The MEB and the Order of Chartered Accountants highlight the criminal risks faced by business leaders.

On Tuesday, 30 September, the Monaco Economic Board (MEB), in collaboration with the Order of Chartered Accountants of Monaco, held a conference at the Novotel Monte-Carlo. The event focused on "The Criminal Liability of the Business Leader" and aimed to inform and raise awareness about recent changes in Monegasque law.

Before approximately a hundred business leaders, Erika Bernardi, a partner at 99 Avocats, along with her colleagues Patricia Kemayou Mengue and Paul Tomatis, emphasised the increasing legal obligations faced by decision-makers. This is especially pertinent in light of recent amendments to the corporate modernisation laws and new mandates from the Monegasque Financial Markets Authority.

The speakers explained how a director’s liability can be triggered, whether they are a "de jure" (legal) director or a "de facto" (shadow) director. They also stressed that a legal entity (the company itself) can be held liable alongside its director. 

The experts provided more details on the types of crimes they most often see in their practice. These include involuntary injury, bankruptcy, breach of trust, fraud, forgery and the use of forged documents, VAT and corporate tax evasion, money laundering, among others. Through real-life examples, they emphasised how difficult it can be for some directors to predict their own liability. "These offences are spread across various laws and regulations, making it challenging for business leaders to fully understand the risks involved," explained Maître Bernardi.

Finally, the experts emphasised the importance of preventive actions like delegating authority and establishing a strong compliance system. They pointed out that these steps are crucial for predicting and reducing criminal risks, particularly in a Monegasque regulatory setting that continually aligns with international standards.

During the conference, the active engagement between speakers and the audience highlighted strong interest in this joint effort by the MEB and the Order of Chartered Accountants of Monaco. This partnership seeks to help companies in the Principality achieve sustainable and responsible growth.