Montenegro (ME)

Jurisdiction Overview

IDQuestionAnswer
157 *Does the domestic administration have sufficient powers to obtain and provide banking information on request? Unknown
 Data Date: 2019

Notes

 
As of August 2019, this jurisdiction has not had a Global Forum review report published.
 
According to Montenegro's Ministry of Finance, "The Banking Law (Art. 85 par. 2) proscribes exemptions from the obligation to keep bank secrecy. In addition, the Law on the Prevention of Illegal Business (Article 4) prescribes a bank's obligation to provide the tax authority with certain information that are considered a business secret. Law on PMLTF (044/18 dd 06.07.2018) defines in Article 58 that FIU Montenegro can request from reporting entities (including banks) relevant data if there is suspicion in ML/TF ". (Communication with Montenegro's Ministry of Finance, 27 December 2019). However, even when in effect, article 85 of theBanking Law allows for some exceptions in the banking secrecy for information to be shared with the Central Bank and judicial authorities, it also says that "other parties, based on explicit written approval of a client", therefore, it could be understood that competent authorities and tax authorities require explicit written approval to share such information.

Sources

Communication with Montenegro's Ministry of Finance, 27 December 2019.
 
https://www.cbcg.me/slike_i_fajlovi/eng/fajlovi/fajlovi_brzi_linkovi/propisi/laws/banking_law_7317_consolidated.pdf