June 2026 FATF plenary: the effectiveness of compliance frameworks at the heart of international expectations

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As the FATF (Financial Action Task Force) prepares to announce its decision regarding Monaco, attention naturally focuses on one question: will the Principality exit enhanced monitoring or remain subject to increased scrutiny?

Beyond the outcome of this upcoming milestone, recent developments point to a more fundamental shift: international expectations are now primarily focused on the effectiveness of anti-money laundering, counter-terrorist financing and counter-proliferation financing (AML/CFT/CPF) frameworks.

The decision taken by the FATF in February 2026 confirmed that the issue no longer lies so much in the alignment of the legislative framework with international standards, but rather in the ability of jurisdictions to demonstrate the practical effectiveness of their systems.

This evolution is reflected in both the supervisory approach and enforcement activity of the Monegasque Financial Security Authority (AMSF), which place increasing emphasis on the governance of compliance functions, the quality of KYC procedures and the ability of regulated professionals to demonstrate the effectiveness of their controls.

Recent decisions have also highlighted that remedial actions implemented after deficiencies have been identified are not necessarily sufficient to mitigate their consequences.

For regulated professionals, the challenge therefore extends beyond the outcome of the June 2026 FATF plenary. It lies in ensuring that compliance frameworks are not only technically sound, but are also capable of withstanding an increasingly demanding level of regulatory scrutiny.

Gordon S. Blair advises regulated professionals on AML/CFT/CPF governance, compliance reviews and preparation for AMSF inspections.

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Monaco Yacht Show 2026: towards greater transparency in European superyacht acquisitions

As the Monaco Yacht Show approaches, Italy has taken a further step in implementing the European anti-money laundering package. Italian Legislative Decree no. 122 of 10 June 2026, published on 8 July and effective from 23 July 2026, transposes several provisions of Directive (EU) 2024/1640, notably those relating to beneficial ownership transparency. This development is particularly significant for the yachting sector, as Italy is home to some of the world’s leading shipyards. It must also be considered alongside Regulation (EU) 2024/1624, applicable from 10 July 2027. The Regulation introduces a specific obligation for certain companies incorporated outside the European Union when acquiring a yacht intended for non-commercial use with a value of €7.5 million or more. Before completing the acquisition, these companies will be required to disclose the identity of their ultimate beneficial owner to the relevant central register. For purchasers using a Monaco company or another non-EU structure, UBO transparency will therefore become an important consideration from the initial structuring of the transaction through to closing. This European development echoes the requirements already well established in Monaco, where beneficial ownership identification and due diligence obligations play a central role in yachting transactions. Ahead of MYS 2026, the recent adoption of the Italian legislation sends a clear signal: in the superyacht sector, transparency surrounding ownership structures is progressively becoming an integral legal component of the transaction.

Monaco: Government Introduces Bill on the Minimum Taxation of Multinational Enterprise Groups

The Princely Government has introduced Bill No. 1129, which aims to implement the OECD Pillar Two rules into Monaco law. The proposed legislation introduces a 15% global minimum effective tax rate for multinational enterprise groups with consolidated annual revenue exceeding EUR 750 million. This reform forms part of the ongoing alignment of Monaco's tax framework with international standards. Rather than creating a new tax burden, its primary objective is to ensure that Monaco retains its taxing rights over profits generated within its territory, thereby preventing any top-up tax from being collected by other jurisdictions. The Government has also highlighted that the new framework will strengthen legal certainty for businesses while preserving the Principality's attractiveness as an international business centre through compliance with the OECD's global tax standards. The bill is particularly comprehensive, comprising nearly 100 pages and more than 100 articles. It is expected to be reviewed by the National Council in the coming months, with entry into force envisaged for fiscal years beginning on or after 31 December 2026. This represents a significant development in the international tax landscape for affected multinational groups. Our tax team is closely monitoring the legislative process and remains available to assess the practical implications of the proposed rules and assist businesses in preparing for their implementation.

Gordon S. Blair featured in the Best of Yachting – Monaco Guide

Gordon S. Blair is pleased to announce its inclusion in the latest edition of the Best of Yachting – Monaco Guide, marking the firm's third consecutive participation in this renowned publication dedicated to the international yachting industry. Recognised as one of the leading global hubs for yachting, Monaco brings together owners, family offices, yacht managers, shipyards, brokers, financiers and a wide range of specialised professional advisers. Within this highly international ecosystem, legal and tax considerations play a central role in the acquisition, ownership, operation and transmission of trophee assets. For many years, Gordon S. Blair has advised an international private clientele on sophisticated cross-border matters involving wealth structuring, international taxation, estate planning, corporate law and asset protection. The firm's expertise naturally extends to the yachting sector, where multidisciplinary advice and an international perspective are essential. Being featured in the Best of Yachting – Monaco Guide reflects our continued commitment to providing tailored, strategic and discreet advice to clients whose interests span multiple jurisdictions. We would like to thank the Best of Yachting editorial team for their continued confidence and are delighted to contribute, for the third consecutive year, to a publication that has become a recognised reference within the Monaco and international yachting community. Discover our two-page feature in the Best of Yachting – Monaco Guide