Monaco, Venezuela Placed on Global Money-Laundering Watch List

A global financial watchdog has censored Monaco and Venezuela for not doing enough to strengthen their anti-money-laundering and counterterrorist financing systems.

The Financial Action Task Force, a Paris-based intergovernmental body that sets anti-money-laundering law standards, met this week in Singapore and added the two countries to its “grey list” of nations requiring increased monitoring. The FATF said it would work with the two countries to address the deficiencies identified in their anti-money-laundering systems.

The FATF also removed Jamaica and Turkey from the grey list, saying the two nations had made significant progress in improving their anti-money-laundering and counterterrorism financing regimes.

There has been speculation for some time that Monaco would be added to the gray list, according to news reports earlier this year.

Wealthy people from around the world have in recent years flocked to Monaco, one of the smallest sovereign states, because of its favorable tax policies, forking over millions for luxury rental apartments . Some real-estate agents in Monaco said before Friday’s announcement that they expect little impact on the residential market from the principality being added to the gray list.

The FATF said Monaco has made some improvements to its anti-money-laundering regime since December 2022, including through the establishment of a new combined financial intelligence unit and anti-money-laundering supervisor. But the principality still needs to improve in six areas, including its understanding of the risks related to money laundering and income-tax fraud committed abroad, and its implementation of penalties for violations of anti-money-laundering and beneficial ownership requirements, the FATF said.

For Venezuela, the FATF said the country needs to work on issues such as its investigation and prosecution of money laundering and terrorist financing, as well as ensuring its measures to prevent the misuse of nonprofit organizations for terrorism financing aren’t disrupting or discouraging legitimate humanitarian efforts.

Representatives for Monaco’s embassy in Washington and Venezuela’s mission to the United Nations didn’t immediately respond to requests for comment.

The FATF’s plenary also marked the end of T. Raja Kumar of Singapore as president of the organisation. Elisa de Anda Madrazo of Mexico will take over as FATF president on July 1.

Girard-Perregaux has revealed the first watches created through its partnership with Atlassian Williams F1 Team, bringing the British racing team’s colours to one of Switzerland’s most recognisable integrated-bracelet designs.

The collaboration comprises two 42mm steel watches: the time-and-date Laureato Williams Edition and the more technical Laureato Chronograph Williams Edition.

Both retain the familiar architecture of the Laureato, including its octagonal bezel, integrated bracelet and mix of polished and satin-finished surfaces. The influence of Williams is comparatively restrained, appearing through colour, discreet branding and details inspired by the team’s current Formula 1 car.

It is a welcome departure from the oversized logos and literal automotive references that can characterise motorsport watches.

The Williams FW48 inspires the dial

The centrepiece of both models is a blue Clous de Paris dial informed by the livery of the Williams FW48, the car being campaigned by the team during the 2026 Formula 1 season.

A small Williams “W” replaces the conventional marker at 12 o’clock, while the team emblem appears on the sapphire crystal caseback. Red accents echo the keyline used on the FW48 without overwhelming the established Laureato design.

The three-hand model offers the quieter interpretation. Baton-shaped, rhodium-plated hands and hour markers are filled with white-emitting luminescent material, while a date window sits at three o’clock.

The chronograph creates a more obvious connection with motorsport. Three subdials are framed by rhodium-plated rings, with red appearing on the small-seconds hand and the tip of the central chronograph seconds hand.

Both watches measure 42mm across and are water resistant to 100 metres. The standard Laureato has a case thickness of 10.68mm, while the additional mechanics of the chronograph increase its profile to 12.16mm.

Two in-house automatic movements

The Laureato Williams Edition is powered by Girard-Perregaux’s self-winding GP01800 calibre. The movement provides hours, minutes, central seconds and the date, with a minimum power reserve of 54 hours.

The Laureato Chronograph Williams Edition uses the automatic GP03300 calibre, which combines its chronograph functions with a date display and offers a minimum power reserve of 46 hours.

Both movements operate at 28,800 vibrations per hour and can be viewed through their sapphire crystal casebacks.

Their decoration provides a more traditional counterpoint to the Formula 1 association. Finishing techniques include Côtes de Genève, circular graining, bevelling, mirror polishing, satin finishing, engraving and snailing.

The result is less about reproducing the appearance of a racing car than identifying the common ground between two mechanical disciplines: precision, incremental development and the considerable work hidden beneath the finished product.

Parallel histories

The timing of the partnership draws attention to the remarkably similar ages of its two protagonists.

Girard-Perregaux introduced the original Laureato in 1975, establishing an integrated-bracelet sports watch with a distinctive octagonal bezel. Williams entered Formula 1 two years later in 1977.

Both have evolved continuously across the five decades since. The Laureato has moved through different sizes, materials and complications, while retaining its central design language. Williams, meanwhile, has remained one of Formula 1’s most historically significant teams.

That gives the collaboration greater credibility than a simple licensing exercise. Girard-Perregaux and Williams are not being connected solely through the familiar language of speed. Their stronger link is a shared dependence on engineering, testing and the accumulation of specialist knowledge.

The watches are described as the beginning of a longer collaboration, suggesting further Williams editions may follow.

Girard-Perregaux’s international website lists the Laureato Williams Edition at US$16,200 and the Laureato Chronograph Williams Edition at US$20,900. Australian pricing has not been announced.

Specifications

Girard-Perregaux Laureato Williams Edition 42mm

Reference: 81010-11-3680-1GM
Case: Steel
Diameter: 42mm
Thickness: 10.68mm
Crystal: Anti-reflective sapphire crystal
Dial: Blue Clous de Paris pattern
Movement: Automatic GP01800
Functions: Hours, minutes, central seconds and date
Power reserve: Minimum 54 hours
Water resistance: 100 metres
Bracelet: Integrated steel bracelet with triple-folding clasp
International price: US$16,200

Girard-Perregaux Laureato Chronograph Williams Edition 42mm

Reference: 81020-11-3681-1GM
Case: 904L steel
Diameter: 42mm
Thickness: 12.16mm
Crystal: Anti-reflective sapphire crystal
Dial: Blue Clous de Paris pattern with three chronograph counters
Movement: Automatic GP03300
Functions: Chronograph, hours, minutes, small seconds and date
Power reserve: Minimum 46 hours
Water resistance: 100 metres
Bracelet: Integrated 904L steel bracelet with triple-folding clasp
International price: US$20,900