Swindler having dance with monarch (7)
I believe the answer is:
twister
'swindler' is the definition.
(thesaurus)
'dance with monarch' is the wordplay.
'dance' becomes 'twist' (twisting is a kind of dancing).
'with' says to put letters next to each other.
'monarch' becomes 'ER' (abbreviation for Elizabeth Regina, British Queen).
'twist'+'er'='TWISTER'
'having' is the link.
(Other definitions for twister that I've seen before include "Rogue - tornado" , "See 12" , "Swindler; tornado (US)" , "Tornado (American)" , "Dishonest person" .)