Sovereign Order 11.242 of May 30, 2025, published in Monaco’s Journal de Monaco on June 6, introduces two significant amendments to Sovereign Order 2.318 of August 3, 2009, as part of AML/CFT-P-C framework.
These changes are part of efforts aimed at securing Monaco’s removal from the FATF grey list.
1. Rules governing the functioning of the AMSF Sanctions Panel (Articles 55 to 57)
The Monegasque framework now formally regulates the functioning of the AMSF Sanctions Panel, setting out the following elements:
– Appointment of the President of the Sanctions Panel:
The President may be a magistrate currently serving in Monaco, authorised by the Director of Judicial Services.
Alternatively, the President may be a person appointed by Sovereign Ordinance on the proposal of the Director of the AMSF.
– Conduct of hearings:
Hearings are not public, unless the person concerned or their legal counsel requests otherwise before the hearing opens, subject to the President’s authorisation.
The President maintains order during the session and directs the proceedings. The President may, at any time, revoke the authorisation for public access and exclude the public where there is a risk of prejudicing public order or of disclosing information protected by Law No. 1.362.
The President may hear any person deemed useful.
A staff member of the AMSF acts as the hearing secretary. The statement of the session must indicate: the names of the panel members, the secretary’s name, the individuals heard and their legal counsel, the order of appearances, the main statements, and the decision rendered or the date it will be announced.
– Rights of the person concerned:
The person concerned may be assisted by legal counsel.
They may also be assisted by an interpreter if they do not have sufficient command of the French language. The interpreter must state their identity and profession, and undertake to provide a faithful translation. This is recorded in the statement.
The person concerned may request that any person they consider useful to their defence be heard, subject to the President’s authorisation, with the exception of AMSF staff members and any other government officials or agents.
Finally, the person concerned or their counsel shall be granted the final word.
– Independence of the Sanctions Panel:
The independence of the President and members of the Sanctions Panel is expressly affirmed.
This means that those responsible for making decisions must not receive instructions or guidance from the AMSF or any other authority in the course of their assessment. They rule impartially, based on the facts submitted, and with due respect for the rights of the defence.
The formalisation of these elements gives effect to Articles 65-5 and 65-6 of Law No. 1.362 and represents a key step forward in terms of governance and transparency in the exercise of sanctioning powers.
2. Greater clarity regarding the rules applicable to beneficial owners (new Article 12-2)
The beneficial owner of a legal entity registered in Monaco must transmit their basic information within 30 business days of being requested to do so.
This obligation previously existed under former Article 59-1, which has now been repealed.
However, the ordinance has reorganised the provisions to consolidate similar obligations under a single chapter to improve readability. As such, this obligation now appears in Chapter III entitled “Identification of Beneficial Owners” through the creation of Article 12-2.
Please note: entities subject to these requirements are invited to update their internal documentation (procedures, forms) and train relevant staff.
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