On 7 and 8 June 2025, French President Emmanuel Macron will make a historic state visit to Monaco — the first by a French head of state since François Mitterrand in 1984. Officially, cooperation on environmental protection and the joint commitment to preserving the oceans are the focus. But the trip takes place amid growing international criticism of Monaco’s insufficient efforts in combating money laundering and terrorist financing.
Environmental commitment as a diplomatic focus
Macron’s visit to the small Mediterranean principality is closely linked to the upcoming third United Nations Conference on the Protection of the Oceans (Unoc3) in Nice. Together with Prince Albert II, Macron will visit several symbolic sites over the weekend, including the “seaWergie” facility in the Larvotto district, which uses marine energy to heat and cool buildings. This initiative is part of Monaco’s goal to become carbon neutral by 2050. A visit to the Oceanographic Museum and a forum on the “blue economy” underscore the joint commitment of both countries to protecting marine ecosystems.
The choice of Nice as the venue for Unoc3 is no coincidence: it was made in consultation between Macron and Prince Albert to also highlight Monaco’s engagement on the international stage.
Financial transparency under international pressure
Parallel to environmental policy issues, Monaco is under considerable pressure regarding its measures against money laundering and terrorist financing. In June 2024 the principality was placed on the so-called “grey list” by the Financial Action Task Force (FATF), meaning it is under increased scrutiny and must remedy deficiencies in its financial system. Despite some progress, such as the establishment of a new financial supervisory authority and the introduction of targeted financial sanctions, the FATF still identifies structural weaknesses, particularly in the investigation of financial crimes and the enforcement of sanctions.
The European Commission recently announced that it intends to add Monaco to its list of “third countries with high-risk” — a measure that would place the principality alongside countries such as Afghanistan, North Korea and Panama. Although this decision still requires the approval of the European Parliament, it could have significant effects on Monaco’s financial sector, including increased controls and possible restrictions on international payments.
Monaco’s response and the diplomatic challenge
The Monegasque government firmly rejects the allegations and emphasizes that it has not received any official notification from Brussels. Finance Minister Pierre-André Chiappori called the reports “fiction” and stressed the progress Monaco has made in cooperation with international organizations. Nevertheless, uncertainty remains, especially since being placed on the EU list could be an automatic consequence of the FATF classification.(monacomatin.mc)
For President Macron the visit represents a diplomatic balancing act. On the one hand he wants to emphasize the close historical and economic ties between France and Monaco; on the other he must meet international expectations for transparency and the rule of law. Signing a new agreement to strengthen cooperation on customs and the fight against financial crime during the visit could be a step in that direction.
Macron’s visit to Monaco highlights the complex balance between diplomatic friendship and the need to comply with international standards. While environmental cooperation is at the forefront, the issue of financial transparency remains a central topic of great importance for both Monaco and the EU.
Author: P.T.