Law n1.362 of 3 August 2009 on money laundering, terrorist financing, and corruption has significantly increased the obligations of economic actors regarding the control of financial flows.
The Monegasque legislator - following the example of many countries under the impulse of the OECD and other international organizations - intended to involve employers in the implementation of measures aiming to reinforce business transparency and to tackle practices threatening the general interest.
The obligations of Monegasque employers regarding anti-money laundering rules include the implementation of procedures, adapted to the size, nature, and exposure to financial risks of the entity concerned, allowing directors and employees to report deficiencies or breaches related to the Law.
Employers must therefore allow their employees and directors to report breaches of anti-money laundering rules to a designated person, to the direct superior, or to the employer itself.
These procedures must guarantee the confidentiality of each person involved, whether it is the author of the report or the alleged perpetrator of the breach, as well as of the information gathered. They must also provide for the possibility of external reporting to the Service d'Information et de Contrôle sur les Circuits Financiers, to the Public Prosecutor, or to the President of the Bar Association, if the internal report is not subject to any follow up within a...
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