In a statement on Thursday, May 25, the Government said that Moneyval – the Council of Europe body concerned with money-laundering and the financing of terrorism – has invited the Principality to complete its register of beneficial owners.
To achieve this objective, the Prince’s Government has undertaken a national action plan including a general information campaign which will be followed by targeted reminders to companies concerned, the statement said.
“At the end of these reminders, the Court of First Instance will be seized with a view to making an injunction to legal persons in a situation of irregularity. Also, if your commercial company registered in the trade and industry directory is not still not up to date with its declarations of beneficial owners, you are invited to approach the Department of Economic Development as soon as possible,” the statement continued.
The Government points out that a beneficial owner(s) is the natural person or persons who fulfil one of the following conditions: • They hold as a last resort, directly or indirectly, at least 25 percent of the capital or voting rights of the company. • They effectively exercise a power of control over the company through any other means (for example: can appoint or dismiss the majority of the members of its management). If none of these criteria are met, it is the person or persons who represent legally the company (manager, managing director, etc.). To note When the legal representative is a company, the beneficial owner is the person(s) individuals who legally represent this company.
Help can be found at the Department of Economic Development, 9 rue du Gabian MC 98000, Telephone: (+377) 98 98 98 00 Telephone 2: (+377) 98 98 98 02.
PHOTO: Delegates at a Moneyval meeting in Warsaw in late April Council of Europe