Amendment to Annex B of the Monetary Agreement between Monaco and the European Union (Prevention of money laundering)

Sovereign Order no. 9.830 of 15 March 2023 (JDM no. 8635 of 24 March 2023) updated Annexes A (numbering format) and B (numbering format and addition) of the Monetary Agreement concluded on 29 November 2011 between the European Union and the Principality of Monaco.

Added to Annex B: Commission Delegated Regulation (EU) 2022/229 of 7 January 2022 amending Delegated Regulation (EU) 2016/1675 supplementing Directive (EU) 2015/849 of the European Parliament and of the Council by the identification of high-risk third countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing regimes which pose a significant threat to the Union's financial system ("high-risk third countries"), the transposition deadline for which was set by the Joint Committee at 31 December 2024.

The Commission shall take into account the latest available information, in particular recent public statements by the FATF, the FATF's list of countries requiring enhanced monitoring, as well as the reports of the FATF's International Cooperation Review Group in relation to the risks posed by particular third countries, in accordance with Article 9(4) of Directive (EU) 2015/849.

Le Règlement délégué (UE) 2022/229 a modifié l’annexe du Règlement délégué (UE) 2016/1675 de la Commission, concernant le tableau figurant au point « I. Les pays tiers à haut risque qui ont pris un engagement politique écrit à haut niveau de remédier aux carences constatées et qui ont élaboré un plan d’action avec le GAFI. », comme suit :

Delegated Regulation (EU) 2022/229 amended the Annex to Commission Delegated Regulation (EU) 2016/1675, concerning the table under point "I. High-risk third countries that have made a written high-level political commitment to address identified deficiencies and have developed an action plan with the FATF", as follows:

— Additions:

• Burkina Faso (Since the conclusion of the mutual evaluation report on Burkina Faso in 2019, Burkina Faso has made progress on a number of the actions recommended in that report to improve technical compliance and effectiveness, including by adopting a national AML/CFT strategy in December 2020. In February 2021, Burkina Faso committed to working with the FATF and the Intergovernmental Group on Money Laundering in West Africa (GIABA) to strengthen the effectiveness of its AML/CFT frameworks.)
• Cayman Islands (In February 2021, the Cayman Islands committed to work with the FATF and the Caribbean Financial Action Task Force (CFATF) to strengthen the effectiveness of its AML/CFT arrangements).
• Haiti (As of June 2021, Haiti has committed to work with the FATF and the Caribbean Financial Action Task Force (CFATF) to strengthen the effectiveness of its AML/CFT arrangements).
• Jordan (Since the adoption of its mutual evaluation report in November 2019, Jordan has made progress on a number of actions recommended in the report to improve its system, including completing its national risk assessment. In October 2021, Jordan committed to working with the FATF and the Middle East and North Africa Financial Action Task Force (MENAFATF) to strengthen the effectiveness of its AML/CFT arrangements.)
• Mali (Since the adoption of its mutual evaluation report in November 2019, Mali has made progress on a number of actions recommended in the report to improve its system, including by adopting its national risk assessment. In October 2021, Mali made a high-level political commitment to work with the FATF and GIABA to strengthen the effectiveness of its AML/CFT arrangements.)
• Morocco (Morocco has taken steps to improve its AML/CFT arrangements, including by providing the financial intelligence unit with financial and human resources to strengthen its analytical capacity to fulfil its core operational and strategic analysis role. In February 2021, Morocco committed to work with the FATF and MENAFATF to strengthen the effectiveness of its AML/CFT arrangements.)
• Philippines (As of June 2021, the Philippines has committed to work with the FATF and the Asia Pacific Group on Money Laundering (APG) to strengthen the effectiveness of its AML/CFT regime.)Senegal (In February 2021, Senegal committed to work with the FATF and the Intergovernmental Action Group against Money Laundering in West Africa (GIABA) to strengthen the effectiveness of its AML/CFT regimes.)
• South Sudan (As of June 2021, South Sudan has committed to work with the FATF to strengthen the effectiveness of its AML/CFT regime).

— Withdrawals (countries removed from the FATF list in June or October 2021):

• Bahamas
• Botswana
• Ghana,
• Iraq
• Mauritius

* * *

In Monaco, the list of States or territories whose anti-money laundering, combating the financing of terrorism or corruption systems are strategically deficient is set out in Ministerial Order 2021-703 of 8 November 2021, last amended by Ministerial Order 2023-150 of 14 March 2023 (in application of the FATF update, 22-24 February 2023)

* * *

Related text : Communication from the Commission pursuant to Article 11(5) of the Monetary Agreement between the European Union and the Principality of Monaco (2023/C 64/03), 21 February 2023.