Law n° 1.503 of 23 December 2020: Monaco strengthens its anti-money laundering system, anti-terrorist financing and corruption mechanisms
To reflect European best practices, Monaco has just published Law No. 1.503 strengthening its anti-money laundering, anti-terrorist financing and corruption mechanisms.
This new Law transposes the 5th Anti-Money Laundering and Terrorist Financing Directive of the European Union.
This Law entails numerous and significant consequences for all Monegasque economic actors and their customers. In particular :
- the expanded access to the registers of beneficial owners and trusts in certain conditions
- the setting up of a new “register of bank accounts and safes” listing the opening, alteration and closure of bank accounts and the leasing of safes managed by the Monegasque financial institutions.
In addition, the Law reinforces the obligations of vigilance by tightening the controls and formalism of the KYC procedures of, in particular, financial institutions, and also of business relations and transactions involving “high-risk States or territories“.
These new measures will soon have to be supplemented and clarified by means of Sovereign Ordinances and Ministerial Orders.
Gordon S.Blair Law Firm has set up a specific team to inform you about the practical consequences of these new provisions and advise you on their implementation.