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LAW ON THE PREVENTION

OF MONEY LAUNDERING

Official Gazette of RM, 1 October 2003

I. GENERAL PROVISIONS

Article 1

This Law shall determine the measures and actions for detecting and preventing money laundering activities.

Article 2

In the context of this Law, money laundering shall mean:

Article 3

Measures for detecting and preventing money laundering shall be implemented in all businesses and transactions of receiving, exchanging, keeping, using or other form of dealing with money or other property (hereinafter referred to as: transaction), and other transactions where required by this law and related subordinate regulations, as well as in any business transactions where the suspicion of money laundering exists.

The measures from paragraph 1 above shall be implemented by the following legal and natural persons (hereinafter referred to as: organizations):

II. DUTIES AND OBLIGATIONS OF ORGANISATIONS

1. Identification

Article 4

Prior to and during the execution of certain transactions, an organization shall identify the client, acquire information about the client, about the transaction and other information required under this Law (hereinafter referred to as: identification).

Article 5

When an organization opens an account for a client or establishes a business relationship with a client, the organization shall at the same time identify the client.

An organization shall be required to identify the client during each transaction exceeding EUR 15,000 or in case of mutually connected transactions, which exceed the amount of EUR 15,000.

Irrespective of the provisions of paragraphs 1 and 2 above, insurance companies and intermediaries selling insurance policies, shall identify the client only when carrying out life insurance business, in the cases when:

Insurance companies or other organizations also perform identification in pension insurance businesses, if the insurance policy can be transferred or used as collateral for a loan or a credit.

An organization that performs activities of organizing or executing auctions or trading with pieces of art, shall perform the identification only when carrying out cash transaction or several connected cash transactions, exceeding the amount of EUR 15,000.

Gambling houses and other organizers of games of chance shall perform identification of each participant in the game who makes a profit or loss exceeding EUR 1,000, and/or each participant who bought, brought or exchanged chips in that value.

Article 6

The administrative authority for anti-money laundering may prescribe that identification shall not be required in the execution of specific transactions referred to in Article 5 above, if the client is:

Article 7

The organization shall perform the identification of the bearer of the passbook at every transaction that is performed on the basis of a passbook that is not such bearer’s passbook.

The identification shall be always necessary when reasons for suspicion of money laundering exist in connection with a transaction or a client.

Article 8

In case of identification referred to in paragraphs 1 and 4 of Article 5 of this Law, the information listed in points 1, 2, 3, 4, 5 and 14 of paragraph 1 of Article 43 hereof shall be obtained by the organization.

In case of identification referred to in paragraph 2 of Article 5 of this Law, the information listed in points 1, 2, 3, 6, 7, 8, 9, 10 and 11 of paragraph 1 of Article 43 hereof shall be obtained by the organization.

In case of identification referred to in paragraph 3 of Article 5 of this Law, the information listed in points 1, 2, 3, 4, 5, 6, 8, 9 and 10 of paragraph 1 of Article 43 hereof shall be obtained by the organization.

In case of the identification referred to in paragraph 5 of Article 5 of this Law, the information listed in points 1, 2, 3, 6, 7, 8, 9, 10 and 14 of paragraph 1 of Article 43 hereof shall be obtained by the organization.

In case of the identification referred to in paragraph 7 of Article 5 of this Law, the information listed in points 3 and 5 of paragraph 1 of Article 43 hereof shall be obtained by the organization.

In case of the identification referred to in paragraph 1 of Article 7 of this Law, the information listed in points 1, 2, 3, 6, 7, 8, 10 and 14 of paragraph 1 of Article 43 hereof shall be obtained by the organization.

In case of the identification referred to in paragraph 2 of Article 7 of this Law, the information listed in paragraph 1 of Article 43 hereof shall be obtained by the organization.

When transactions described in paragraphs 2, 3, 5 and 6 of Article 5 of this Law are performed on the basis of an opened account and/or a business relationship with a client, only the missing information shall be obtained at each particular transaction.

In case of identification during the performance of activities related to safekeeping operations, the information listed in points 1, 2, 3, 5, 6 and 7 of paragraph 1 of Article 43 hereof shall be obtained.

When depositing money into day-night safes, the information specified in point 2 of paragraph 1 of Article 43 of this Law shall be acquired, on the responsible persons of legal persons.

Article 9 

The organization shall request the information on legal persons referred to in point 1 of paragraph 1 of Article 43 of this Law by examination of the original or certified documentation from the public register that may not be older than 3 months.

The organization shall request the information referred to in points 2 and 3 of paragraph 1 of Article 43 of this Law from the client's official personal identification documents. If it is not possible to obtain all the necessary information from the client's submitted official personal identification document, then the missing information should be obtained from other client's official personal identification document issued by a relevant authority.

The organization shall request the information referred to in points 4, 5, 6, 7, 8, 9, 10, 11 and 12 of paragraph 1 of Article 43 of this Law from the review of the acts and business documentation.

If it is not possible to obtain from the official personal documents, acts and business documentation, all the information listed in paragraph 1 of Article 43 of this Law, the missing information, with the exception of the information referred to in points 12 and 14 of paragraph 1 of Article 43 of this Law, shall be requested from the client.

In case of identification of a foreign national in accordance with paragraphs 1, 5 and 6 of Article 5 and Article 7 of this Law, a Xerox copy of the client's official personal document shall also be made.

Article 10  

In case of identification referred to in Articles 5 and 7 of this Law, the organization shall be obliged to demand from a client a statement as to whether the client is acting on his own behalf or on authorization.

If transactions are made on behalf of the client by an authorized person, the organization shall obtain the information specified in points 2 and 3 of paragraph 1 of Article 43 of this Law from the written authorization made by the client on whose behalf the authorized person is acting. The organization shall obtain all the other information listed in paragraph 1 of Article 43 of this Law, with the exception of the information referred to in point 14 of paragraph 1 of Article 43 of this Law in the manner stipulated in Article 9 hereof.

If the authorized person is opening an account or performing transactions, listed in paragraph 5 of Article 5 and paragraph 2 of Article 7 of this Law in the name of the foreign legal person, which does not or must not perform commercial or manufacturing activity in the country in which it is registered, or in cases when other foreign legal persons with unknown owners and managers are involved, the organization shall obtain the information listed in point 14 of paragraph 1 of Article 43 of this Law, by examining the original and verified documentation from appropriate public register, that shall not be older than 3 months. If all the information cannot be obtained from the register, the organization shall obtain missing data by examining the acts and business documentation that are presented by the authorized person. The organization acquires the missing data that cannot be obtained for objective reasons in the above-mentioned way from the written statement of the authorized person.

While obtaining the information listed in paragraph 3 above, the organization must, in all cases when another legal person is the indirect or direct owner of 20% of the business share, stocks or other rights of the legal person or it participates in its capital with at least 20% share, obtain the information from point 14 of paragraph 1 of Article 43 of this Law for this other legal person.

Article 11

If the organization doubts the truthfulness of the information referred to in paragraph 4 of Article 9 and paragraph 1 of Article 10 above, the organization shall demand also a written statement from the client.

If a foreign legal person, with the exception of international governmental organizations, carries out the transactions referred to in Article 5 above, the organization shall be required to re-identify the client, at least once annually, by obtaining the information specified under points 1 and 14 of paragraph 1 of Article 43 and by acquiring new authorization in accordance with paragraph 2 of Article 10 hereof.

Article 12

When opening an account or establishing a business relationship, the organizations may identify a client also in his absence, nevertheless it shall indisputably establish the client's identity by obtaining all the information in accordance with this Law and in the manner prescribed by the administrative authority for anti-money laundering.

Identification described in paragraph 1 above is possible only when the customer is a state body, an organization with public authorities or an organization from Article 3 of this Law.

Identification on the basis of paragraph 1 above may only be performed for:

As an exception from paragraphs 1, 2 and 3 above, identification of the client in his absence at the opening of an account or establishing a business relationship is not possible, if the client is a foreign legal person, that does not or must not perform commercial or manufacturing activity in the country in which it is registered, or in cases when other foreign legal persons with unknown owners and managers are involved.

2. Reporting

Article 13

The organization shall be obliged to forward to the administrative authority for anti-money laundering the information listed in points 1, 2, 3, 6, 7, 8, 9, 10 and 11 of paragraph 1 of Article 43 of this Law regarding each transaction exceeding the amount of EUR 15,000 and several connected transactions whose total exceeds the amount of EUR 15,000.

An organization shall be obliged to forward to the administrative authority for anti-money laundering the information referred to in paragraph 1 of Article 43 of this Law in all cases where a transaction or client raises suspicion of money laundering activity, including but not limited to the transactions:

The organization shall forward to the administrative authority for anti-money laundering the information referred to in paragraph 1 and 2 above in the manner prescribed by the administrative authority for anti-money laundering.

The administrative authority for anti-money laundering shall determine the conditions under which an organization shall not be required to forward to the administrative authority for anti-money laundering information from paragraph 1 above about the transactions of a client, whose transactions regularly exceed EUR 15,000 in the normal course of its business.

Article 14

In such cases as referred to in paragraph 1 of Article 13 above, the organization shall forward the data to the administrative authority for anti-money laundering immediately after the transaction is completed, but not later than three days after the completion of the transaction.

In such cases as referred to in paragraph 2 of Article 13 above, the organization shall forward the data to the administrative authority for anti-money laundering before the transaction is completed and shall state the period during which the transaction is expected to be executed.

The notification referred to in paragraph 2 above may be given also by telephone, but the administrative authority for anti-money laundering must be notified subsequently in writing not later than the next working day.

If, in such cases as referred to in paragraph 2 of Article 13 above, an organization cannot, due to the nature of the transaction or because the transaction was not completed or due to other justified reasons, act as provided for in paragraph 2 above, it shall be obliged to forward the data to the administrative authority for anti-money laundering immediately, or immediately after suspicion of money laundering activity is raised. The organization shall explain in the report the reasons for not acting in accordance with the provisions of paragraph 2 above.

3. Compliance Plan, Authorized Person and List of Indicators

Article 15 

In accordance with the standards and methodology prescribed by the administrative authority for anti-money laundering, the organization shall establish a written compliance plan as a basis to establish and develop policies, procedures and practices for identification of suspicious transactions, develop special compliance programs, including establishment of internal procedures and controls, helping all employees understand a list of indicators for identification of suspicious transactions and training for the staff who perform duties provided for in this Law.

The organization shall notify the administrative authority for anti-money laundering of its authorized person and deputies of such authorized person, who shall be responsible to conduct activities from paragraph 1 above, to forward information to the administrative authority for anti-money laundering and perform other duties under this Law.

The persons from paragraph 2 above shall be employees with special powers and responsibilities in the organization.

Article 16

Irrespective of the provisions of Article 15, those organizations with less than four employees shall not be required to name an authorized person and shall not be required to conduct internal control as provided by this Law.

III. DUTIES AND RESPONSIBILITIES OF ADMINISTRATIVE AUTHORITY FOR ANTI-MONEY LAUNDERING

Article 17

The activities related to detection and prevention of money laundering, as well as other activities specified in this Law, shall be conducted by the administrative authority for anti-money laundering.

1. Money Laundering Detection

Article 18

The administrative authority for anti-money laundering shall receive, collect, analyze and submit to competent authorities data, information and documentation that it obtained in accordance with provisions of this Law.

Article 19

If the administrative authority for anti-money laundering evaluates that submitted data regarding certain transaction or certain person provide grounds for the suspicion of money laundering, it may require from the organization data from paragraph 1 of Article 43 of this Law, as well as all other data and information that organization holds as its official records that are necessary for money laundering detection.

In cases from paragraph 1 of this Article, the organization is obliged to submit to the administrative authority for anti-money laundering upon its request all other relevant documentation.

The administrative authority for anti-money laundering may require from the organization information in written form, data and documentation regarding performing of activities in accordance with provisions of this Law, as well as other necessary data.

Organization is obliged to submit to the administrative authority for anti-money laundering without delay data, information and documentation from paragraphs 1, 2 and 3 of this Article and within 8 days as from the day of request reception.

Because of the extensiveness of documentation or other justified reasons, administrative authority for anti-money laundering may extend the term from paragraph 4 of this Article to the organization by the announcement in written form, upon such request from the organization is submitted in written form or it may accept the proposition of the organization to review documentation in premises of the organization.

Article 20

The administrative authority for anti-money laundering may temporarily suspend the transaction by the order in written form if it evaluates that there is a reasonable suspicion of money laundering and notify competent bodies of it.

In emergences, the order from paragraph 1 of this Article may be provided in verbal form but the Administrative authority for anti-money laundering is also obliged to submit such order in written form the next business day at the latest.

Temporary suspension of the transaction may last 72 hours at the most.

In the case of temporary suspension of transaction, when in pre-criminal or criminal proceedings is necessary to collect additional data or from other justified reasons, the administrative authority for anti-money laundering may give to the organization instruction on how to proceed in connection with persons to which such transaction is related to.

Upon received notification, competent authorities from paragraph 1 of this Article have to act urgently and within 72 hours from the beginning of transaction suspension at the latest, take measures in accordance with their powers.

Article 21

If the administrative authority for anti-money laundering determines within the time period from paragraph 3 of Article 20 above that there is no money laundering, it shall inform the competent authorities and the organization, which may then execute the transaction immediately.

If the administrative authority for anti-money laundering does not act within the time period from Article 14 paragraph 2 of this Law, the organization may execute the transaction immediately.

Article 22  

If it evaluates that there is suspicion of money laundering regarding certain transactions or certain persons, the administrative authority for anti-money laundering may require data, information and documentation necessary for detection and verification of money laundering from the lawyer, law firm, auditing company, independent auditor and legal entity or natural person, which performs accounting or similar services.

Regarding time limits for submitting data, information and documentation from paragraph 1 of this Article, provisions of paragraphs 4 and 5 of Article 19 above shall be applied accordingly.

Article 23

If it evaluates that there is suspicion of money laundering regarding certain transaction or certain persons, the administrative authority for anti-money laundering may require data, information and documentation necessary for money laundering detection from state authorities and organizations with public powers and authorities.

The administrative authority for anti-money laundering may require data, information and documentation necessary for initiating criminal proceedings from state authorities and organizations with public powers and authorities, in accordance with provisions of this Law.

State authorities and organizations with public powers and authorities are obliged to submit data, information and documentation from paragraphs 1 and 2 of this Article to the administrative authority for anti-money laundering within 8 days as from the day of request reception at the latest, or to provide to the administrative authority for anti-money laundering, free of special charges, direct electronic access to certain data and information.

Article 24  

The Administrative authority for anti-money laundering is obliged, on the basis of a written initiative submitted by the Court, State Prosecutor, Ministry of Internal Affairs, Central Bank of Montenegro, Securities Commission, Public Revenues Directorate, inspections bodies and other competent authorities, to check, within its authorities, all transactions and persons for which there is suspicion that they may present money laundering and to notify the result of its review to the requesting authority in writing.

a) International Cooperation

Article 25 

The administrative authority for anti-money laundering is authorized to obtain data, information and documentation regarding detection and prevention of money laundering from authorized bodies of other countries and international organizations.

The administrative authority for anti-money laundering is authorized to submit available data, information and documentation to authorized bodies of other countries and international organizations upon their request or on its own initiative, under reciprocity condition.

The administrative authority for anti-money laundering may submit personal data to authorized bodies of other countries (users) if the state to which data are submitted has established personal data protection and with confirmation that authorized body of such country (user) will use personal data only in order to detect and prevent money laundering.

The head of the administrative authority for anti-money laundering is authorized to conclude agreements on data, information and documentation exchange with authorized bodies of other countries and international organizations.

b) Suspicious Transactions Notification

Article 26

If the administrative authority for anti-money laundering determines that, on the basis of data, information and documentation regarding certain transaction or certain person and obtained in accordance with provisions of this Law, there is suspicion of money laundering, it is obliged to submit the notification to the competent authority in written form with necessary documentation.

The administrative authority for anti-money laundering does not state data on authorized person or other employee from the organization, which provided data on the basis of paragraph 3 of Article 13 above in the notification from paragraph 1 of this Article, unless there are reasons to suspect that organization or its employee have committed criminal act of money laundering or unless submission of such data have been required by the competent Court in written form.

The administrative authority for anti-money laundering is obliged to submit also the notification in written form to competent state authorities in cases when according to data, information and documentation obtained in accordance with provisions of this Law it determines that there is suspicion that regarding certain transaction or person some other criminal act has been committed.

c) Information Feedback

Article 27  

After consideration of data, information and documentation that are in accordance with provisions of this Law submitted when there is suspicion of money laundering in connection with a transaction or a client, the administrative authority for anti-money laundering shall notify the organization, that is, the person that submitted such data of its findings in writing, except if the administrative authority for anti-money laundering evaluates that it could be detrimental for the further proceedings.

2. Money Laundering Prevention

Article 28  

In the performance of activities related to money laundering prevention, the administrative authority for anti-money laundering shall have the following authorities:

3. Other Tasks

Article 29

Upon receiving the request in written form from the Court, the administrative authority for anti-money laundering is obliged to submit available data from its records of transactions and persons needed by the Court for determination of circumstances related to establishing and confiscating of proceeds.

IV. DUTIES OF STATE BODIES, ORGANISATIONS WITH PUBLIC AUTHORITIES, LAWYERS, LAW FIRMS, AUDIT COMPANIES, INDEPENDENT AUDITORS AND LEGAL OR NATURAL PERSONS PERFORMING ACCOUNTANCY OR OTHER SIMILAR SERVICES

1. Customs Administration Authorities

Article 30

Customs administration authorities shall be obliged to forward to the administrative authority for anti-money laundering within 3 days information about every carrier transporting across the state border cash, checks, securities, precious metals and precious stones exceeding the amount of EUR 15,000.

2. Lawyers, law firms, audit companies, independent auditors and legal and natural persons performing accountancy or other similar services

Article 31

An audit company, an independent auditor or legal or natural person performing accountancy or other similar services establishes a business relation with a client, it shall also be obliged to perform an immediate identification in compliance with the provisions of this Law.

If a lawyer, law firm, an audit company, an independent auditor or legal or natural person performing accountancy or other similar services assists in 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 acting on behalf of and for his client in any financial transaction, and discovers during the performance of his work that there exist reasons for suspicion of money laundering in connection with a transaction or a particular person, or when a client seeks for advise concerning money laundering, he shall notify the administrative authority for anti-money laundering in writing immediately upon finding the reasons for suspicion.

A lawyer and law firm shall identify their clients in accordance with provisions of this Law only in cases referred to in paragraph 2 above.

Legal entities and natural persons referred to in paragraphs 1 and 2 of this Article shall be obliged, at the written request of the administrative authority for anti-money laundering, to submit all required data on a transaction or a person that is suspected to be money laundering.

Article 32

Legal entities and natural persons under Article 31 of this Law shall be obliged to provide training for all employees who shall be exercising duties in compliance with the provisions of this Law and shall compose a list of indicators for recognizing suspicious transactions.

Article 33

Exceptionally from Article 31, paragraph 1 of this Law, a lawyer, law firm, an audit company, independent auditor or legal or natural person performing accountancy or other similar services, shall not be obliged to submit information they receive from or obtain on one of their clients, in the course of ascertaining the legal position for their client or performing their task of defending or representing that client in, or concerning judicial proceedings, including advice on instituting or avoiding proceedings, whether such information is received or obtained before, during or after such proceedings.

Under conditions of paragraph 1 above, a lawyer, law firm, audit company, independent auditor or legal or natural person performing accountancy or other similar services is not obliged to forward the data, information and documentation on the basis of a request of the administrative authority for anti-money laundering from Article 31, paragraph 4 of this Law, but he shall inform the administrative authority for anti-money laundering in writing, within 8 days, on the reasons why he has not acted in accordance with the request of the administrative authority for anti-money laundering.

3. Forwarding of Statistical Data

Article 34

To enable the centralization and analysis of all data related to money laundering, courts, Public Prosecutor and other state authorities shall forward to the administrative authority for anti-money laundering data on offences as provided by this Law and data on criminal offences of money laundering.

State authorities shall be obliged to forward to the administrative authority for anti-money laundering regularly and upon specific request the following information: date of filing criminal charge, name, surname, date of birth and address, statutory definition of the criminal offence and the place, time and manner of committing the action.

Public Prosecutor, courts and bodies competent for managing criminal offense proceedings shall be obliged to forward to the administrative authority for anti-money laundering semi-annually and upon specific request the following information: name, surname, date of birth and address of a person in connection with whom an order for the temporary protection of the request for the seizure of financial profit, or a person against whom a request for initiating criminal proceedings has been filed, the stage of proceedings and their decision in each individual stage of proceedings, the statutory definition of the criminal offence or misdemeanor, and the amount of money seized or the value of unlawfully acquired assets and the date of seizure.

4. Participation in the Preparation of List of Indicators

Article 35 

The Central Bank, the Securities Commission, Institute for Accountancy and Audit, Ministry of Internal Affairs, Directorate of Public Revenues and other bodies that are competent for supervision in compliance with other laws (hereinafter referred to as: the supervision bodies) shall cooperate in drawing up the list of indicators for recognizing the suspicious transactions in entities they supervise and control. 

V. PROTECTION AND KEEPING OF DATA AND RECORD KEEPING

Article 36

The organization, audit company, independent auditor and legal or natural person performing accountancy or other similar services and their staff shall not reveal to a client or third person whether the data, information or documentation about the client or transaction referred to in paragraph 3 of Article 13, paragraphs 1, 2 and 3 of Article 19, Article 22, and paragraph 2 of Article 31 of this Law were or shall be forwarded to the administrative authority for anti-money laundering or that the administrative authority for anti-money laundering has in accordance with the provisions of Article 20 of this Law temporarily postponed the transaction or gave the organization instructions in this connection.

Information about a request or about the forwarding of data, information or documentation and about the temporary postponement of a transaction or about the instructions referred to in paragraph 1 above shall be official secret.

The head of the administrative authority for anti-money laundering shall decide on the lifting of the classification referred to in paragraph 2 above.

Provisions of paragraphs 1, 2 and 3 above that refer to the official secret shall be accordingly applied with regard to lawyers, law firms and notaries except, when they forward to the administrative authority for anti-money laundering data in accordance with Article 33 of this Law.

Article 37

When forwarding data, information and documentation to the administrative authority for anti-money laundering under this Law, the obligation to protect bank secrecy, business and official secrecy shall not apply to an organization, an organization with public authorization, state body, court, lawyer, law firm, audit company, independent auditor or to a legal or natural person performing accountancy or other similar services and their staff.

The organization, a lawyer, law firm, an audit company, independent auditor and a legal or natural person performing accountancy or other similar services shall not be liable for damage caused to clients or to third persons due to their submission of data, information or documentation to the administrative authority for anti-money laundering or due to the implementation of the administrative authority for anti-money laundering's order to temporarily postpone a transaction or for complying with the instructions issued in connection with the said order in accordance with the provisions of this Law or in accordance the regulations passed on the basis of this Law.

Article 38

The administrative authority for anti-money laundering, state bodies, organizations, organizations with public powers and authorities, lawyers, law firms, audit companies, independent auditors and legal and natural persons performing accountancy services or tax advisory services and their staff may use the data, information and documentation obtained under this Law solely for the purposes stipulated herein.

Article 39 

The organization shall keep the information obtained on the basis of Articles 5, 7, 8, 9 and 10 of this Law and the corresponding documentation for at least ten years after the completion of the transaction, closure of the account or termination of the validity of the contract.

The organization shall keep the information and corresponding documentation on the authorized person and deputy authorized person, on the professional training of the staff and the execution of internal control referred to in Article 15 of this Law for at least four years after the appointment of the authorized person and deputy authorized person and after the completion of professional training and the execution of internal control.

A lawyer, law firm, audit company, independent auditor and a legal or natural person performing accountancy or other similar services shall keep the information obtained on the basis of paragraph 1 of Article 31 and corresponding documentation for at least 10 years after the completion of the identification.

A lawyer, law firm, audit company, independent auditor and a legal or natural person performing accountancy or other similar services shall keep the information and corresponding documentation on the professional training of the staff for at least four years after the completion of professional training.

Article 40

Customs administration authorities shall keep information on the transport of cash and securities across the state border, for a period of ten years from the date the data was obtained.

Article 41

The administrative authority for anti-money laundering shall keep data and information from records collected under this Law for ten years from the date the data was obtained.

The administrative authority for anti-money laundering shall not inform the person concerned that data about them has been compiled.

The persons referred to in paragraph 2 above shall have the right to inspect their personal data ten years after the data has been obtained.

Article 42

Organizations shall keep records of all clients and transactions referred to in Articles 5 and 7 hereof.

Customs administration authorities shall keep records of cross-border transport of cash and securities.

A lawyer, law firm, audit company, independent auditor and a legal or natural person performing accountancy or other similar services shall keep records on clients and transactions from paragraph 2 of Article 31 of this Law.

The administrative authority for anti-money laundering shall keep the following:

The administrative authority for anti-money laundering may also establish and maintain other records, as needed.

Article 43 

The records of clients and transactions referred to in Articles 5 and 7 of this Law shall include the following data:

The records of the transport of cash and securities across the state border under Article 30 of this Law shall include the following data:

The records of the persons and transactions referred to in Article 13 of this Law shall include the information listed in paragraph 1 of this Article.

The records of the received initiatives referred to in the provisions of Article 24 of this Law shall include the following data:

The records of the data sent to foreign state bodies and international organizations in accordance with the provisions of Article 25 of this Law shall include the following data:

The records of notifications and the information sent to competent bodies in accordance with the provisions of Article 26 of this Law shall include the following data:

The records of the clients and transactions referred to in Article 31 of this Law shall include the following data:

The records of offences and criminal offences referred to in Article 34 of this Law shall include the following data:

Irrespective of the provisions of paragraph 1 of this Article, the records shall not include the birth registration number in the case of foreign nationals.

Article 44

All data, information and documentation from the official personal data records shall be forwarded to the administrative authority for anti-money laundering under this Law free of charge.

Article 45

The administrative authority for anti-money laundering shall prescribe the manner of work of the authorized person, the manner of conducting internal supervision, the keeping and protection of data, record keeping and the professional training of the staff of the organization, lawyers, law firms, audit companies, independent auditors and legal or natural persons performing accountancy or other similar services.

The administrative authority for anti-money laundering shall prescribe the compulsory inclusion of specific indicators on the list of indicators for recognizing suspicious transactions.

VI. SUPERVISION

Article 46

The implementation of the provisions of this Article by organizations, lawyers, law firms, audit companies, independent auditors and legal or natural persons performing accountancy or other similar services shall be supervised, within their individual competencies, by the administrative authority for anti-money laundering and the supervision bodies referred to in Article 35 hereof.

Article 47

If the supervision bodies discover a violation referred to in Articles 50 and 51 of this Law, under provisions of special laws which govern the operation of organizations, audit companies, independent auditors and legal or natural persons performing accountancy or other similar services, they shall order the implementation of the appropriate control measures and shall without delay notify in writing the administrative authority for anti-money laundering about the violations discovered.

The notification referred to in the paragraph 1 shall include especially the following data: name, surname, date of birth and permanent address of the natural person or, name and seat of the legal person that committed the offence, place, time and manner of committing the action which has signs of an offence, and information as to whether supervision bodies ordered any control measures under their competencies.

The notification referred to under paragraph 2 of this Article shall be accompanied by the documentation providing evidence of the violation.

Articles 48

The administrative authority for anti-money laundering shall supervise the implementation of the provisions of this Law by gathering and comparing data, information and the documentation received on the basis of the provisions of this Law.

If during supervising the administrative authority for anti-money laundering discovers in a manner stipulated under paragraph 1 of this Article a violation of the provisions of this Law that can be eliminated subsequently, it may:

When taking the decision about the measure referred to in paragraph 2 of this Article the administrative authority for anti-money laundering shall take into account the circumstances under which the offence was committed, repetition of the offence and the control measures imposed by another supervisory body on the organization or on another person referred to in the Article 46 that is being supervised. 

Regarding the deadline for the removal of the offence referred to in point 1 of paragraph 2 above; paragraphs 4 and 5 of Article 19 of this Law shall accordingly apply.

Article 49

The administrative authority for anti-money laundering shall notify the competent supervisory body, i.e. the Bar Association upon filing a request for the initiation of administrative proceedings under this law if the request has been filed against a lawyer or a law firm.

VII. PENALTY PROVISIONS

Article 50

A legal person who has committed an offence shall be fined an amount ranging from fifty-fold to three hundred -fold minimum monthly wages in the Republic:

The responsible person i.e. natural person working for the legal person or engaged in another manner by the legal person shall be fined in the amount from five-fold to twenty-fold minimum wages in the Republic for committing an offence referred to in paragraph 1 of this Article.

Article 51

A legal person who has committed an offence shall be liable to a fine ranging from ten-fold to two hundred-fold amount of the minimum wage in the Republic:

The responsible person, i.e. natural person working for the legal person or engaged in another manner by the legal person shall be fined in the amount of three-fold to fifteen-fold minimum monthly wage in the Republic for committing an offence referred to in paragraph 1 of this Article.

VIII. TRANSITIONAL AND FINAL PROVISIONS

Article 52

The administrative authority for anti-money laundering founding act shall be adopted by the Government within 30 days as of the effective date of this Law.

Article 53

The enabling regulations for the implementation of this Law shall be adopted within six months as of the date of foundation of the administrative authority for anti-money laundering.

Organizations, lawyers, law firms, audit companies, independent auditors and legal or natural persons performing accountancy or other similar services shall compose a list of indicators for recognizing suspicious transactions within six months after the effective date of this Law.

Article 54

The provision of Article 64 and Article 92, paragraph 1, point 19 of the Law on Banks (“Official Gazette of the Republic of Montenegro”, No. 52/00, 32/02) shall cease to be valid as of the effective date of this Law. 

Article 55

This Law shall become effective eight days after its publication in the “Official Gazette of the Republic of Montenegro”.