Financial Crime World

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San Marino’s Regulatory Framework: A Strong Foundation for Financial Crime Control

The Republic of San Marino, the world’s oldest surviving republic, has a robust institutional framework that ensures a high level of transparency and accountability in its financial system. As a parliamentary democracy with a long history of independence, San Marino has been recognized as a UNESCO World Heritage Site.

Sources of Law

San Marino’s legal framework is based on the Declaration of Citizens’ Rights and Fundamental Principles of San Marino Constitutional Order, which serves as the foundation for all laws adopted by the Great and General Council (Parliament) and decrees passed by the Congress of State (Government). In the absence of specific provisions, customary law and ius commune are applied.

Key Institutions

Several key institutions play a crucial role in ensuring the effectiveness of San Marino’s regulatory framework:

The Captains Regent

  • The two Captains Regent represent a super partes body that guarantees the constitution. They are elected by the Great and General Council every six months and jointly carry out the functions of Heads of State.

The Great and General Council

  • This unicameral Parliament is composed of 60 Councillors chosen by direct universal suffrage for five-year terms. It has legislative power, determines the political direction, and exercises control functions.
  • Key roles:
    • Speaker of the Council
    • Committee chairs

The Congress of State (Government)

  • The Congress wields executive power in collegial form and consists of 10 Secretaries of State (Ministers) appointed by the Great and General Council.

San Marino’s legal system is headed by the Chief Magistrate of the Single Court, which is organized into civil, criminal, and administrative sections. The main roles of the legal system include:

The Law Commissioner

  • Serves as a first-instance judge

The Appeal Judge

  • Responsible for appeals

The Highest Judge of Appeal

  • Oversees the highest level of appeal

Guarantor’s Panel on Constitutionality

This panel monitors compliance with the fundamental principles of the legal order, ensuring that laws, acts, and rules having the force of law are in line with these principles.

Court for Trusts

Established in 2010, this unique institution is competent to handle cases and disputes concerning legal relationships deriving from entrustment or confidence. The Court is organized in a special and independent manner and deals with proceedings in various languages, enjoying international recognition due to the standing of specialist judges and the speed and low cost of its proceedings.

Doing Business in San Marino

San Marino offers a favorable economic environment for businesses, supported by an overview document that provides practical information on the economic, regulatory, and institutional context. A team of professionals is available to help entrepreneurs and investors navigate corporate, tax, and occupational regulations in San Marino. The country’s ecosystem is outlined by several key aspects:

International agreements and relations

  • San Marino has diplomatic relations with over 80 countries

Regulatory and institutional framework

  • A well-established legal system ensures stability and predictability for businesses

Network of universities

  • Three public and three private universities offer a wide range of academic programs

Varied and lively economic fabric

  • A mix of industries, including manufacturing, services, and finance

Favorable taxation

  • Low corporate tax rates (20%) and no VAT

Residency

  • Easy residency rules for entrepreneurs and investors