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PRODUCTS IN MONACO

Data Protection

Contribution Details

Gordon s. Blair Law offices
www.gordonblair.com

Geneviève Pace Principal genevieve.pace@gordonblair.com t +377 93 25 00 52

Law

Data protection in Monaco is regulated by Data Protection Law n° 1.165 of 23 December 1993, modified by Law n° 1.353 of 4 December 2008 (“DPL”).

Furthermore, the Principally of Monaco is part of the Council of Europe and entered into
Convention n° 108 of the European Council.

The Principality of Monaco is not part of the EU and as a consequence did not transpose Data
Protection Directive 95/46/EC.

Definition of Personal Data

Personal data is defined under the Data Protection Law as: “data enabling identification of a determined or indeterminable person. Any individual who can be identified, directly or indirectly, notably by reference to an identification number or to one or more factors specific to his physical, psychological, psychical, economical, cultural, or social identity is deemed to be identifiable”.

Definition of sensitive Personal Data

Sensitive personal data is not expressly defined under the DPL but it is deemed to be: “Personal data revealing racial or ethnic origin, political opinions, religious or philosophical beliefs, trade union membership, and the processing of data concerning health/genetic data, sex life, data concerning morals or social matters”.

nationaL Data Protection authoritY

Monaco – Know Your Customer (KYC) Rules

The Principality of Monaco is the second-smallest country in Europe. It is linked closely to France and is tied to the economic apparatus of the European Union (EU) through its customs union with France and its use of the euro as its official currency. Monaco is known for its security and political stability. Monaco‘s state budget is based primarily on taxes, duties, and excises which account for 75% of the total income; casino revenues constitute less than 3% of the state budget. Private banking and fund management dominate the financial sector. Monaco‘s 36 banks and three financial institutions hold more than 300,000 accounts and manage total assets of about 750 billion euros (approximately $102.8 billion). Non-residents total 46% of the financial institutions‘ total number of clients, representing 60% of the total assets and deposits, respectively almost 84,000 clients and 45 billion euros (approximately $57.6 billion). Money laundering charges relate mainly to offenses committed abroad. Reportedly, the Principality does not face ordinary forms of organized crime, nor is there a significant market for smuggled goods.

KNOW-YOUR-CUSTOMER (KYC) RULES:

Enhanced due diligence procedures for PEPs:

A PEP is an abbreviation for Politically Exposed Person, a term that describes a person who has been entrusted with a prominent public function, or an individual who is closely related to such a person. The terms PEP, Politically Exposed Person and Senior Foreign Political Figure are often used interchangeably

    • Foreign PEP: YES
    • Domestic PEP: YES

Monaco – KYC covered entities

The following is a list of Know Your Customer entities covered by Monégasque Law:

    • Banks
    • Financial institutions
    • Casinos
    • Trustees and company service providers

Monaco – Suspicious Transaction Reporting (STR) Requirements:

Number of STRs received and time frame: 637 in 2010

Number of CTRs received and time frame: Not available

The following is a list of STR covered entities covered by Nicaraguan Law:

    • Banks
    • Insurance companies
    • Stockbrokers
    • Corporate service providers
    • Portfolio managers
    • Some trustees
    • Institutions within the offshore sector
    • Casinos
    • Money remitters
    • Real estate brokers
    • Consultants or advisors in business, legal or tax matters
    • Dealers in precious stones, precious materials, antiquities, fine art and other valuable assets
    • Lawyers
    • Notaries
    • Accountants

MONEY LAUNDERING CRIMINAL PROSECUTIONS/CONVICTIONS:

Prosecutions: 21 in 2010
Convictions: 14 in 2010

ENFORCEMENT AND IMPLEMENTATION ISSUES AND COMMENTS:

The Government of Monaco (GOM) should enhance the authority of its financial intelligence unit (FIU) to forward reports and share financial intelligence with law enforcement and foreign FIUs even when the report or information obtained does not relate specifically to drug trafficking, organized crime, or terrorist financing.

The GOM should become a party to the UN Convention against Corruption.

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