On 20 December 2024, the Principality of Monaco updated its list of States or territories whose anti-money laundering, combating the financing of terrorism or anti-corruption measures are strategically deficient (ETHR).
Please note:
• The following countries have been added to the list:
Algeria
Angola
Côte d'Ivoire
North Korea
Iran
Lebanon
Venezuela
• Turkey has been removed from the list,
• The United Arab Emirates remain on the list despite having been removed by the FATF - probably because the EU has not yet removed them from its list.
The full list is as follows:
Afghanistan;
Algeria;
Angola;
Barbados;
Bulgaria;
Burkina Faso;
Cameroon;
Congo, Democratic Republic of the;
Côte d'Ivoire;
Croatia;
Gibraltar;
Haiti;
Islamic Republic of Iran;
Jamaica;
Kenya;
Korea, Democratic People's Republic of;
Lebanon;
Mali;
Mozambique;
Myanmar/Burma;
Namibia;
Nigeria;
Panama;
Philippines;
Senegal;
South Africa;
South Sudan;
Syria;
Tanzania;
Trinidad and Tobago;
Uganda;
United Arab Emirates;
Vanuatu;
Venezuela;
Vietnam;
Yemen.
On 16 January Monaco also updated its list of jurisdictions whose legislation is recognised insufficient or whose practices are considered to hinder the fight against money laundering,the financing of terrorism and the proliferation of weapons of mass destruction or corruption. Transactions or facts involving such jurisdictions require declarations to be made to the Monaco authorities under Law 1.362.
These countries are:
North Korea;
Iran
or more information on the list and how it may affect your business in Monaco, please contact consulting@rosemont.mc
The previous update was on 15 April 2024 when the Principality added Kenya and Namibia.