Following the recommendations of the MONEYVAL Committee Report, published in December 2022, the Principality of Monaco has begun to reform its legislation to combat money laundering, financing of terrorism and proliferation of weapons of mass destruction.
The first text, law no. 1.549 of July 6th, 2023 adapting legislative provisions in the said field (Part I), reinforces the transparency of legal entities in the Principality.
These new provisions, which will be mandatory from September 30th, 2023 at the latest, will apply to all legal entities, including commercial and non-trading companies:
appointing a person residing in Monaco responsible for obtaining, storing and making available to the competent authorities information on the beneficial owners of these entities, so that they can be expressly identified.
This person may be, under certain strict conditions, one or more natural persons resident in the Principality of Monaco or a Monegasque legal entity carrying on certain activities subject to regulations on the fight against money laundering, the financing of terrorism and the proliferation of weapons of mass destruction;
keeping information and documents relating to beneficial owners, for a period of 10 years, at the registered office of the legal entity, or failing that, at any other location in Monaco notified to the Trade and Industry Directory.
As a result, control measures and sanction procedures concerning the register of beneficial owners have been strengthened, with the Director of Business Development now empowered to impose sanctions in the event of failure to register information relating to beneficial owners in the relevant register, which is now called the "Register of Beneficial Owners - Company and Economic Interest Grouping".
Criminal penalties have been increased, with the possibility of imposing them on legal entities.
In addition, a mechanism has been introduced for checking the worthiness of managers, shareholders and beneficial owners of professionals subject to anti-money laundering and terrorist financing obligations, on an ongoing basis and not just at the company creation stage.
Valeri Agency will help you acquire real estate in Monaco, and can put you in touch with Monegasque legal entities authorized to exercise these new responsibilities for your non-trading real estate companies.
Don't hesitate to contact us!