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Funds freeze

Funds freeze

Important : Update on procedures for freezing funds

 

Following the publication in the Journal de Monaco n° 8.541 of 4 June 2021 of Sovereign Order n° 8.664 of 26 May 2021 on procedures for freezing funds and economic resources in application of international economic sanctions, the system for implementing fund freezing measures has been amended. As a result, these measures are now adopted by means of ministerial decisions, published on the Government of Monaco's website. The Minister of State's decision no. 2021-1 of 4 June 2021 thus applies all international sanctions currently in effect in the Principality.

 In accordance with Article 16 of the aforementioned Sovereign Order n° 8.664 of 26th May 2021, Sovereign Orders n° 15.321 of 8th April 2002 and n° 1.675 of 10th June 2008, as amended, are repealed.

Furthermore, Ministerial Order n° 2021-394 of 26 May 2021 repeals the Ministerial Orders implementing Sovereign Order n° 15.321 of 8 April 2002 on procedures for freezing funds in order to combat terrorism, as amended, and Sovereign Order n° 1.675 of 10 June 2008 on procedures for freezing funds implementing economic sanctions, as amended.

Sovereign Order Nr 8.664 of 26th May 2021 provides in particular for the creation of a national list of all natural and legal persons, entities or bodies subject to a freezing order of funds and economic resources in the Principality.

 This national list is kept by the Budget and Treasury Department, which updates it whenever entries are added, deleted or modified.

 Consequently, it is now the responsibility of taxpayers to systematically refer to the Government of Monaco's dedicated web page describing this new system:

 https://service-public-entreprises.gouv.mc/En-cours-d-activite/Obligations-legales-et-comptables/Mesures-de-gel-de-fonds

  

From this link, all the pages relating to this new system can be consulted:

 - The new system of freezing funds and economic resources;

 - The ministerial decisions;

 - The national list of freezing of funds and economic resources;

 - The procedures for releasing or using frozen funds and economic resources;

 - Appeals against freezing of funds and economic resources.

Service d'Information et de Contrôle sur les Circuits Financiers
13 rue Emile de Loth 
98000 MONACO

Phone number : (+377) 98 98 42 22
Fax number : (+377) 98 98 42 24
http://www.siccfin.mc/en/Funds-freeze