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Moneyval report: a reminder to non-trading companies of the need to declare their beneficial owners

Moneyval report: a reminder to non-trading companies of the need to declare their beneficial owners

20 JULY 2023

In its evaluation report published on 23 January, MONEYVAL, the Council of Europe's anti-money laundering body, advised the Principality to complete its register of beneficial owners.

To achieve this objective, the Prince’s Government has launched a national action plan which includes a general information campaign, followed by targeted reminders to the companies concerned.

After these reminders, the matter will be referred to the General Court to seek an injunction against the legal entities in question.

Therefore, if your non-trading company registered in the special register of non-trading companies is still not up to date with its declarations of beneficial owners, you are advised to contact the Business Development Agency as soon as possible.

Who are the beneficial owners?

Beneficial owner(s) is/are the person(s) who fall under one of the following criteria:

  • They ultimately hold, directly or indirectly, at least 25% of the company's capital or voting rights
  • They effectively exercise the power to control the company by any other means (for example, they can appoint or dismiss the majority of the members of the board of directors)

If none of these criteria is met, it is the person(s) who legally represents the company (manager, managing director, etc.).

 Please note:
Where the legal representative is a company, the beneficial owner is the person(s) who legally represents the company.

How do you declare the company's beneficial owners?

The request for entry in the register of beneficial owners must be made to the Business Development Agency:
Direction du Développement Economique
(Business Development Agency)
9 rue du Gabian
Opening hours: 9.30am to 5pm, Monday to Friday
Phone: (+377) 98 98 98 00
Phone 2: (+377) 98 98 98 02 - Trade and Industry Registry
Fax : (+377) 92 05 75 20

This is carried out by completing a specific declaration form, accompanied by all the supporting documents required to verify the accuracy of the information provided. The forms and registration procedures are available on the Prince’s Government of Monaco Public Services website: How to declare a beneficial owner

How much does it cost to register beneficial owners?

Registration, amendment or deletion from the register of beneficial owners is completely free of charge

More details on how to determine and declare beneficial owners

Les précisions quant aux modalités d’identification et de déclaration des bénéficiaires effectifs sont apportées dans la Act no. 1.362 of 3 August 2009 amended, in particular, Section V - Beneficial owners.

Also in Sovereign Ordinance 2.318 amended, in particular in chapters "III - Identification of beneficial owners" and "XVIII - Register of beneficial owners".