Procedure for freezing funds and economic resources

In accordance with the Sovereign Ordinance no. 8.664 of 26 May 2021 (see below) pertaining to the procedures for freezing funds and economic resources in accordance with international economic sanctions, asset freezing measures are adopted in the Principality by ministerial decisions and apply from the moment they are published on the Prince’s Government website dedicated to freezing funds and economic resources.

The Decision of the Minister of State no. 2021-1 of June 4, 2021, taken pursuant to the Sovereign Ordinance, came to apply all the international sanctions in force as mentioned in Article 1 and includes, in annex, the list of individuals, legal persons, entities and organisations whose funds and economic resources must be frozen.

All of these ministerial decisions can be viewed here.

The Sovereign Ordinance no.8.664 of 26 May 2021 also stipulates the creation of a national list featuring all individuals, legal persons, entities and organisations who are subject to the freezing of their funds and economic resources in the Principality. For more information about this list, please see here.

NB: Sovereign Order n° 8.664 of 26 May 2021 repealed Sovereign Order n° 15.321 of 8 April 2002, as amended, on procedures for freezing funds in order to prevent terrorism, and Sovereign Order n° 1.675 of 10 June 2008, as amended, on procedures for freezing funds implementing economic sanctions, which were previously in application to regulate the implementation of fund freezing measures in the Principality of Monaco.

Principle of automatic adoption of list of targeted financial sanctions drawn up by the United Nations Security Council or its competent committees

The Sovereign Ordinance no. 8.664 of 26 May 2021 establishes the principle that asset freezing measures adopted by the United Nations Security Council or its competent committees shall be applied directly and immediately. Consequently, the lists drawn up or updated by the United Nations Security Council are directly applicable in Monaco from the moment they are published on the United Nations Security Council website as such publication gives rise to an implicit decision on freezing by the Minister of State.

Reporting obligations for professionals in the event that assets or economic resources are frozen

When the assets or economic resources of an individual or legal entity designated either by the United Nations Security Council or by a Ministerial Decision are frozen, the professional who implemented the freeze on assets or economic resources is required to promptly inform the Director of Budget and Treasury by email (dbt.geldefonds@gouv.mc ) by returning the completed freeze declaration form.