Montenegro proposes stricter cash reporting and fines

Montenegro cash reporting money laundering customs regulations EU compliance

The Montenegrin government has introduced a draft law to amend the Law on Current and Capital Transactions with Foreign Countries. The proposal aims to align national legislation with EU Regulation 2018/1672 regarding cash controls to prevent money laundering and terrorism financing.

Under the new rules, both residents and non-residents must declare cash being carried when entering or exiting Montenegro. The obligation is being expanded to include funds sent via postal and cargo shipments, requiring senders or recipients to report such transfers to customs authorities within 30 days of a request.

Proposed penalties for non-compliance are significant: legal entities could face fines of up to 40,000 euros, while individual citizens could be fined up to 8,000 euros. The Central Bank of Montenegro will be responsible for prescribing specific cash limits for residents and non-residents.

Entities

Central Bank of Montenegro · European Union · Government of Montenegro · Montenegro

Claims

What the coverage asserts, and how many sources carry each claim.

[● 3 SOURCES] The amendments aim to align national legislation with EU Regulation 2018/1672. borba.me · tvpljevlja.me · www.sjevercg.me
[● 3 SOURCES] Legal entities face potential fines of up to 40,000 euros for non-declaration of funds. borba.me · tvpljevlja.me · www.sjevercg.me
[● 3 SOURCES] The goal of the changes is to prevent money laundering and terrorism financing. borba.me · tvpljevlja.me · www.sjevercg.me
[● 3 SOURCES] Citizens face potential fines of up to 8,000 euros for non-declaration of funds. borba.me · tvpljevlja.me · www.sjevercg.me
[● 3 SOURCES] Declarations must be submitted in written or electronic form to the customs administration. borba.me · tvpljevlja.me · www.sjevercg.me
[● 3 SOURCES] The reporting obligation will include funds sent via postal and cargo shipments. borba.me · tvpljevlja.me · www.sjevercg.me
[● 3 SOURCES] Shipment-related declarations must be submitted within 30 days of a request from the customs authority. borba.me · tvpljevlja.me · www.sjevercg.me
[● 3 SOURCES] The Montenegrin government proposed amendments to the Law on Current and Capital Transactions with Foreign Countries. borba.me · tvpljevlja.me · www.sjevercg.me