EU Removes Gibraltar and UAE from AML Monitoring List
European Union Swipes Gambling Destinations Off its AML and CFT Watchlists
Abreast of the latest developments, the European Union has given a clean chit to gambling hotspots Gibraltar and the United Arab Emirates, freeing them from the clutches of its anti-money laundering (AML) and countering the financing of terrorism (CFT) watchlists.
This move comes after a week of suspense surrounding Brussels' verdict on AML and CFT activities. The draft bill was published, erasing doubts about the outcome. Joining these nations in the EU's good graces are Barbados, Jamaica, Panama, the Philippines, Senegal, and Uganda.
On the flip side, Syria, Myanmar, Burkina Faso, and Venezuela have been slapped with the unwanted honor of being added to the watchlist.
The spotlight most intensely falls on Monaco, a European principality, which failed the EU's recent test. In a twist of events, Russia managed to escape censure, according to Politico. The Global Magnitsky Justice Campaign alleged that "millions of euros in illegal funds linked to fraud by Russian oligarchs" were being harbored in Monaco.
The EU is expected to publish the amendments in its Official Journal should the European Parliament or the Council of the EU not voice their objections to the new list.
Insights:
Monaco's non-compliance stemmed from its placement on the Financial Action Task Force (FATF) "grey list" back in June 2024, indicating shortcomings in its AML/CFT framework. Following FATF's classification, the EU, by its methodology, added Monaco to its own list of "high-risk" jurisdictions with AML/CFT gaps in June 2025. Despite significant progress in technical compliance and being compliant with 39 out of 40 FATF recommendations by December 2024, Monaco's effectiveness remains under scrutiny. The EU's designation focuses on more than just legal frameworks; Monaco continues to work diligently to address identified gaps and aims to be removed from the grey list soon.
Regarding the alleged illegal Russian oligarch funds in Monaco, the sources do not disclose specific amounts or instances of illicit Russian money tucked away in Monaco. However, Monaco's addition to the EU’s high-risk list coincides with broader international scrutiny over money laundering and terrorism financing risks often associated in media and financial investigations with opaque flows from sanctioned or politically exposed individuals, including Russian oligarchs. Monaco's intensified AML reforms and international cooperation efforts reflect these concerns and demonstrate its commitment to tackling potential financial crime linked to oligarchic wealth.
In light of Monaco's non-compliance with anti-money laundering (AML) and countering the financing of terrorism (CFT) frameworks, the European Union has designated it as a "high-risk" jurisdiction with AML/CFT gaps. Simultaneously, the EU is keeping a close eye on Monaco's business sector, particularly the finance industry, due to allegations of harboring millions of euros in illegal funds linked to fraud by Russian oligarchs.
