Montenegro should step up its efforts in investigating and efficient prosecuting of money laundering, and in monitoring high-risk non-financial businesses and professions, the Council of Europe’s (CoE) body in charge of suppressing money laundering and financing of terrorism, the Moneyval, assessed on Feb. 1.
In the report, the Montenegrin authorities are urged to additionally improve measures in the fight against money laundering and financing of terrorism. “Since 2015, when Moneyval presented its latest comprehensive assessment of Montenegro, this country has undertaken a series of actions to strengthen its legal and institutional framework in the fight against money laundering and financing of terrorism,” stated the body.
In the assessment of the level of the country’s harmonization with the standards of the Financial Action Task Force (FATF), Moneyval concluded that Montenegro had reached a significant level of efficiency in two of the 11 assessed fields.
These fields are: understanding the risk from money laundering and financing of terrorism, and international cooperation, in which the authorities have been commended for efficient cooperation in the exchange of evidence and intelligence data. In the remaining nine fields, Montenegro has accomplished a moderate level of efficiency and major improvements are needed, it was assessed.