The Monaco Chamber of Legal Advisors has called for urgent banking reforms to enhance financial access for businesses and safeguard the Principality’s economic edge. In a statement released today, the Chamber highlighted how restrictive banking practices are stifling entrepreneurship, from delays in depositing share capital to outright refusals to open accounts, which hamper company formation and the work of vital accounting and legal professionals.
To address these bottlenecks, the Chamber proposed a three-pronged plan. First, it suggests allowing regulated accountants, lawyers, and notaries to securely hold share capital in escrow accounts, streamlining company setups. Second, it urges the Caisse des Dépôts et Consignations to establish a unit, in partnership with the Economic Development Department, to temporarily manage funds for businesses awaiting accounts. Third, it calls on banks to justify refusals, process applications within three weeks, and recommit to supporting Monaco’s economic growth.
“We’re not seeking conflict between banking caution and development,” the Chamber stated, emphasising that fluid access to accounts is key to Monaco’s competitiveness and asset preservation. Rejecting a litigious approach, it advocates for collaborative solutions with the Prince’s Government and financial sector to maintain the Principality’s responsive, business-friendly environment.
Image: Chamber of Judicial Councils of Monaco president Robert Boisbouvier
