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Money Laundering

Money laundering, according to the Law on Prevention of Money Laundering and Terrorist Financing, is considered particularly as:

1. conversion or transfer of money or other property, knowing that such money or other property are derived from criminal activity or from an act of participation in such activity, for the purpose of concealing or disguising the illicit origin of the property or assisting any person involved in the commission of such an activity to evade the legal consequences of that person's action;
2. concealment or disguise of the true nature, source, location, movement, disposition or ownership of money or other property, rights related to money or other property, knowing that such money or other property are derived from criminal activity or from an act of participation in that activity;
3. the acquisition, possession or use of money or other property, knowing, at the time of receipt, that such money or other property were derived from criminal activity or from an act of participation in that activity;
4. participation in, association to commit, attempt to commit and aiding, abetting, facilitating and counselling the commission of any of the actions from Items 1, 2 and 3 of this paragraph.

Abovementioned activities shall also be considered as money laundering when the person who performed such activities was obliged or could have known that the money or other property derived from criminal activities.

Furthermore, aforementioned activities shall also be considered as money laundering in case when the money or other property that are the subject of money laundering were generated on the territory of another country, if the activities by which they were generated would constitute a criminal activity in Montenegro as well.

Terrorist Financing

In the context of the Law on the Prevention of Money Laundering and Terrorist Financing, the following shall, in particular, be considered as terrorist financing:

1. providing, making available or collecting funds or property, in any way, directly or indirectly, with the intention of using them or if it is known that they will be used in full or in part for the execution of a terrorist act, or an attempt of providing, making available or collecting funds or property, in any way, directly or indirectly, with the intention or with the knowledge that they may be used, in full or in part:
   • for preparing or committing terrorist act in the context of the Law on the Prevention of Money Laundering and Terrorist Financing;
   • for financing organizations whose aim is to commit the acts from indent 1 of this item or members of those organizations or individuals whose aim is to commit such acts, or
   • by terrorists or by terrorist organizations for any purpose;
     
     
2. encouraging or assisting in providing or collecting the funds or property from item 1.