The Ultimate Beneficial Owners Register Established

In July 2021 the Revenue and Customs Administration of Montenegro established the Register of Ultimate Beneficial Owners (UBO Register) within the Central Registry of Business Entities in accordance with the provisions of the Law on Prevention of Money Laundering and Terrorist Financing.

The UBO Register has been established in line with the requirements of European law to increase transparency and prevent the abuse of the financial systems: for laundering money, for example, and for financing terrorism.

Companies, legal entities, associations, institutions, political parties, religious communities, artistic organizations, chambers, trade unions, employers’ associations, foundations or other business entities, legal entities that receive, manage or allocate funds for certain purposes, foreign trust funds, foreign institutions or similar entities of foreign law, which receive, manage or distribute assets for certain purposes are required to register UBO.

Entrepreneurs, one-member limited liability company and direct and indirect budget users are released from the obligation to register the beneficial owner.

The Register of UBO is in electronic form, and the application must be submitted on the website managed by the Revenue and Customs Administration of Montenegro and must be signed with a qualified electronic signature.