Ministerial Order No. 2026-548 of 30 September 2026, published in the Journal de Monaco on 16 October 2026, establishes the list of countries, territories and international organisations recognised as providing an adequate level of protection for personal data. This development has important implications for Monaco-based businesses transferring personal data internationally. Adopted pursuant to Article 97 of Law No. 1.565 of 3 December 2024 on the Protection of Personal Data, the Ministerial Order clarifies the legal framework governing international data transfers from Monaco. Jurisdictions Recognised as Providing Adequate Protection The list includes the Member States of the European Union, the United Kingdom, Switzerland, Andorra, Argentina, Brazil, New Zealand and Uruguay. It also covers Iceland, Liechtenstein, Norway, Guernsey, Jersey, the Isle of Man, the Faroe Islands and the European Patent Organisation. Canada is also included, although its adequacy recognition specifically applies to private-sector organisations subject to the Personal Information Protection and Electronic Documents Act (PIPEDA) in the course of their commercial activities. Notably, the United States, Japan, the Republic of Korea and Israel are not included in the final list, although their inclusion had initially been contemplated. What Are the Implications for Monaco-Based Businesses? Transfers of personal data to jurisdictions recognised as providing adequate protection may be carried out without specific prior formalities relating to the transfer, provided that all other applicable legal obligations are met. Transfers to jurisdictions not benefiting from an adequacy recognition remain possible, subject to the mechanisms provided under Law No. 1.565, including: Article 98: Appropriate safeguards, such as standard data protection clauses approved by Monaco's Personal Data Protection Authority (APDP) or binding corporate rules. Article 99: Statutory derogations applicable under specific conditions. Article 100: Prior authorisation from the APDP based on specific safeguards. The publication of the APDP's standard data protection clauses, which could take place by the end of 2026, is expected to provide further guidance on international data transfers. A Key Compliance Consideration These developments are particularly relevant for Monaco-based businesses relying on international service providers, cloud services or IT solutions involving cross-border transfers of personal data. Businesses should therefore review their international data flows and ensure that appropriate legal safeguards are in place. How Gordon S. Blair Can Assist Gordon S. Blair advises businesses, investors and executives on the structuring and development of their projects in Monaco, providing legal guidance tailored to their needs and the Principality's regulatory environment. Drawing on its expertise in corporate and business law, risk management and regulatory compliance, the firm assists its clients in identifying and anticipating legal and regulatory challenges. The evolving personal data protection framework highlights the importance of integrating compliance considerations into business operations and projects to mitigate legal risks and support their long-term development.

Gordon S. Blair and its Managing Partner, Xavier de Sarrau, are featured in the 2026 edition of the Global Law Experts & Global Advisory Experts Handbook, published in September 2026, in the Monaco – Wealth Management Law section.   An international reference guide Published by Global Law Experts and Global Advisory Experts, the Handbook presents law and advisory firms around the world each year, organised by jurisdiction and practice area. It is aimed at business leaders and decision-makers seeking international advice.   More than a century advising on international wealth Founded in Monaco in 1920, Gordon S. Blair advises private individuals, entrepreneurial families, family offices, financial institutions and international groups on the structuring, protection and management of their private and corporate interests. Led by Xavier de Sarrau, a multidisciplinary team of around 50 legal and tax professionals advises on wealth management, international tax and estate planning, family governance, real estate, corporate law, M&A and cross-border projects.   Key expertise highlighted in the profile The profile published in the Handbook highlights several of the firm's areas of work: Relocation to Monaco: support at every stage of the process, from residency and international tax to wealth structuring, business establishment and regulatory matters. Wealth preservation and succession: trusts, foundations, family offices, holding structures and governance frameworks designed across generations and jurisdictions. High-value assets: yachts, aircraft, real estate and art collections, from acquisition to transmission, integrating legal, tax and regulatory advice.  

Legal update – 16 October 2026 Published in the Journal de Monaco on 16 October 2026, Law No. 1.597 of 9 October 2026 strengthens the statutory right to a bank account introduced in 2020. The reform sets clearer deadlines for banks and facilitates access to the designation procedure where a bank refuses an application or fails to respond. Clearer processing deadlines The reform first sets a precise timetable for the bank receiving the application. Banks must request the necessary documents in writing within 30 working days of receiving a formally submitted application. Once all necessary documents have been received, the bank has 30 working days to open the account, subject to compliance with statutory due diligence requirements. A bank's silence constitutes an implied refusal One of the main advances of the law is the introduction of an implied refusal. Failure to respond within 30 working days of receiving the application, or following receipt of requested missing documents, constitutes an implied refusal. Eligible applicants may then refer the matter directly to the Budget and Treasury Department, without waiting for a refusal certificate. The Department must designate a bank within 10 working days of receiving the required documentation. Wider access to the right The law also removes two practical obstacles. First, eligible applicants may invoke their right to an account as soon as they receive notice terminating their existing account, without waiting for its actual closure. Second, holding a joint account does not prevent an eligible individual from opening an individual account. Remedies and sanctions The effectiveness of the regime is supported by judicial review and sanctions. A designated bank's refusal, or failure to open an account within the prescribed deadlines, may be challenged before the President of the Court of First Instance under the procedure applicable en la forme des référés. In addition, certain failures to issue a refusal certificate or to notify an applicant of a rejection may attract an administrative fine of up to €10,000. Best practice for applicants In practice, the reform highlights the importance of evidence. Applicants should formally submit their request by registered post, electronic registered delivery or hand delivery against a receipt, and retain evidence of the documents supplied. The right to an account remains subject to anti-money laundering and counter-terrorist financing requirements. Entry into force and transitional provisions The law took effect on 17 October 2026. Transitional provisions notably reserve the new application-processing rules and related sanctions for applications submitted after that date.