The Monaco Economic Board (MEB), together with the Order of Chartered Accountants of Monaco, held a high-level conference at the Novotel Monte-Carlo this week on the theme of The Criminal Liability of the Business Leader…
The event, attended by around a hundred executives, was led by Erika Bernardi, partner at 99 Avocats, with colleagues Patricia Kemayou Mengue and Paul Tomatis. Their message was clear: directors today face growing exposure to criminal liability, a reality reinforced by recent amendments to corporate modernisation laws and directives from the Monegasque Financial Markets Authority.
The experts explained that liability may attach to both de jure directors, who are formally appointed, and de facto directors, who act in that capacity without official title. Companies themselves can also be held criminally responsible alongside their managers.
Among the most frequent offences cited were involuntary injury, bankruptcy, breach of trust, fraud, forgery and use of forged documents, tax evasion, and money laundering. The speakers used case studies to illustrate the complexity of these situations and the difficulty directors often face in foreseeing their own exposure. “These offences are scattered across multiple codes and regulations,” Maître Bernardi noted, “which makes risk management challenging.”
To mitigate liability, the panel stressed preventive measures such as carefully delegating authority and implementing robust compliance systems. These tools, they argued, are essential in Monaco’s regulatory environment, which increasingly reflects international standards.
The lively exchange with participants confirmed strong interest in this initiative, underlining the shared goal of fostering responsible, sustainable business in the Principality.
Image: MEB / P.H. Sébastien Darrasse
