Summary:
Opening a bank account in Monaco presents great difficulties, hindering economic development, and the Chamber of Legal Consultants of Monaco proposes reforms to modernize the banking framework and improve access to banking services.
Full Story:
Opening a bank account in Monaco can present challenges, not only for those who are relocating to the country but also for long-time residents who want to change banks. The Chamber of Legal Consultants of Monaco is now stepping in to address these difficulties. In a recent statement, the Chamber reaffirms its commitment to professionals and entrepreneurs by advocating for strengthened banking rights and the preservation of assets in Monaco. Access to banking services is crucial for the economic development of the country, and the Chamber aims to modernize the existing regulatory framework to ensure better access for businesses and professionals.
The right to a bank account should be viewed as an essential strategic tool for the attractiveness and competitiveness of Monaco, rather than a conflicting factor with banking prudence. Guaranteeing access to banking services also means allowing the local preservation of assets, whether personal or business-related. However, current restrictions and excessive refusal of bank account openings are hindering the expansion of new businesses and slowing down the work of legal and accounting professionals. This poses a significant obstacle to the timely deposit of social capital for the establishment of new companies, thus impeding entrepreneurial development.
Among the proposals put forth by the Chamber for a more modern and effective banking framework are the facilitation of social capital deposits, the strengthening of the role of the Deposits and Loans Fund, and the redefinition of the role of banks. The Chamber suggests that banks should return to their role of supporting economic development and entrepreneurship, and therefore there should be an obligation for banks to justify the refusal of a bank account and establish a maximum processing time of three weeks for account opening requests.
The Chamber of Legal Consultants of Monaco stands alongside the Prince’s Government, financial institutions, and economic actors in implementing these reforms and ensuring fair and effective access to banking services.
Source:
montecarloin
