This update is marked by the removal of Algeria and Namibia from the list of jurisdictions under increased monitoring, and the addition of Bosnia and Herzegovina and Iraq. No changes were made to the list of high-risk jurisdictions.
Jurisdictions under Increased Monitoring (Grey List)
Jurisdictions under increased monitoring are actively working with the FATF to address strategic deficiencies identified in their AML/CFT frameworks. Their inclusion on this list reflects a political commitment to implement an agreed action plan with the FATF within set timeframes.
At the June 2026 Plenary, Algeria and Namibia were removed from the grey list after successfully completing the actions required by the FATF. Conversely, Bosnia and Herzegovina and Iraq were added to the list and have committed to implementing reforms to strengthen the effectiveness of their AML/CFT frameworks.
High-Risk Jurisdictions (Black List)
No changes were made to the list of high-risk jurisdictions at this Plenary.
The FATF maintains its call for the application of enhanced measures with respect to the Democratic People’s Republic of Korea (DPRK), Iran and Myanmar. The suspension of the Russian Federation also remains in effect.
Focus on Selected Jurisdictions under Increased Monitoring
Monaco
Monaco made a high-level political commitment to the FATF in June 2024 to strengthen the effectiveness of its anti-money laundering, counter-terrorist financing and counter-proliferation financing framework.
Progress Achieved
Since February 2026, the FATF has acknowledged several significant advances made by the Principality, including:
- improved identification and analysis of money laundering risks related to foreign tax offences;
- strengthened capacity for the seizure, confiscation and recovery of criminal assets;
- increased effectiveness of money laundering investigations and prosecutions;
- improved quality and timeliness of suspicious transaction reports;
- enhanced effectiveness of the judicial system in handling money laundering cases.
Remaining Priorities
The FATF indicates that Monaco must continue implementing its action plan by:
- deepening its understanding of risks related to foreign tax offences;
- demonstrating a sustained increase in the seizure and confiscation of criminal assets;
- demonstrating a sustained increase in money laundering investigations and prosecutions;
- further improving the effectiveness of suspicious transaction reporting;
- strengthening the application of effective, proportionate and dissuasive administrative sanctions;
- demonstrating the effective application of criminal sanctions in money laundering cases.
In light of the significant progress recognised by the FATF in the implementation of its action plan, an on-site visit may represent one of the next steps in the monitoring process. This phase aims to confirm the effectiveness and sustainability of the reforms undertaken before a removal from the list of jurisdictions under increased monitoring can be considered.
Subject to the confirmation of these developments, Monaco now appears well positioned to consider an exit from the grey list at a forthcoming FATF Plenary, the next session of which is scheduled from 26 to 30 October 2026.
It should also be noted that at this Plenary, the FATF recognised that Bulgaria and Côte d’Ivoire have both substantially completed their respective action plans. These two jurisdictions are now eligible for an on-site visit.
British Virgin Islands (BVI)
The British Virgin Islands made a high-level political commitment to the FATF in June 2025 to strengthen the effectiveness of their AML/CFT framework.
Progress Achieved
Since their inclusion on the grey list, the authorities have notably:
Subject to the confirmation of these developments, Monaco now appears well positioned to consider an exit from the grey list at a forthcoming FATF Plenary, the next session of which is scheduled from 26 to 30 October 2026.
It should also be noted that at this Plenary, the FATF recognised that Bulgaria and Côte d’Ivoire have both substantially completed their respective action plans. These two jurisdictions are now eligible for an on-site visit.
British Virgin Islands (BVI)
The British Virgin Islands made a high-level political commitment to the FATF in June 2025 to strengthen the effectiveness of their AML/CFT framework.
Progress Achieved
Since their inclusion on the grey list, the authorities have notably:
- implemented a new framework for the management of seized and confiscated assets;
- continued efforts to improve supervision of sectors exposed to AML/CFT risks;
- strengthened measures aimed at improving the overall effectiveness of their supervisory framework.
Next Steps
The British Virgin Islands must in particular:
- strengthen risk-based supervision of trust and company service providers, investment firms and virtual asset service providers;
- ensure competent authorities have access to accurate, adequate and up-to-date beneficial ownership information;
- improve the quality of suspicious activity reports;
- increase the effectiveness of money laundering investigations and prosecutions;
- increase the seizure and confiscation of proceeds of crime.
Lebanon
Lebanon remains under increased monitoring within the framework of the action plan agreed with the FATF.
Progress Achieved
The FATF has noted the efforts made by the Lebanese authorities to strengthen their AML/CFT framework, in particular through:
- improvement of the supervisory framework for certain obliged sectors;
- strengthening of cooperation between competent authorities;
- continuation of reforms aimed at improving the effectiveness of the anti-money laundering and counter-terrorist financing framework.
Remaining Priorities
Lebanon must continue its efforts to:
- improve the effectiveness of financial investigations and money laundering prosecutions;
- strengthen the application of preventive measures by obliged entities;
- improve the quality of financial intelligence and its operational use;
- increase the effectiveness of criminal asset confiscation measures;
- demonstrate sustained results in the implementation of its AML/CFT action plan.
Lebanon’s continued presence on the grey list serves as a reminder of the importance, for obliged professionals, of adopting a risk-based approach when dealing with transactions or structures linked to this jurisdiction.
For further information, please contact: office@rosemont-mc.com.
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