Montenegro
Last updated: 19/02/2007CENTRAL AUTHORITY FOR REPORTING
The Central Bank of Montenegro (CBCG)
ARE LAWYERS COVERED BY MONEY LAUNDERING LEGISLATION?
Yes
LAWS REGARDING ANTI-MONEY LAUNDERING PROCEDURES
IN ADDITION TO THESE LAWS, IS THERE ANY MONEY LAUNDERING GUIDANCE FOR LAWYERS CURRENTLY IN PLACE?
No information available.
UNDER WHAT CIRCUMSTANCES IS A LAWYER UNDER THE OBLIGATION TO REPORT?
Article 31 of the Law on the Prevention of Money Laundering provides that a lawyer, law firm, audit company, independent auditor or legal or natural person performing accountancy or other similar services must notify the FIU immediately in writing upon suspicion that his client is involved in money laundering. This reporting requirement applies to those lawyers, auditors, and accountants that assist with the following:
- Planning or execution of transactions for his client concerning the buying and selling of real property or business entities;
- Managing of client money or other assets;
- Opening or management of bank, savings, or securities accounts;
- Creation, operation, or management of legal entities;
- Or acts on behalf of and for his client in any financial transaction.
LAWYER RESPONSIBILITY/LIABILITY
No information available.
CLIENTS’ IDENTIFICATION AND VERIFICATION
Montenegro’s anti-money laundering law applies mainly to financial professionals such as banks, stock exchanges, insurance companies, gambling houses, pawnbrokers, exchange offices, investment funds, pensions funds, and other parties on the financial markets. Such financial professionals must record and report all suspicious transactions to the Financial Intelligence Unit in the CBCG. In addition, credit and financial institutions must identify clients who engage in transactions of €15,000 or above. Lawyers representing clients in certain transactions must report (see above).
LAWYERS PROSECUTED FOR MONEY LAUNDERING OFFENCES
No information available.
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