Criticism of Montenegro ‘s Approach to Money Laundering by the Council of Europe
The Council of Europe, through its Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL), has expressed concern regarding Montenegro ‘s approach to combating money laundering and terrorist financing.
In a report published by MONEYVAL, it is noted that although Montenegro has made significant progress since the last comprehensive evaluation in 2015 in strengthening its legislative and institutional framework to combat such crimes, it still needs to intensify its efforts.
MONEYVAL assessed Montenegro’s compliance with FATF standards by analyzing 11 specific areas of activity. The report highlights that Montenegro has achieved significant success in two areas: assessing the risks of money laundering and terrorist financing, as well as in international cooperation. Montenegro received a high rating for effective exchange of information and evidence in the latter.
However, the report also identifies the need for substantial improvement in nine other areas, indicating a moderate level of effectiveness. MONEYVAL suggests Montenegro conduct a more in-depth examination of the risks associated with cash transactions, corruption, the use of shell companies, and potential threats of terrorist financing in various sectors of the economy.
The Council recommends that Montenegro more carefully analyze these risks, especially considering new technologies, cross-border financial transactions, and the activities of the non-profit sector, in order to reduce the vulnerability of critical financial infrastructure.
Our team is always ready to provide high-quality advice and help in solving any tasks you set. Subscribe to our pages on social networks. If you have any questions, want to order services or consultations from us, then follow this link or write to us on WhatsApp/Viber/Telegram +380 98 363 6493 or call us.