The Council of Europe’s anti-money laundering and counter-terrorist financing body, MONEYVAL, welcomes the FATF’s decision to remove Bulgaria and Monaco from its enhanced monitoring process, commonly known as the “grey list.” The decision was made at the FATF Plenary in Paris, held from 28 to 30 October.

The FATF found that both countries had addressed all strategic deficiencies identified in their action plans, begun and sustained implementation, and demonstrated the political commitment and institutional capacity needed to continue their reforms.

MONEYVAL Chair Nicola Muccioli said: “On behalf of MONEYVAL, I warmly congratulate Bulgaria and Monaco on their tremendous progress in improving the effectiveness of their AML/CFT regimes. MONEYVAL will continue working with both countries to sustain these improvements.”

The FATF  Plenary’s outcomes is available here.

The FATF’s statements on Bulgaria’s and Monaco’s removal from enhanced monitoring are available here.