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Administrative sanctions

Persuant to article 65-1 of Act 1362 of 3 August 2009 amended, any breach by an organisation or person specified in Artcile 1, in whole or in part, of its obligations under this Act, may lead to a penalty ordered by the Minister of State upon a proposal of the consultative comission.

Article 67: “ Where the Minister of State ascertains that there has been a breach of duty, in whole or in part, by an organisation or person specified in Article 1, the Minister of State may order one of the following administrative penalties:

  • a warning;
  • a reprimand;
  • a ban on carrying out certain transactions;
  • a temporary suspension or withdrawal of the authorisation to practice and of the work permit.

The Minister of State may order, either instead of, or in addition to the aforementioned penalties, a pecuniary penalty which cannot exceed one million euros or, where the benefit derived from the breach can be determined, twice that benefit amount.

Notwithstanding the order of a penalty, the Minister of State may give formal notice to any organisation or person specified in Article 1 to rectify the breaches identified.”

Article 67-1: “Where direct and personal responsibility for the breaches is established against directors of organisations or persons specified in Article 1, the Minister of State may also issue a decision against them temporarily suspending them from fulfilling managerial functions in the said entities for a period not exceeding ten years, or an automatic dismissal, with or without the appointment of a provisional administrator.”

Article 67-2: “The organisations and persons specified in Article 1 may be held liable, where the breaches have been committed for their account, by a natural person acting individually or as a member of a body of the said organization or the said legal entity, and who holds a managerial position in accordance with one of the following:

1°) the person has the power to represent the organisation or legal entity in dealings with third parties;

2°) the person has the power to commit the organisation or legal entity in dealings with third parties by their decisions;

3°) the person exercises control within the legal entity.

The organisations and persons specified in Article 1 may also be held liable where the lack of supervision or control by a person specified in the previous paragraph has made the commission of the breaches specified in Article 65 possible by a person under their authority.”

Article 67-3: “Where the Minister of State finds breaches of the provisions of Article 65 by the organisations and persons specified in points 1°) to 4°) of Article 1, the Minister of State can also order, either instead of, or in addition to the penalties set out in the first paragraph of Article 67, a pecuniary penalty which is the higher of the following:

  • five million euros;
  • ten per cent of the total annual turnover according to the latest available accounts approved by the management body.

Where the undertaking is a subsidiary of a parent undertaking, the relevant total annual turnover can be that resulting from the consolidated accounts of the parent undertaking of the previous year.”

 

Any penalties delivered, with the exception of the warning, may be published in the Journal de Monaco .

 

Liste des sanctions prononcées

Sanction prononcée le 7 janvier 2014 :

  • Communiqué n° 2015-1 du 25 mars 2015  relatif à une sanction prise par S.E. Monsieur le Ministre d’Etat, en application de la loi n° 1.362 du 3 août 2009 relative à la lutte contre le blanchiment de capitaux, le financement du terrorisme et la corruption

Sanction prononcée le 20 novembre 2014 :

  • Communiqué n° 2015-2 du 1er juin 2015  relatif à une sanction prise par S.E. Monsieur le Ministre d’Etat, en application de la loi n° 1.362 du 3 août 2009 relative à 1a lutte contre le blanchiment de capitaux, le financement du terrorisme et la corruption

Sanction prononcée le 18 novembre 2015 :

  • Communiqué n° 2016-1 du 13 janvier 2016  relatif à une sanction prise, en application de la loi n° 1.362 du 3 août 2009 relative à la lutte contre le blanchiment de capitaux, le financement du terrorisme et la corruption

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