Monaco and Bulgaria May Be Removed from the "Gray List" for Money Laundering — Bloomberg

The Financial Action Task Force (FATF), an international group dedicated to combating money laundering and terrorist financing, may remove Monaco, Bulgaria, and Côte d'Ivoire from the so-called "gray list" of jurisdictions, Bloomberg reported, citing sources.

Such a decision could be made on October 30 at the FATF plenary meeting in Paris, but this would require consensus among all members of the organization—from the U.S. and the U.K. to the European Commission, China, Japan, and India, the agency reports. His sources emphasize that no final decision has been made yet.

A FATF spokesperson declined to comment.

The “gray list” includes jurisdictions that are under enhanced monitoring by the FATF due to deficiencies in their anti-money laundering regulations. This list includes countries that are cooperating with the organization to address these issues (unlike the “blacklist”).

Global investors are closely monitoring the FATF’s recommendations, Bloomberg notes. According to a 2021 IMF report, being placed on the “gray list” led to a “significant and statistically significant decline in capital inflows” to such countries.

For Monaco—the principality with the highest concentration of millionaires and billionaires in the world—being removed from the “gray list” will be a significant development, according to Bloomberg. The country was placed on the list in 2024, which drew increased attention to shortcomings in its anti-money laundering system. However, since then, FATF officials have noted significant progress, according to sources who spoke with Bloomberg. After being placed on the list, Monaco’s authorities tightened legislation and sought to demonstrate their ability to take concrete enforcement measures. Earlier this year, the local regulator fined UBS Group €6 million ($6.9 million) for a series of violations. Two other banks, including Julius Baer Group, were also fined.

Bulgaria was placed on the “gray list” in 2023—in the midst of negotiations to join the eurozone. The Council of Europe has regularly criticized the country, which consistently ranks among the most corrupt in the EU, Bloomberg notes. However, FATF experts have recently noted improvements in risk-based supervision and oversight of virtual asset service providers.

In addition to the FATF list, the European Union maintains its own, broader list of high-risk countries in terms of money laundering. In December 2025, the European Commission added Russia to this list; Russia’s membership in the FATF has been suspended since 2023.

This article was AI-translated and verified by a human editor