Civil societies given new legal obligations to follow

Monaco-based civil societies, a group that includes charities and foundations, are now required to elect at least one individual responsible for reporting basic information on structure and its “beneficial owners”.  

Civil societies is defined by the World Bank as “a wide array of organisations: community groups, non-governmental organisations (NGOs), labour unions, indigenous groups, charitable organisations, faith-based organisations, professional associations and foundations”.

A new law passed on 29th September in Monaco requires civil societies registered in the Principality to abide by a new set of legal requirements, giving more transparency to these entities. 

According to the Prince’s Government, civil societies must now designate at least one information manager responsible for reporting on two tasks: basic information on the legal entity and the “beneficial owners” of the civil society. It is also possible to elect two such individuals.  

If a société civile holds a bank account in the Principality, this person or people must reside in Monaco and can be selected by its partners, shareholders, managers or staff.  

If the company’s banking is done elsewhere, or if finding a Monaco resident or citizen to take on the role is not possible, then the government has designated a certain number of professionals who can fill the role, such as notaries, chartered or certified accountants, lawyers, a company service provider or a multi-family office.  

The registration process is free and can be done through the Economic Development Department using the forms available here.  

Click here for more information.

The latest law follows other adjustments were made to the laws governing associations and foundations registered in Monaco at the start of August to meet international requirements laid out by the Moneyval Committee in January

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Moneyval: Associations and foundations called to attend information session


Photo source: Kaleb Duperre, Unsplash