The Principality of Monaco updated and reinforced its legislative arsenal on the fight against money laundering, the financing of terrorism and corruption by the adoption of a law n° 1.462 of june 28th, 2018, implemented through a sovereign order n° 7.065 of july 25, 2018. Among the novelties of this law stands notably the creation of a “register of effective beneficairies”.
Further to article 21 et seq of Law n. 1.462 of 28 June 2018 on the fight against money laundering, the financing of terrorism and corruption, all effective beneficial owners of entities registered in the Directory of Trade and Industry (“RCI”).in Monaco must henceforth be entered in the “register of beneficial owners”, annexed to the RCI.
The beneficial owner, or owners, are:
- The natural person or persons who ultimately own(s) or control(s) directly or indirectly at least 25% of the share capital or voting rights of the entity ;
- The natural person or persons who actually exervise by any other means a control over the share capital of the management or administration of the entity ot its shareholders’ meetings, e. the natural persons for whom a transaction or an activity is being carried out.
Therefore, for the formation of a company, the form must be filed with the Department of Economic Expansion at the time of the request for registration with the RCI or within 15 days from the issuance of the receipt.
For existing companies, the form must be filed no later than 2 years after the date of the publication of the Act, that is, June 28, 2020, or within 30 days of any event. or an act that makes it necessary to correct or supplement the information mentioned therein.
The information contained in this register shall be accessible, in the context of their duties, to Monaco public authorties, bodies suvbject to their own obligations under Law n° 1.462 and any person justifying of a legitimate interest as a result of fight against money laundering, under judiciary supervision.