Montenegro: Father and son Đukanović under investigation for “Pandora papers” allegations

Montenegro: Father and son Đukanović under investigation for “Pandora papers” allegations

The Special State Prosecutor’s Office of Montenegro (STD) will conduct an investigation in the “Pandora papers” case, in which the President of Montenegro and his son, Milo and Blažo Đukanović, are mentioned as owners of several companies in offshore destinations.

Regarding the announcement of MANS, which participated in the global investigation “Pandora papers”, we point out that the Special State Prosecutor’s Office immediately after learning about the event formed a case and will take all measures and actions within its competence to establish facts and circumstances related to this case. “We will inform the public in a timely manner about the results of the actions taken,” reads a press release posted on the STD website.

The investigation was also announced by the Agency for the Prevention of Corruption, which, as in all previous cases initiated by the media community, will initiate a procedure to establish the facts. This is stated in the answer of the Radio of Montenegro to the journalist’s question what the Agency for Prevention of Corruption will do in order to determine the validity of the allegations and facts in the domain of its competence, regarding the “Pandora papers” affair.

When asked whether the Central Bank of Montenegro monitors suspicious cash flows outside the country’s banking system and how it reacts to the possibility that these persons, the President and his son, were identified in MANS allegations in the “Pandora papers” affair for involvement in suspicious international transactions money through offshore companies, the Central Bank responded briefly:

“The central bank does not have the authority and authority to monitor cash flows outside the banking system of Montenegro. Pursuant to the Law on Prevention of Money Laundering and Terrorist Financing, the Central Bank of Montenegro supervises taxpayers from the financial sector of Montenegro in terms of application of the norms of the said Law and bylaws. In case of suspicious transactions on the Montenegrin financial market, the Central Bank reports them and closely cooperates with the Financial Intelligence Unit of the Police Administration”, reads the response of the CBM.

Đukanović confirmed that in 2012 he founded the Victory Trust at an offshore destination, which he later transferred to his son Blaž, but that there were no illegalities in the work of this trust.