Overall findings
Montenegro’s legal framework to implement the AEOI Standard is not in place. This is because Montenegro does not have a domestic legislative framework in effect requiring Reporting Financial Institutions to conduct the due diligence and reporting procedures (CR1) nor an international legal framework in place to exchange the information with all Interested Appropriate Partners (CR2).
The methodology used for the peer reviews and that therefore underpins this report is outlined in Chapter 2.
Overall determination on the legal framework: Not In Place
Conclusions on the legal framework
General context
Montenegro has not yet implemented the necessary legal frameworks. It has introduced due diligence and reporting obligations but has not brought them into effect to ensure Reporting Financial Institutions apply them from a set date.
Detailed findings
The detailed findings for Montenegro are below, organised per Core Requirement (CR) and sub-requirement (SR), as extracted from the AEOI Terms of Reference (see Annex B).
CR1 Domestic legal framework: Jurisdictions should have a domestic legislative framework in place that requires all Reporting Financial Institutions to conduct the due diligence and reporting procedures in the CRS, and that provides for the effective implementation of the CRS as set out therein.
Determination: Not In Place
Montenegro has not brought into effect a domestic legislative framework requiring Reporting Financial Institutions to conduct the due diligence and reporting procedures, therefore the CR1 Domestic legal framework is determined to be not in place. As no such framework is in place a detailed analysis in relation to each SR is not necessary.
CR2 International legal framework: Jurisdictions should have exchange relationships in effect with all Interested Appropriate Partners as committed to and that provide for the exchange of information in accordance with the Model CAA.
Determination: Not In Place
Montenegro has not put in place the international legal framework to exchange the information with all of Montenegro’s Interested Appropriate Partners, therefore the CR2 International legal framework is determined to be not in place. As no such framework is in place a detailed analysis in relation to each SR has not been possible.
Comments by the assessed jurisdiction
No comments made.