The Monaco Chamber of Legal Advisors has issued a strong call for reforms to ensure easier and fairer access to banking services in the Principality, particularly for entrepreneurs and professionals who are increasingly hampered by delays and refusals when opening accounts.
The statement, delivered on 17th March by Chamber President Robert Boisbouvier, comes in the wake of broader efforts by the National Council to tighten banking laws and improve financial inclusion.
“We affirm that the proper functioning of the right to an account is a strategic and essential lever for Monaco’s attractiveness,” said Boisbouvier. “Excessive restrictions or refusals to open accounts are hindering the creation of new companies and the daily work of key economic actors.”
The Chamber’s proposals come as Monaco continues to grapple with the real-world limitations of its 2020 banking legislation, known as Law 1492, which granted residents and businesses the right to a bank account. Despite this, many applicants have faced unexplained refusals or long administrative delays—issues that prompted the National Council to introduce Bill 263 in October 2024. The new bill, which was unanimously approved, aims to tighten deadlines for banks, introduce faster appeals processes, and ensure that account denials are based strictly on anti-money laundering regulations, not vague economic reasoning.
At the time, Christine Pasquier-Ciulla, Chair of the National Council’s Legislation Commission, described the legislation as a necessary safeguard. “We have planned to further strengthen the deadlines applicable to banking institutions and an emergency procedure so that the person or entity that is refused the right to an account can quickly obtain justice,” she said during the public session.
The Chamber’s latest intervention complements this legislative momentum. One of its key proposals is to allow trusted legal and accounting professionals—such as lawyers, notaries, and advisors—to receive share capital in professional escrow accounts. This would provide a secure and efficient alternative for businesses awaiting bank account approval, ensuring that company formation is not unnecessarily delayed.
The Chamber also supports the creation of a dedicated unit within the Caisse des Dépôts et Consignations, in collaboration with Monaco’s Economic Development Department, to temporarily hold funds for new enterprises. “This mechanism would guarantee financial continuity for entrepreneurs and avoid the current bottlenecks,” said Boisbouvier.
In addition, the Chamber is calling for Monaco’s banks to reassert their role in supporting the Principality’s economy by justifying account refusals and committing to a maximum processing time of three weeks. However, Boisbouvier cautioned against importing overly litigious procedures seen in other jurisdictions, favouring Monaco’s tradition of close cooperation between institutions.
“One of Monaco’s many comparative advantages lies in its close cooperation with government agencies,” he said. “We must preserve a consensual and responsive framework adapted to the economic realities of the Principality.”
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