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Monaco Expected to Join Dirty Money ‘Gray List’ Next Week
- Watchdog FATF likely to demand more oversight of illicit cash
- Decision likely on June 28; could hurt city-state’s economy
Monaco
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Monaco, home to the world’s highest concentration of millionaires and billionaires, is at risk of being added to an international financial “gray list” as soon as next week for not making enough progress in tackling illicit flows of money.
The Financial Action Task Force is expected to publicly identify the principality as requiring increased monitoring to address strategic money laundering deficiencies on June 28, the last day of its plenary in Singapore, according to people familiar with the matter, who requested anonymity as the matter is private.