Sovereign Order 15.321 of 8 April 2002 on procedures for freezing funds in order to combat terrorism
BY THE GRACE OF GOD
SOVEREIGN PRINCE OF MONACO
Having regard to the article 68 of the Constitution ;
Having regard to Our Order 15.319 of 8 April 2002 implementing the International Convention for the Suppression of the Financing of Terrorism of 9 December 1999 ;
Having regard to the resolution 1373-2001 of 28 September 2001 of the Security Council of the United Nations ;
Having regard to the deliberation of the Council of Government dated 20 March 2002 which has been communicated to Us par Our Minister of State ;
Have ordered and order :
In order to combat terrorism, credit institutions, any other financial institution, insurance undertakings and any other organisation, entity or person is or are required to freeze funds as defined at Article 1 of the International Convention for the Suppression of the Financing of Terrorism of 9 December 1999 belonging to or held by natural or legal persons, entities or organisations listed in a ministerial order.
he procedure for freezing funds includes any action taken with the aim of preventing any movement, transfer, modification, utilisation or manipulation of such funds, the consequence of which would be to change their volume, amount, location, ownership, possession, nature, purpose or any other change that could make it possible for them to be used, including in particular portfolio management for which the mandates are deemed to have been suspended.
It is prohibited directly or indirectly to make the frozen funds available to any natural or legal person, entity or organisation designated by the ministerial order referred to in Article 1 or to use them for their benefit.
Credit institutions, any other financial institution and insurance undertakings are also prohibited from providing or continuing to provide services to such persons, entities or organisations.
It is prohibited knowingly and intentionally to carry out or participate in transactions whose purpose is to circumvent, directly or indirectly, the provisions of Article 1 and the first two paragraphs of this Article.
Notwithstanding the rules of professional secrecy, credit institutions, other financial institutions, insurance undertakings and other organisations, entities or persons are required to provide the Director of the Budget and the Treasury with all necessary information to ensure compliance with the provisions of this order.
Information provided or received pursuant to this Article shall be used solely for the purposes for which it was provided or received.
The Minister of State may grant authorisations to use frozen funds for essential humanitarian needs.
In order to protect the interests of the Principality of Monaco, authorisations to release frozen funds may be issued by ministerial order.
Such measures shall be taken under terms and conditions likely to forestall the financing of terrorist acts.
Funds owed pursuant to contracts, agreements or obligations concluded or arising prior to the entry into force of procedures for freezing funds shall be drawn on the frozen accounts; the income and accrued interest from frozen funds shall be paid into the same accounts.
Any failure to comply with the provisions of this order shall be prosecuted and punished with the penalties set forth at Article 26, paragraph 4 of the Penal Code.
The Secretary of State, Director of Judicial Services and Minister of State, each in those matters that concern them, shall be responsible for executing the present Order.
Done in Our Palace in Monaco, on the eighth of April two thousand and two.
By the Prince,
The Secretary of State :