Regulatory Alerts2024-01-01
Decision amending the Decision on the Reproduction of Euro Banknotes
The Council of the Central Bank of Montenegro amended regulations governing the reproduction of euro banknotes to explicitly prohibit unlawful reproductions and their use in transactions. The updated rules clarify that reproductions must differ distinctly from genuine notes in material and appearance, and extend these restrictions to banknotes withdrawn from circulation. Economic agents violating these provisions face fines ranging from 1,000 to 10,000 euros, with the decision entering into force eight days after publication.
Pursuant to Article 44 paragraph 2 item 3 and Article 27 paragraph 2 of the Central Bank of Montenegro Law (OGM 40/10, 06/13, 70/17), the Council of the Central Bank of Montenegro, at its meeting held on 17 May 2022, passed the following DECISION AMENDING THE DECISION ON THE REPRODUCTION OF EURO BANKNOTES
Article 1 In the Decision on the reproduction of euro banknotes (OGM 61/18) Article 3 shall be amended to read: “In addition to the reproductions that have been issued an approval referred to in Article 5 of this Decision, unlawful reproductions of the genuine euro banknotes shall represent reproductions that do not meet the criteria referred to in Article 4 of this Decision and their production, possession, transportation, dissemination, selling, promotion, import into and export from Montenegro, and the use or attempted use for transactions shall be prohibited.” Article 2 In Article 4 paragraph 1 item 4) shall be amended to read: “4) reproductions made of a material clearly different from paper, which looks and feels distinctly different from the material used for banknotes; or”. Article 3 Article 6 and its title shall be amended to read: “Reproduction of euro banknotes that are no longer in circulation Article 6 The provisions of Articles 3 to 5 of this Decision shall apply to the production of reproductions of genuine euro banknotes that have been withdrawn from circulation or have lost their legal tender status." Article 4 In Article 7 paragraph 1 shall be amended to read: “A fine ranging from 1,000 euros to 10,000 euros shall be imposed against an economic agent – legal person if:
- it produces, owns, transports, disseminates, sells, promotes, imports into and exports from Montenegro and/or uses or attempts to use the unlawful reproduction of a genuine euro banknote for transactions (Article 3);
- it produces a reproduction of the genuine euro banknotes, which have been withdrawn from circulation or have lost their legal tender status, contrary to the provisions of Article 6 of this Decision." Article 5 This Decision shall enter into force on the eighth day following that of its publication in the Official Gazette of Montenegro. THE COUNCIL OF THE CENTRAL BANK OF MONTENEGRO Decision number: 0101-3804-3/2022 CHAIRMAN Podgorica, 17 May 2022 GOVERNOR, Radoje Žugić, m.p.