Monaco, Bulgaria, and Côte d’Ivoire Tipped to Leave FATF Grey List in October

Monaco, Bulgaria, and Côte d’Ivoire are expected to leave the Financial Action Task Force’s (FATF) “grey list” of jurisdictions under increased monitoring next month.

The change could be approved at the FATF’s next plenary session in Paris, which concludes on October 30. However, no final decision has been made, and any removal will require the agreement of FATF members.

Monaco was placed under increased monitoring in June 2024 after the FATF identified strategic weaknesses in its systems for countering money laundering and terrorist financing. Grey-listing signals that a jurisdiction has agreed to address identified deficiencies under closer international scrutiny.

At its June 2026 plenary, the FATF determined that Monaco had “substantially completed its action plan.” The watchdog highlighted reforms including stronger sanctions for AML breaches, additional resources for the principality’s financial intelligence unit, improved suspicious transaction reporting, and increased seizures of suspected criminal property. Monaco has also taken visible enforcement action, including a €6 million fine against UBS earlier this year over compliance failings.

Bulgaria and Côte d’Ivoire were similarly judged to have substantially completed their action plans in June, clearing the way for on-site assessments. Although the FATF made the same determination for the DRC, it has indicated delisting would be unlikely in October, stating: “Given the current public health situation in the DRC, the FATF will monitor developments to ensure any on-site assessment can take place under safe conditions.”

Before delisting, the FATF must verify that implementation of each jurisdiction’s reforms has begun and is being sustained, and that the necessary political commitment remains in place. Monaco, Bulgaria, and Côte d’Ivoire will remain on the grey list unless their removal is approved at the October plenary.