Procedure for freezing funds and economic resources

Under Sovereign Ordinance no. 8.664 of 26 May 2021pertaining 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 the freezing of funds and economic resources: www.geldesfonds.gouv.mc

All of these ministerial decisions can be viewed here

The Minister of State’s Decision no. 2021-1 of 4 June 2021, taken on the basis of the abovementioned Sovereign Ordinance, implements all of the international sanctions that are in force and, to that effect, includes an updated list of the financial sanctions imposed by the United Nations, the European Union and France.

This Sovereign Ordinance 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 

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 websiteas such publication gives rise to an implicit decision on freezing by the Minister of State. 

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) and to provide the Director with information about the assets and economic resources to which the freeze applies.

In accordance with Article 14.1 of Sovereign Ordinance no. 8.664, amended, natural or legal persons, entities or bodies designated by the Minister of State in accordance with the restrictions adopted by the European Union with regard to actions that compromise or threaten the territorial integrity, sovereignty and independence of Ukraine must report the funds or economic resources belonging to them, or that they own, hold or control within the territory of the Principality, to the Department of Budget and Treasury on the form which can be downloaded online, before 1 December 2022 or within six weeks following the date of designation, whichever is later.

You can download the form for reporting frozen funds and economic resources in Monaco by clicking here