FATF removes Monaco, Bulgaria, Ivory Coast and DR Congo from grey list

Four countries leave the grey list

The Financial Action Task Force, the Paris-based body that sets global standards against money laundering and terrorist financing, removed Monaco, Bulgaria, Ivory Coast and the Democratic Republic of the Congo from its list of jurisdictions under increased monitoring. The decision was taken at a plenary meeting held on Friday, 30 October 2026. The organisation said on-site visits had found positive progress in correcting strategic deficiencies in all four countries. Each had implemented its action plan in full within the agreed deadlines, so none will remain subject to the enhanced monitoring process.

Monaco's road off the list

Monaco was placed on the grey list in June 2024, and the principality then drew up an action plan to get off it. The measures included tougher penalties, closer international cooperation and a better identification of risks. Monaco also introduced an offence of presumed money laundering to ease prosecutions where the origin of funds is unclear, and it considerably increased the staff of its financial supervisor, the AMSF. A financial and economic unit was created within the prosecutor general's office. So far the AMSF has sanctioned about fifteen companies, for a total of 10 million euros.

UBS6

Julius Baer1.5

Havilland (now Moncrief)1

UBS

6 EUR million

Julius Baer

1.5 EUR million

Havilland (now Moncrief)

1 EUR million

Data from the article text

Reactions from Monaco and Bulgaria

Monaco's head of government, Christophe Mirmand, told journalists that the removal was not an end point. He said the reforms would continue and described them as a sign of a determination to set an example and a strong factor in the principality's attractiveness. According to Mirmand, Monaco wants to serve as a model for others.

“This is not an end point for the principality. It is a transformation of professional practices that has been put in place.”

Bulgaria had been on the grey list since 2023. Prime Minister Rumen Radew said the removal meant more confidence in the country, more investment and more jobs. Monaco hopes the European Union will take a similar decision on its status.

Virtual assets and fraud

The plenary also agreed to accelerate the application of FATF standards on virtual assets in jurisdictions where such activity is significant. It acknowledged an urgent need to strengthen countries' defences against the misuse of virtual assets for money laundering and terrorist financing. The body also approved a report that makes the fight against fraud and scams a global priority. It called on the FATF and its global network to step up efforts to identify and dismantle criminal networks and strip them of illicit gains.

What the removal means

Placement on the grey list can cost a country a significant loss of image and deter foreign investors. Removal ends the enhanced monitoring that had applied to Monaco, Bulgaria, Ivory Coast and the Democratic Republic of the Congo. Monaco's government said the reforms would carry on after this decision, while Bulgaria's prime minister tied the removal directly to investment and employment.