The European Union (EU) on Tuesday added Nepal along with nine other jurisdictions to its money-laundering "high-risk" list while announcing the removal of the United Arab Emirates (UAE) from the list.
According to AFP, the European Commission said it also added Algeria, Angola, Ivory Coast, Kenya, Laos, Lebanon, Namibia, Monaco and Venezuela, along with Monaco, to the list of countries subject to extra monitoring of their money laundering controls.
In addition to the UAE, it removed Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal and Uganda, added the news agency.
The moves follow a decision by the Financial Action Task Force (FATF) in February to remove the Philippines from its "grey list"—a roster of countries subject to heightened monitoring—while adding Nepal and Laos.
A statement issued by the European Commission said that the updated list takes into account the work of the FATF and in particular its list of “Jurisdictions under Increased Monitoring”.
Read also: FATF Adds Nepal to Grey List, Again
The Paris-based FATF assesses how well more than 200 countries and jurisdictions are combating money laundering and terrorist financing. Its grey list identifies countries that require increased oversight of their financial systems.
“As a founding member of FATF, the Commission is closely involved in monitoring the progress of the listed jurisdictions, helping them to fully implement their respective action plans agreed with FAFT,” the statement read, adding, “Alignment with FATF is important for upholding the EU´s commitment to promoting and implementing global standards.”
Monaco has been included on the FATF list since mid-2024, along with EU member states Bulgaria and Croatia.
"The commission has now presented an update to the EU list which reiterates our strong commitment to aligning with international standards, particularly those set by the FATF," AFP quoted EU's commissioner for financial services, Maria Luis Albuquerque, as saying.
The EU list will now be scrutinised by the European Parliament and member states and will enter into force within one month if there are no objections, the commission said.
According to AFP, Monaco's government said in a statement it had "taken note of this expected update, which would lead to Monaco being placed on the EU's list, unless the European Parliament or the Council of the EU decides otherwise".
It also stressed its commitment to take the necessary steps to be removed from the FATF's grey list "in the short term".
According to Reuters, Monaco – the second smallest state in the world after the Vatican – is home to celebrities and billionaires and has one of the world's most expensive property markets.
(This news has been updated with inputs from European Commission’s statement and Reuters)
