2025
Companies and taxation — International and European law
Contribution by Thomas GIACCARDI in the review Monaco Droit
"De la responsabilité à la responsabilisation des sociétés en droit monégasque", Revue Monaco Droit, n° 2025-1, June 2025, pp. 21-22.
We are pleased to share the contribution of Thomas GIACCARDI entitled "From liability to accountability of companies under Monegasque law" to the first issue of the Revue Monaco Droit, launched by the Secretariat for Justice and prepared by the Monegasque Institute for Training in the Judicial Professions (IMFPJ).
The publication is part of the topical issue entitled "Company law after the reform" (Law no. 1.573 of 8 April 2025 on the modernisation of company law) and is based on his speech at the Colloquium on "Company Law in Monaco" organised by the IMFPJ on 13 December 2024 (One Monte-Carlo).
Summary of the contribution
The traditional regimes of civil and criminal liability applicable to companies are based on the attribution of past facts, in an ex post logic since it intervenes after the fact to repair or punish. While the extension of civil liability to companies came about naturally, as a logical extension of their legal personality and patrimonial autonomy, the recognition of their criminal liability in Monaco long aroused misgivings that criminological reality has gradually overcome. Under the influence of international (UN, FATF, OECD) and European (Council of Europe, European Union) standards, accountability has been added to the traditional ex post liability. Monegasque law is no longer determined solely by local considerations, but is part of a global dynamic that is reflected in the ongoing emergence of internal obligations of due diligence and security, and the formalisation of risk management.
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