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.

 

[GPT]

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]

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.

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 a︀ damn about the decades of money laundering before that....lol. Gibraltar was added after they released︁ an Iranian vessel that U.S asked them to seize. Malta happened after someone their bought︂ stolen oil from Libya and one laundromat bank related to Russian accivity. Monaco could really︃ be related again to oligarch Russians living there.

--- quote start From 2023 😉

The Paris-based︄ 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 by︆ setting global standards and checking if countries respect them.

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

---- quote end

 

[Wellington]

Just use Euros

 

[jafo]

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 are︀ a thing of the past! Of course, I'm "married" to Zug now, and the business︁ has grown exponentially, so a "divorce" and depriving Zug of their "fair share" is counter︂ to my vision of self-preservation. smi(&%
The current business stays with Zug "till death do us︃ part." rof/%

PS. I'm ballsy, but NOT suicidal 😉

 

[JackAlabama]

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

yah FATF is the financial action terrorist farce.

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

 

[Martin Everson]

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.

 

[jafo]

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]

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.

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 new︀ business (not in Monaco) and let's say it's a low-risk business that wouldn't normally draw︁ much enhanced due diligence attention. However, because you're now a resident in a FATF listed︂ jurisdiction, whenever the company goes to open a bank account or get payment processing, the︃ financial institution will perform enhanced due diligence on either just you or on the whole︄ application. Not because they necessarily care, but because if they don't, their regulator might punish︅ them for not taking FATF's warning seriously.