MONACO BANKS

A large part of Monaco financial activity is represented by the banking sector. There are around 40 banks in Monaco.

The total amount of accounts deposits is around 60 billion Euro of which 70% come from non-residents.

Aside from the highly skilled management, the Monegasque banking system is governed by specific rules defined by the Monegasque Bank Association (AMB):

• Professional secrecy — employees of the banking profession (professions with similar regulations) are prosecuted if violating professional secrecy (art. 308 of the Monegasque Code of Criminal Law);
• Confidentiality of information and computer data — all information and computer data on persons and entities that are liable for taxation on French territory is strictly protected.
• Joint or group accounts are declared immediately on opening to the Monaco fiscal authorities, so that problems of succession be avoided.
• Code of ethics of the banks — issued by the AMB; it defines the minimum rules that must be observed by various institutions in Monaco;

Money laundering prevention

A specialized department has been created — the Department for Information and Control of Financial Channels (SICCFIN) and a set of specific laws were promulgated:

• Law no. 1157 of 23.12.92
• Law no. 1162 of 7.7.1993 as amended by law no. 1253 of 12.7.2002
• Ministerial decree no. 2003-503 of 29.9.2003