“‘A masterclass in bureaucratic obstruction’:how Monaco is allegedly protecting Russian criminals” (Platform for Investigative Journalism)
Monaco: where the yachts are shiny, the views are stunning, and Russian money-laundering investigations go to die of natural causes.
Monaco’s strategy on Russian dirty money? Stall long enough and maybe everyone forgets. It’s less “financial regulation” and more “sun-kissed shrug.”
You’d think a principality built on luxury and discretion would be good at cleaning up — but when it comes to Russian oligarch cash, they’re more interested in laundering reputations than rubles.
Bill Browder called it a ‘masterclass in bureaucratic obstruction.’ That’s being polite. Most call it client retention strategy.
If Monaco put as much effort into enforcement as it does into concierge service, Putin’s pals would be bunking in holding cells, not penthouses.
“MONACO continues to serve as a haven for Russian businessmen accused of large-scale fraud and sanctioned in multiple countries, according to campaigner Bill Browder” (Reuters)
Browder, who has led global efforts to sanction those behind a $230 million tax fraud uncovered in Russia in 2007, said Monaco’s authorities have failed to investigate or freeze assets linked to the scheme.
“Monaco is still a safe haven for harboring dirty Russian money,” Browder told Follow The Money. “It has long been a top money laundering destination in Europe.”
According to Browder’s research team, offshore companies linked to a criminal group recently transferred $3.3 million into Monaco.
In 2023, Browder’s team filed a criminal complaint in Monaco to recover the funds. Although prosecutors opened a case later that year, they have not responded to follow-up requests or shared any updates, Browder said.
Browder said Monaco’s lack of cooperation shows it is “sweeping dirt under the rug.”
In June 2024, the Financial Action Task Force (FATF) placed Monaco on its greylist for weak anti-money laundering enforcement.
Although Monaco is not in the EU, it applies EU sanctions through its alignment with French law. Officials did not respond to Follow The Money’s request for comment.
Analysts have warned that Monaco’s financial sector caters to high-risk, ultra-wealthy clients, and routinely accepts more risk than other jurisdictions. Monaco has also been criticized for poor checks on ownership, enabling corruption, sanctions violations, and tax evasion.