Monaco National Council Proposes Law to Guarantee Universal Banking Access

In a recent legislative session, members of Monaco's National Council voiced strong support for Bill No. 263, aimed at reinforcing the rights for both individuals and businesses to open and maintain bank accounts within the Principality. The bill seeks to revise the existing Law No. 1.492 of 2020, which, despite guaranteeing the right to a bank account, has been found lacking in effectiveness.

Council member Christine Pasquier-Ciulla highlighted the urgency of the situation, recounting multiple instances where residents and businesses faced abrupt bank account closures or were unable to open new ones. The proposed amendments introduced by the bill include setting stringent deadlines for bank responses and establishing an emergency procedure for account denial appeals. This would particularly benefit those who are rejected based on economic grounds rather than compliance with stringent anti-money laundering standards.

Unanimously passed by the Council, the bill ensures a robust appeal mechanism where silent banks are deemed as having implicitly refused an application after 15 days, facilitating immediate recourse to the Budget and Treasury Department. Régis Bergonzi, the bill’s rapporteur, underlined that these measures are essential for preventing financial exclusion and ensuring equitable access to banking services, crucial for participation in both economic and social spheres. The bill now awaits further governmental action to be enacted into law, with Council members stressing its importance for upholding fundamental financial rights in Monaco.