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Montenegro Fails to Meet International Anti-Money Laundering and Counter-Terrorism Financing Standards

Overview

A recent evaluation by international experts has revealed that Montenegro’s anti-money laundering (AML) and counter-terrorism financing (CFT) regime is still lacking essential components. Despite progress in some areas, the country falls short of meeting international standards.

Key Concerns

• The absence of a Financial Intelligence Unit (FIU), which is crucial for coordinating AML/CFT efforts
• Weaknesses in confiscation and provisional measures, including:
  • No explicit provision for seizing money intended to finance terrorism
  • Lack of special powers for authorities to implement United Nations resolutions on freezing terrorist assets
• Criminal Code does not specifically criminalize the financing of terrorism

Recommendations

To address these shortcomings, urgent action is needed. The following recommendations are made:

• Establish a Financial Intelligence Unit (FIU) with adequate resources and expertise
• Adopt a specific provision in the Criminal Code criminalizing the financing of terrorism
• Strengthen law enforcement and prosecution authorities, including providing sufficient resources and expertise
• Implement provisions for confiscation, seizure, and freezing assets intended to finance terrorism
• Give authorities special powers to implement UN resolutions on preventing and suppressing the financing of terrorism

Conclusion

While Montenegro has made progress in some areas, its AML/CFT regime remains incomplete and falls short of international standards. Immediate action is necessary to address these shortcomings and bring the country’s regime into compliance with international standards.

Source

International Evaluation Team