Monaco is a small private banking and wealth management centre with a strong concentration of high-net-worth clients. Banks are licensed by the French prudential authority (ACPR) as well as locally, while portfolio management and other financial activities are licensed by the Commission de Contrôle des Activités Financières (CCAF).
Risk flagHigh risk
FATFIncreased monitoring (grey list)
EU AML high-risk listListed
EU tax listNot listed
Licence regimes3
CurrencyEUR
Next electiondue by 2028
On the FATF list of jurisdictions under increased monitoring (grey list) as at the 19 June 2026 plenary, which found Monaco had substantially completed its action plan and warrants an on-site visit, and listed as a high-risk third country in Delegated Regulation (EU) 2016/1675 as consolidated on 29 January 2026; not in Annex I of the EU tax list as revised in February 2026. Checked 7 October 2026.
Government and politics
Government
Constitutional hereditary monarchy
Sovereign Prince
Albert II · since April 2005
Minister of State
Christophe Mirmand (Non-partisan (appointed by the Prince))
Governing parties
No political parties in government
Last election
National Council (legislative), 5 February 2023
Next election
National Council (legislative), due by 2028
Legislature
National Council (unicameral, 24 seats)
Legal system
Civil law system influenced by French legal tradition
Economy and finance
Population
38.3k (2025)
GDP
USD 11.1bn (2024)
GDP per person
USD 288,002 (2024)
Currency
Euro (EUR), euro (used under a monetary agreement with the EU; Monaco is not an EU member)
Central bank
Banque de France (Monaco has no central bank; monetary arrangements run through France and the Eurosystem)
A wealthy city-state whose economy rests on tourism, real estate, private banking and wealth management, with no personal income tax for most residents.
Bank
Credit institution agrément (Monegasque bank or branch of a foreign credit institution)
Minimum capitalNot published
TimelineNot published
AuthorityACPR (banking operations), CCAF (financial activities) and the Monegasque Government (establishment)
Law
French banking agrément by the ACPR; CCAF agrément under Loi n° 1.338, as amended, for financial activities; establishment authorisation from the Monegasque Government
Passporting
None; Monaco is not in the EU or EEA.
Key requirements
Three separate authorisations; procedures with each authority may run concurrently
Legal form: société anonyme monégasque (SAM) or branch of a foreign credit institution
At least two persons responsible for strategy and management (ROSG) approved by the CCAF
Agrément for digital asset and crypto-asset service providers
Minimum capitalNot published
TimelineNot published
AuthorityMinistre d'État, after a reasoned opinion of a consultative commission chaired by the Minister of Finance and Economy (services on financial tokens fall under the CCAF)
Law
Loi n° 1.528 of 7 July 2022, Title II, Art. 14 to 18
Passporting
None.
Key requirements
Company registered in Monaco (may apply while in formation)
Fit and proper directors and persons holding more than 25% of capital or voting rights
Professional liability insurance and own funds in amounts set by sovereign ordinance
Premises, staff, internal control, resilient IT and conflict-of-interest management; AMSF opinion on the AML/CFT framework
Commission de Contrôle des Activités Financières (CCAF) · websiteInvestment firms, banks
Autorité de Contrôle Prudentiel et de Résolution (France) (ACPR) · websitebanks
Ministre d'État, after opinion of a consultative commission (crypto-asset service providers) (Government) · websiteVirtual asset service providers (VASPs)
Monaco is on the FATF grey list (it made a high-level political commitment to the FATF in June 2024) and on the EU list of high-risk third countries, so enhanced due diligence applies to EU-linked business; the June 2026 FATF statement found the action plan substantially completed and an on-site visit warranted, so delisting may follow at a later plenary. The decision deadline and the own funds and insurance amounts for crypto-asset service providers are set by sovereign ordinance, which was not retrieved. Bank minimum capital and the ACPR procedure were not verified from an opened source. No e-money or payment institution regime specific to Monaco, and no online gaming licensing regime, was identified in the sources consulted.
General information
About Monaco
Natural Earth boundaries. Map is indicative.
Status
Sovereign state
Capital
Monaco
Largest city
Monaco (city-state)
Area
2 km²
Official languages
French
Time zone
UTC+01:00 (UTC+02:00 in summer)
Main exports
tourism
banking and wealth management
jewelry
perfumes
watches
packaged medicines
Main export partners
Italy
Switzerland
Germany
Belgium
Spain
Sources for the country information(5)
Country information checked 9 October 2026. Licensing data updated 7 October 2026. Information only, not legal advice; requirements change. Regulatory notice.
