The FATF told this publication that a decision will be announced next month when it holds a plenary meeting.

Private banks and other financial institutions operating in Monaco may be uncorking the champagne this week after a news story said the European principality is among several jurisdictions to be removed from a “grey list” of places under heightened scrutiny.

A report by Bloomberg on 16 September said the Financial Action Task Force, the intergovernmental body, will take Monaco from the list at the end of October. The list applies to jurisdictions put on particularly close observation for the way they seek to control dirty money flows. When a country is put on the list, it can have a chilling impact on its financial sector.

The FATF put Monaco on the list in June 2024.

The news report quoted the FATF saying they have found significant progress in Monaco. The report cited unnamed sources.

"Any decisions regarding jurisdictions under the FATF's monitoring processes are taken by the FATF Plenary. As such, the FATF is unable to comment on any individual jurisdictions ahead of the October Plenary," the FATF told WealthBriefing when asked about the matter. 

The newswire report said Bulgaria and Ivory Coast are also expected to come off the list.

Grey lists are based on a consensus among the FATF’s membership, which includes the US, UK, European Commission, China, Japan and India.

A spokesperson for the Monaco government declined to comment, the report said.

Banks in the principality include Barclays, CMB and Edmond de Rothschild. Others include CFM Indosuez Wealth Management; Banque J Safra Sarasin; Crédit Mobilier de Monaco; Société Générale Private Banking Monaco; BNP Paribas Wealth Management; Rothschild & Co Wealth Management; Caisse d'Epargne Côte d'Azur; Groupe BPCE; Banque Européenne du Crédit Mutuel; UBS Monaco; Pictet; EFG Bank; Union Bancaire Privée; Bank Julius Baer; Banque Havilland Monaco; Banque Richelieu; and Banca Popolare di Sondrio.

This publication has contacted several banks for comment and may update in due course.