Monaco and Venezuela in FATF grey list

[marioIT]

Venezuela and Monaco have been added to a global watchdog's “grey list” for not making enough progress to stem illicit financial flows.

Monaco's government said in a statement that it's determined to implement the FATF's recommendations and looking to address the issues within 18 months.
https://www.gouv.mc/Portail-du-Gouv...liste-selon-le-calendrier-convenu-a-Singapour
current lists:
https://www.fatf-gafi.org/en/countries/black-and-grey-lists.html

Last edited: Jun 28, 2024

 

[ActionMan]

why South Africa, Africa's powerhouse, on this list? Vietnam and Croatia as well?

But where is the US? The UK? The UAE? This list reeks of bias, just like CNN or Fox News! What's their criteria, anyway? From my perspective, it's nothing more than a political weapon to strong-arm nations that don't conform to their political agenda.

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[GPT]

ActionMan said:
why South Africa, Africa's powerhouse, on this list? Vietnam and Croatia as well?

But where is the US? The UK? The UAE? This list reeks of bias, just like CNN or Fox News! What's their criteria, anyway? From my perspective, it's nothing more than a political weapon to strong-arm nations that don't conform to their political agenda.
Click to expand...

I believe the UAE was taken of the list earlier this year because they met the required standards (on paper). Implementation wise they have some issues to resolve before they are compliant.

 

[12345]

Does this list even matter? What are the consequences of being added there?

 

[Martin Everson]

12345 said:
Does this list even matter?
Click to expand...

No.

Malta, UAE, Gibraltar etc were all added and removed from FATF list. During that time there may have been some disruptions with payments especially in USD but little else.

12345 said:
What are the consequences of being added there?
Click to expand...

Nothing.

I am sure most people in i.e Malta, UAE and Gibraltar would have never known they were on grey list. It's just a situation that often occurs after you do something that upsets the U.S. UAE was allowing Russians and their money in and that triggered it. FATF never gave a damn about the decades of money laundering before that....lol. Gibraltar was added after they released an Iranian vessel that U.S asked them to seize. Malta happened after someone their bought stolen oil from Libya and one laundromat bank related to Russian accivity. Monaco could really be related again to oligarch Russians living there.


--- quote start From 2023 😉

The Paris-based Financial Action Task Force (FATF), which this week held one of its regular plenary meetings, is an inter-governmental organisation that underpins the fight against money laundering and terrorism financing by setting global standards and checking if countries respect them.

The body on Friday also reiterated that "all jurisdictions should be vigilant to current and emerging risks from the circumvention of measures taken against the Russian Federation in order to protect the international financial system".

---- quote end

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[wellington]

Just use Euros

 

[jafo]

Martin Everson said:
Monaco could really be related again to oligarch Russians living there.
Click to expand...

100% this! smi(&%

I can attest to this personally! 😉

I actually wrote about why I had to incorporate in Zug (over a decade ago) while keeping residency also in Monaco (I wrote it in Feb of this year. Source: Switzerland - An exposé by CNBC International..

For some reason, wiring funds from Monaco to China for purchases was HELL for the Chinese suppliers, their banks, and especially me due to the kakamania BS of the US corresponding banks (at that time).

Today, with crypto and the eagerness of Chinese suppliers to get their funds in seconds to exchange them into Yuan, these problems are a thing of the past! Of course, I'm "married" to Zug now, and the business has grown exponentially, so a "divorce" and depriving Zug of their "fair share" is counter to my vision of self-preservation. smi(&%
The current business stays with Zug "till death do us part." rof/%

PS. I'm ballsy, but NOT suicidal 😉

 

[JackAlabama]

marioIT said:
Venezuela and Monaco have been added to a global watchdog's “grey list” for not making enough progress to stem illicit financial flows.

Monaco's government said in a statement that it's determined to implement the FATF's recommendations and looking to address the issues within 18 months.
https://www.gouv.mc/Portail-du-Gouv...liste-selon-le-calendrier-convenu-a-Singapour
current lists:
https://www.fatf-gafi.org/en/countries/black-and-grey-lists.html
Click to expand...

monaco introducing personal tax soon? 😉
If everyone gives in to them, it encourages the blackmailing practice. One each time after another.

ActionMan said:
why South Africa, Africa's powerhouse, on this list? Vietnam and Croatia as well?

But where is the US? The UK? The UAE? This list reeks of bias, just like CNN or Fox News! What's their criteria, anyway? From my perspective, it's nothing more than a political weapon to strong-arm nations that don't conform to their political agenda.
Click to expand...

yah FATF is the financial action terrorist farce.

US, UK will never be placed there. UAE just was and they changed a lot of what it made appealing in the first place.
Also Panama was a long time candidate of that list.

Last edited: Jun 28, 2024

 

[Martin Everson]

JackAlabama said:
monaco introducing personal tax soon?
Click to expand...

Good Lord no hi%#. Monaco is already high corporate tax. Any change to this and Monaco is empty overnight smi(&%.


There is definite double standards that the UK is not on it. Despite the amount of money washed through the London property market.



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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[jafo]

Martin Everson said:
Monaco is already high corporate tax. Any change to this and Monaco is empty overnight smi(&%.
Click to expand...

You are 100% correct! I'll be fleeing Monaco before Prince Albert can spell "Monaco." rof/% smi(&%

PS. Everyone here I contacted about this in the last hour told me they would be gone in a second, too. smi(&%

 

[diatessaron]

If Monaco implements whatever bs they were asked to, it won't be Monaco anymore. A man can't withdraw his own money from the bank without being asked about what the f*** he will do with it.

 

[jafo]

diatessaron said:
If Monaco implements whatever bs they were asked to, it won't be Monaco anymore. A man can't withdraw his own money from the bank without being asked about what the f*** he will do with it.
Click to expand...

Yeah, this is really shocking. I'm not sure why they are doing this. It blows my mind; meanwhile, in China, you can get all the cash you want (to conduct business). I am so confused! stupi#21

 

[Sols]

This isn't about taxes. It's about prevention of money laundering. FATF isn't saying Monaco needs to enact taxes. They're saying Monaco needs to do better to prevent money laundering, which means more KYC, stronger laws, and better enforcement of those laws.

12345 said:
Does this list even matter? What are the consequences of being added there?
Click to expand...

It matters but not as much as FATF would like to think. The consequences are usually that countries comply with the recommendations. Until they are removed from the list, anything involving the listed jurisdiction is at risk of being considered a high risk application.

As an example, let's say you're resident in Monaco and are involved in setting up a new business (not in Monaco) and let's say it's a low-risk business that wouldn't normally draw much enhanced due diligence attention. However, because you're now a resident in a FATF listed jurisdiction, whenever the company goes to open a bank account or get payment processing, the financial institution will perform enhanced due diligence on either just you or on the whole application. Not because they necessarily care, but because if they don't, their regulator might punish them for not taking FATF's warning seriously.

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This is the probably the answer to your question.