal, Venezuela, and Monaco. These countries should expect stricter approaches from the EU and their money laundering frameworks.
At the same time, the EU has removed Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, and Uganda, alongside the UAE, meaning Brussels deemed that these countries improved compliance with anti-money laundering standards.
The announcement comes in the wake of updates by the Financial Action Task Force (FATF), a Paris-based global watchdog that monitors efforts by over 200 countries and jurisdictions to prevent money laundering and terrorist financing.
“The Commission has now presented an update to the EU list which reiterates our strong commitment to aligning with international standards, particularly those set by the FATF,” said Maria Luis Albuquerque, the EU’s Commissioner for Financial Services.
Monaco has been under FATF monitoring since mid-2024, alongside EU member states Bulgaria and Croatia, which is a rare inclusion of European territories in the grey list.
