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Monaco enters EU money laundering blacklist

2025-06-16 18:01:53Biznes SHKRUAR NGA REDAKSIA VOX
Monaco enters EU money laundering blacklist
Monaco

The European Union has added Monaco to the list of countries it considers to pose a high risk for money laundering and terrorist financing, placing the Mediterranean principality alongside countries such as Syria, Myanmar and Burkina Faso.

The European Commission also added Venezuela to the blacklist, while removing the United Arab Emirates and Gibraltar. Russia, once again, was not included in the new updated list.

The announcement was made almost a week late, amid growing speculation about the Commission's elections.

A very politically charged issue

As Politico notes, last year, the European Parliament – ​​which, like the Council, can object – rejected an initial attempt to remove the UAE from the list and resisted a similar proposal presented behind closed doors by Financial Services Commissioner Maria Luisa Albuquerque.

MEPs also pressured the Commission to include Russia on the list, which was not done due to opposition from BRICS, of which Russia is a member.

Last week, Czech EPP MEP Ludek Niedermayer called on the Commission to "seriously consider" Russia's blacklist, according to documents cited by Politico.

The European Commission usually complies with the decisions of the Financial Action Task Force (FATF), which was created in 1989 by the G7. That is what happened this time, including Monaco on the list of countries with shortcomings in the fight against money laundering, although they have pledged to address them.

While Monaco was added to the list, the United Arab Emirates was removed.

The EU is competing with the US to strike a trade deal with the Emirates.

Objections to its removal were partially overcome when the UAE sent written commitments to strengthen judicial cooperation with the EU and Europol, and a delegation of MEPs to the country was also sent.

However, some MEPs consider the UAE's progress insufficient. German Green MEP Rasmus Andresen said that "the UAE has not made enough progress" and stressed that a trade deal with the Emirates would allow "criminals to channel illicit funds back into our financial system".

Meanwhile, the Spanish center-right expressed dissatisfaction with Gibraltar's removal from the list.

Additions and removals of countries from the list

Meanwhile, countries such as Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela were added to the high-risk list.

Removed from the list: Barbados, Gibraltar, Jamaica, Panama, Philippines, Senegal, Uganda and the United Arab Emirates.


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