Banking secrecy Montenegro

Montenegro does not have a tradition of banking secrecy comparable to that of Switzerland. However, the Montenegrin Law on Banks and Financial Institutions provides provisions that ensure the confidentiality of clients’ financial information.

In accordance with international standards, Montenegro has established a regulatory framework to prevent money laundering and terrorist financing. This implies that Montenegrin banks must exchange financial information with competent authorities, including foreign tax authorities, in certain circumstances.

It should be noted that the confidentiality of financial information of clients of Montenegrin banks is not absolute. Montenegrin authorities may obtain information about clients’ bank accounts in certain circumstances, such as criminal or tax investigations, court proceedings and requests for international legal assistance.

In conclusion, although Montenegro is not known for its banking secrecy, the confidentiality of customers’ financial information is protected by legal provisions. However, as in any jurisdiction, the relevant authorities may have access to this information in certain circumstances.

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