In the wake of the recent dismissal of a number of top officials and ongoing investigations into suspicions of wrongdoing, Monaco has taken the step of tightening the rules and regulations concerning professional and ministerial conduct.

The text of Sovereign Ordinance No. 9.931 of June 15, 2023, aims to establish a specific ethical regime for members of the Government. In particular, members of the Government will be required to declare their assets and other interests, in order to help avoid a conflict of interest between their official functions and their private finances.

The receiving of gifts will be prohibited, except in the case of diplomatic niceties. Ministers invited to attend prestigious and often costly events will not be penalised when their attendance is in connection with their Government functions.

Particular attention will be paid to prevent “revolving doors”, when a member of the government intends, upon leaving office, to carry out a private activity within the same or similar sphere.

Sovereign Ordinance No. 9.931 stipulates that members of the Government should carry out their duties with loyalty, dignity, probity, disinterestedness, impartiality, objectivity and professional discretion.

Monaco is determined to comply with the Group of States against Corruption (GRECO) principles, the Government said in a press release on Monday, July 24.

GRECO aims to improve the capacity of its members to combat corruption by ensuring, through a process of peer-to-peer evaluation, that they comply with Council of Europe standards in the fight against corruption. It helps to identify gaps in national anti-corruption policies and encourages States to carry out the necessary legislative, institutional and practical reforms. GRECO serves as a forum for the sharing of best practices in the prevention and detection of corruption.

The next visit of the GRECO evaluation team to Monaco is scheduled for November 20-24, 2023.