MONACO Law and Practice Contributed by: Donald Manasse, Donald Manasse Law Offices
7.2 Laws to Protect “Banking Secrecy” Banking secrecy rules apply in civil cases. As men - tioned at 6.2 Undermining the Privilege Over Com- munications Exempt From Discovery , Article 308 of the Penal Code makes it a criminal violation for anyone who has received information in confidence to divulge it. Banking secrecy cannot be invoked to resist a criminal investigation, but has been raised by a third-party bank served with a civil court order to Crypto-assets are generally treated the same way as any other assets, but obtaining a seizure order for them can be particularly difficult. Legislation enacted in 2022 has clarified the legal framework applicable to crypto-assets, including the provision of services relating to them. produce information. 7.3 Crypto-Assets
for allowing the use of the privileged information in a criminal investigation, and the criminal cases that were based on the information obtained were ulti- mately quashed by the Court of Appeals. The excep - tion to this principle is similar to the common fraud exemption. In a recent money-laundering prosecution, the fact that evidence was obtained, and quashed in a foreign jurisdiction, by violating client-attorney privi - lege, did not prevent the Monaco court from entering a conviction. 7. Special Rules and Laws 7.1 Rules for Claiming Punitive or Exemplary Damages There are no punitive or exemplary damages in Mona - co.
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