For the Banking & Finance Monaco: 2016/2017, Olivier Marquet wrote an article about compliance, the territorial principle and the legally binding nature of contract.
The article is written in the context of changes in different countries tax codes and legislation targeting funds from certain countries, as well as the signature of bilateral or multilateral agreements on those issues, which has generated legal disputes which garnered significant attention, although they actually involved only around ten cases, a small figure given the total clientele of Monaco Bank’s.
These disputes centered on whether or not the banks had legal grounds for refusing to execute asset transfer and cash deposit orders.
