Publications

Amendments to the regulation on financial activities (Sovereign Order No. 9.259 of 12 May 2022)

Monaco • Banking & Finance Key contact: Patricia KEMAYOU MENGUE Sovereign Order No. 9.259 of 12th May 2022 (JDM No. 8591 of 20th May 2022) amends Sovereign Order No. 1.284 […]

New list of high risk countries for money laundering, terrorist financing and corruption

FATF – EU – High Risk States – Strategic deficiencies – Money laundering – Terrorist financing – Corruption Key contact: Paul TOMATIS Ministerial Order 2022-234 of 6 May 2022 amending […]

Sovereign Order No. 9.223 of 28 April 2022 amending Sovereign Order No. 2.318 of 3 August 2009 setting the conditions for application of Law No. 1.362 of 3 August 2009 on the fight against money laundering, terrorist financing and corruption, as amended

AML/CFT • Banking & Finance • Compliance Key contact: Sovereign Order No. 9.223 (JDM n° 8589 of 6 May 2022) issued pursuant to Article 27, 4th paragraph of Law No. […]

Reform of the legislation on the fight against money laundering, terrorist financing and corruption

AML/CFT • European Union • Council of Europe • MONEYVAL Key contact: Paul TOMATIS Law n° 1.520 of 11 February 2022 has strengthened the anti-money laundering, combating the financing of […]

Freezing of assets in application of international economic sanctions (amendments)

United Nations • European Union • France • Other State • economic sanctions Key contact: Patricia KEMAYOU MENGUE Sovereign Order 8.664 of 26 May 2021 on procedures for freezing funds […]

New rules of procedure before the Commission d’Examen des Rapports de Contrôles (CERC) after an on-site inspection by SICCFIN

Law 1.520 of 11 February 2022 supplementing Law 1.503 of 23 December 2020 strengthening the system for combating money laundering, terrorist financing and corruption (JDM No. 8577 of 11 February […]

MONACO: MONEYVAL evaluation of measures to combat money laundering and terrorist financing

International ▪ European Union ▪ GAFI ▪ MONEYVAL The 5th round of mutual evaluation of the Principality by MONEYVAL (Council of Europe Committee of Experts on the Evaluation of Anti-Money […]

Alternative benchmarks to CHF LIBOR and EONIA

Monaco ● Banking & Financial ● Insurance ● Benchmark indices ● CHF LIBOR ● EONIA ● Mutual funds ● Investment funds ● Financial instruments ● IOSCO ● European Union > […]

Agreements and conventions signed by the Principality of Monaco in tax matters

The Principality of Monaco has signed 41 international agreements and conventions in tax matters, 38 of which are enforceable (status: 24/12/2021): Andorra: Accord entre la Principauté de Monaco et la Principauté […]

The Justice System of the Principality of Monaco

◊ Courts ♦ competences Courts of first instance ◊ Justice de paix (Justice of the Peace) ♦ Juge de paix (Judge of the Peace) Claims of up to […]

Legislative Overview 2021

Monaco ǀ Civil ● Criminal ● Public ● Social ● Real Estate & Construction GIACCARDI & BREZZO Avocats is pleased to provide you with a summary of the laws published […]

Changes to the “usury rate”

Monaco • Banking & Finance • Loan Key contact: Patricia KEMAYOU MENGUE Sovereign Order Nr 9.025 dated January 13th , 2022 amending Sovereign Order Nr 2.271 dated July 6th , 2009 […]

Law No. 1.516 of 23 December 2021 on unconventional practices contributing to well-being

The Law No. 1.516 of 23 December 2021 on unconventional practices contributing to well-being (published in the JDM No. 8572 of 7 January 2022) is the result of the government […]

The impact on international successions opened in Monaco of the right to a compensatory levy introduced by France for the benefit of children (as of November 1, 2021)

Civil ● Family ● IPL – International successions ● Estate planning The French Law n° 2021-1109 of August 24, 2021 reinforcing the respect of the principles of the Republic (published […]

Monegasque digital identity, new digital identity card and residence permit, access to online services

Administrative ǀ IT ǀ Protection of personal data ǀ Civil status ǀ Residence ǀ Provision of services Seven regulatory texts implementing Articles 4, 5, 6, 8, 13, 17 and 18 […]

Public limited and limited liability companies: Use of a digital recording device on a shared registry (Bill No. 1039)

Bill No. 1039 on the use of a digital recording device on a shared registry (covering the main features of Blockchain technology)[1] by public limited companies (Sociétés anonymes) and limited […]

Procedures for freezing funds and economic resources in application of international economic sanctions: new regime resulting from Sovereign Order No. 8.664 of 26 May 2021

Sovereign Order No. 8.664 of 26 May 2021 on procedures for freezing funds and economic resources in application of international economic sanctions (UN, EU and France) replaces Sovereign Orders No. […]

Adoption of the draft law No. 252 relating to the regulation of the profession of property trader

The draft law No. 252 on the regulation of the profession of property trader (of parliamentary origin), tabled in public session of the National Council on 15 October 2020 and […]

Digitisation and electronic archiving: evaluation criteria for qualified trust services (Ministerial Order No. 2021-247)

Ministerial Order n° 2021-247 of 25 March 2021 (JDM n° 8532 of 2 April 2021) implements articles 2 (qualified electronic archiving service) and 3 (qualified digitisation service) of Sovereign Order […]

Electronic signature and electronic seal for Monegasque professionals issued by the Direction de l’Expansion Economique (DEE)

Professional electronic certificates (corresponding to a digital identity card (1)) enabling an electronic signature (natural person representing the legal entity) or an electronic seal (on behalf of the legal entity) […]

Modification of Monegasque legal framework against money laundering, corruption and financing of terrorism (Law 1.503)

Law No. 1.503 of 23 December 2020 strengthening the AML/CFT/CO provisions, published in the Journal de Monaco n° 8519 of 01/01/2021, is the result of Bill n° 1008 voted in […]

Residence certificate in Monaco: changes in regulations

Monaco│ Regulation • Administrative • Establishment in the Principality • Banking & Finance • International & European • Civil Sovereign Order No. 8.372 of 26 November 2020 (Journal de Monaco […]

Reform of the provisions relating to the criminalisation of sexual assault (Bill No. 1027)

Monaco│ Criminal law • International • UN • Council of Europe Bill No. 1027 reforming the provisions relating to the criminalisation of sexual assault (11 articles) was tabled in public […]

REGULATION : Initial Coin Offerings (ICO) and Security Token Offerings (STO) [OFFRES DE JETONS]

Sovereign Order 8.258 of 18 September 2020 implementing Act 1.491 of 23 June 2020 (and Erratum) amended [1] : > Definition of a private « offre de jetons » ; > Commission in charge […]

Right to a Bank Account – Documents to be provided for the opening of a deposit and payment account in Monaco

Ministerial Order n° 2020-664 of 5 October 2020 applies articles 3 and 4 of Law No. 1.492 of 8 July 2020 relating to the introduction of a right to an […]

Monegasque Nationality Law Reform expected by June 2021 (acquisition by marriage)

In May 2020, the Government announced its intention to transform the draft law No. 244 relating to the acquisition of nationality by marriage (parliamentary initiative), tabled on 17 October 2019 […]

Upcoming Bills on School Bullying and Alternative Medicine

The Government of the Principality informed the Monegasque Parliament (Conseil National) on 2nd and 5th June 2020 of its intention to transform the following two draft laws (parliamentary initiative) into […]

Monaco The fraudulent organisation of insolvency, new offence (Law No. 1.494 of 8 July 2020)

Law n° 1.494 of 8 July 2020 relating to the fraudulent organisation of insolvency (Journal de Monaco N° 8495 of 17 July 2020) stems from Bill Bill No. 1002 relating to […]

Monaco – The right to a bank account will come into force as of 17 October 2020

Legal news │ Monaco – Banking – Credit institution – Natural person – Legal entity 07.2020 Law No. 1.492 of 8 July 2020 relating to the introduction of the right […]

Monaco adopts Legislation on Initial Coin Offerings (ICO) and Security Token Offerings (STO) [OFFRES DE JETONS]

Legal News │ 26.06.2020 │ IT • BLOCKCHAIN • VIRTUAL ASSETS • FINANCIAL A new method of financing for Monegasque companies Law No. 1.491 of 23 June 2020 relating to […]

CCIN: Position on the taking of temperature of employees and clients during the gradual resumption of economic activities

Legal News 05/2020 │ MONACO • COVID-19 • PERSONAL DATA • LABOUR The Position with regard to sanitary measures in the context of the gradual resumption of activities following the […]

Focus on Legislative Drafts No. 249 and No. 250 1 adopted by the National Council of the Principality of Monaco on 6 April 2020

Legal news │ MONACO • COVID-19 • Real estate • Contract • Labour • Company Following exchanges between the National Council and the Government of Monaco within the framework of […]

Introduction of “civil solidarity contracts” into Monegasque law

01/2020 Law No. 1.481 of 17 December 2019 on civil solidarity contracts [contrats civils de solidarité] (voted on 4 December 2019 and published in the Journal de Monaco of […]

Law No. 1.482 for a Digital Principality

Law No. 1.482 for a Digital Principality (Journal de Monaco of 27 December 2019) came out of the Draft Law No. 994 amending Act No. 1.383 of 2 August 2011 […]

Law N° 1.483 on Digital Identity

Law No. 1.483 on Digital identity (Journal de Monaco of 27 December 2019) stems from Draft Law No. 992 (20 articles), passed in Public Session on 4 December 2019. It is part […]

Draft law No. 246 on the use of a digital recording device on a shared registry for the stocks and shares of non-listed companies

Draft law No. 246 (16 articles) of the National Council, adopted in Public Session on 4 December 2019, is an extension of the Extended Monaco “multifaceted” programme, which “is intended, […]

Sentence Law Reform

11/2019 Act No. 1.478 of 12/11/2019 amending certain provisions relating to sentences, published in the Journal de Monaco on 15/11/2019, is the result of Bill No. 984, which incorporated Bill […]

Circular No. 2019-9 of 30 August 2019 of the Labour Direction concerning the fight against harassment and violence at work

Journal de Monaco, No. 8450, 06/09/2019. Reminders of the Direction du travail concerning the regime introduced by Act No. 1.457 of 12 December 2017 on harassment and violence at work, […]

Guardianship by Court Order, Mandate for future protection, exercise of the activity of legal trustee for the protection of persons

07/2019 Law No. 1.474 of 2 July 2019 on the Guardianship by Court Order, Mandate for future protection and the exercise of the activity of legal trustee for the protection […]

Opening of retail stores on Sundays

07/2019 Law No. 1.471 of 2 July 2019 amending Law No. 822 of 23 June 1967 on weekly rest, as amended, is the result of Draft Law No. 979, passed […]

Adoption: Amendments to the Civil Code and the International Private Law Code

06/2019 Law No. 1.470 of 17June 2019 amending the provisions of the Civil Code relating to Adoption was published in the Journal De Monaco of 28 June 2019. It cames from […]

Draft Law No. 995 on blockchain technology

Update: See specific Legislation on initial coin offerings (ICO) and security token offerings (offres de jetons) Draft law No. 995 (17 articles), received by the National Council on 4 June […]

70th anniversary of the Council of Europe: Declaration by the Committee of Ministers

129th Session of the Committee of Ministers (Helsinki, 16-17 May 2019) Meeting for their annual session, over 30 foreign ministers from the 47 member states of the Council of Europe, […]

The legitimacy of the Court of Arbitration for Sport (CAS) under Monegasque law

05/2019 The Court of First Instance was recently led to assess the validity and scope of an arbitration clause conferring jurisdiction on the Court of Arbitration for Sport of Lausanne. […]

Update of Annexes A and B of the Monetary Agreement of 29 November 2011 with the European Union

Sovereign Ordinance No. 7.440 of April 26, 2019 replaces Annexes A (“Banking and Financial Legislation” applied by France) and B (“Legal Provisions to be Implemented” by measures equivalent to those […]

Draft Law No. 991 on the introduction of the right to a bank account

Draft Law No. 991 on the introduction of the right to a bank account, tabled in public session on 3 April 2019, follows the law proposal No. 232 adopted on […]

UN HRC: Report on the Third Universal Periodic Review – Monaco

At its 40th Session (25/02-22/03/2019), the Human Rights Council adopted on 14/03/2019 the Universal Periodic Review (UPR) outcomes of Monaco (Report of the Working Group on the Universal Periodic Review […]

Draft law No. 987 relating to the protection of whistle-blowers in the labour relations context

The National Council received the draft law No. 987 relating to the protection of whistle-blowers in the labour relations context, on 21 December 2018. It comes from the law proposal […]

Living in Monaco

General conditions Anyone aged 16 years at least, willing to take up residence in Monaco, must apply for the issue of a “residence permit” from the Monegasque authorities. Anyone interested […]

Setting up a Business in the Principality of Monaco

General conditions Anyone wishing to be engaged in a craft, trade, business or profession in Monaco, must previously be authorized by His Excellency, the Minister of State, under the penalty […]

MONACO among the first signatories of the Amending Protocol (CETS No. 223) to “Convention 108”

MONACO signed on 10 October 2018 the Amending Protocol (CETS: 223) – open for signature by the 53 Contracting States[i] to “Convention 108”[ii] – together with 19 other Council of […]

Draft Law No. 984 amending certain provisions relating to sentences

The draft law No. 984 amending certain provisions relating to sentences of November 9, 2018, together 80 articles, was received by the National Council on November 27, 2018. The text […]

Gradual decline in the tax rate on profits (ISB)

The Sovereign Ordinance No. 7.174 of 24 October 2018 amending the Sovereign Ordinance No. 3.152 of 19 March 1964 instituting a tax on the profits, amended, lowers in a progressive […]

Draft Law No. 980 on the regulation of night work

Received at the National Council on October 22, 2018 Draft Law No. 980 on the regulation of night work of 2 October 2018 follows the law proposal No. 210 on […]

Liability of the owner of an internet connection used for copyright infringements (German Law)

Court of Justice of the European Union, Judgment of 18 October 2018, Bastei Lübbe GmbH & Co. KG / Michael Strotzer, Case C-149/17 There is no fair balance between the […]

Council of Europe: European Convention on Information on Foreign Law (STE No.062)

Sovereign Order No. 7.115 of 14 September 2018 making enforceable the European Convention on Information on Foreign Law, signed in London on 7 June 1968 The purpose of the Convention […]

ECHR: Extradition to a State where the person concerned incurs a real risk of death penalty

Saidani v. Germany — 17675/18 Decision on inadmissibility (manifestly ill-founded) — 27.09.2018 • Article 2 of the Convention (right to life) and Article 1 of Protocol No. 13 (abolition of […]

ECHR: Home search in the context of a tax investigation (Italian law)

Brazzi v. Italia – 57278/11 Judgement 27.9.2018 [Section I] The domestic legislation, which does not provide for prior judicial scrutiny or subsequent judicial review of a search measure, does not […]

Law against money laundering, the financing of terrorism and corruption

Law No. 1.462 of 28 June 2018 reinforcing the anti-money laundering, financing of terrorism and corruption mechanism transposes the EU’s Fourth Anti-Money Laundering and Financing of Terrorism Directive[i] aligned with […]

Agreements and conventions signed by the Principality of Monaco in tax matters

The Principality of Monaco has signed 36 international agreements and conventions in tax matters, 35 of which are enforceable (Status: 13/09/2018). The Downloadable Version presents in tabular form the object […]

Prevention of money laundering and financing of terrorism

Sovereign Order No. 7.065 of 26 July 2018 amending Sovereign Order No. 2.318 of 3 August 2009 amended, setting the conditions for application of Act No. 1.362 of 3 August 2009, amended by […]

Amendments to the regulation on financial activities (Sovereign Order No. 9.259 of 12 May 2022)

New list of high risk countries for money laundering, terrorist financing and corruption

Sovereign Order No. 9.223 of 28 April 2022 amending Sovereign Order No. 2.318 of 3 August 2009 setting the conditions for application of Law No. 1.362 of 3 August 2009 on the fight against money laundering, terrorist financing and corruption, as amended

Reform of the legislation on the fight against money laundering, terrorist financing and corruption

Freezing of assets in application of international economic sanctions (amendments)

New rules of procedure before the Commission d’Examen des Rapports de Contrôles (CERC) after an on-site inspection by SICCFIN

MONACO: MONEYVAL evaluation of measures to combat money laundering and terrorist financing

Alternative benchmarks to CHF LIBOR and EONIA

Agreements and conventions signed by the Principality of Monaco in tax matters

The Justice System of the Principality of Monaco

Legislative Overview 2021

Changes to the “usury rate”

Law No. 1.516 of 23 December 2021 on unconventional practices contributing to well-being

The impact on international successions opened in Monaco of the right to a compensatory levy introduced by France for the benefit of children (as of November 1, 2021)

Monegasque digital identity, new digital identity card and residence permit, access to online services

Public limited and limited liability companies: Use of a digital recording device on a shared registry (Bill No. 1039)

Procedures for freezing funds and economic resources in application of international economic sanctions: new regime resulting from Sovereign Order No. 8.664 of 26 May 2021

Adoption of the draft law No. 252 relating to the regulation of the profession of property trader

Digitisation and electronic archiving: evaluation criteria for qualified trust services (Ministerial Order No. 2021-247)

Electronic signature and electronic seal for Monegasque professionals issued by the Direction de l’Expansion Economique (DEE)

Modification of Monegasque legal framework against money laundering, corruption and financing of terrorism (Law 1.503)

Residence certificate in Monaco: changes in regulations

Reform of the provisions relating to the criminalisation of sexual assault (Bill No. 1027)

REGULATION : Initial Coin Offerings (ICO) and Security Token Offerings (STO) [OFFRES DE JETONS]

Right to a Bank Account – Documents to be provided for the opening of a deposit and payment account in Monaco

Monegasque Nationality Law Reform expected by June 2021 (acquisition by marriage)

Upcoming Bills on School Bullying and Alternative Medicine

Monaco The fraudulent organisation of insolvency, new offence (Law No. 1.494 of 8 July 2020)

Monaco – The right to a bank account will come into force as of 17 October 2020

Monaco adopts Legislation on Initial Coin Offerings (ICO) and Security Token Offerings (STO) [OFFRES DE JETONS]

CCIN: Position on the taking of temperature of employees and clients during the gradual resumption of economic activities

Focus on Legislative Drafts No. 249 and No. 250 1 adopted by the National Council of the Principality of Monaco on 6 April 2020

Introduction of “civil solidarity contracts” into Monegasque law

Law No. 1.482 for a Digital Principality

Law N° 1.483 on Digital Identity

Draft law No. 246 on the use of a digital recording device on a shared registry for the stocks and shares of non-listed companies

Sentence Law Reform

Circular No. 2019-9 of 30 August 2019 of the Labour Direction concerning the fight against harassment and violence at work

Guardianship by Court Order, Mandate for future protection, exercise of the activity of legal trustee for the protection of persons

Opening of retail stores on Sundays

Adoption: Amendments to the Civil Code and the International Private Law Code

Draft Law No. 995 on blockchain technology

70th anniversary of the Council of Europe: Declaration by the Committee of Ministers

The legitimacy of the Court of Arbitration for Sport (CAS) under Monegasque law

Update of Annexes A and B of the Monetary Agreement of 29 November 2011 with the European Union

Draft Law No. 991 on the introduction of the right to a bank account

UN HRC: Report on the Third Universal Periodic Review – Monaco

Draft law No. 987 relating to the protection of whistle-blowers in the labour relations context

Living in Monaco

Setting up a Business in the Principality of Monaco

MONACO among the first signatories of the Amending Protocol (CETS No. 223) to “Convention 108”

Draft Law No. 984 amending certain provisions relating to sentences

Gradual decline in the tax rate on profits (ISB)

Draft Law No. 980 on the regulation of night work

Liability of the owner of an internet connection used for copyright infringements (German Law)

Council of Europe: European Convention on Information on Foreign Law (STE No.062)

ECHR: Extradition to a State where the person concerned incurs a real risk of death penalty

ECHR: Home search in the context of a tax investigation (Italian law)

Law against money laundering, the financing of terrorism and corruption

Agreements and conventions signed by the Principality of Monaco in tax matters

Prevention of money laundering and financing of terrorism

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