Oracle Text

Target spell or permanent becomes colorless.

Card Rulings

9/25/2006 Moonlace’s effect doesn’t wear off.
9/25/2006 If Moonlace is cast on a spell that becomes a permanent (a creature spell, an artifact spell, or an enchantment spell), the permanent will enter the battlefield colorless and will remain colorless until it leaves the battlefield (or until another effect changes its color).