Effectiveness of the mechanisms for prevention of money laundering and terrorism financing (AML/CFT), and establishing an effective track record of investigation, seizure and confiscation of criminal proceeds are some of the main challenges that Montenegro is facing on its European path. The European Union and the Council of Europe are supporting Montenegrin authorities in reinforcing the existing safeguards in the legal and institutional framework and in fostering development of operational capacities necessary to stand up to the dangers that financial crime poses to Montenegrin economy and society. However, Montenegrin authorities are expected to undertake and assume ownership of comprehensive policy changes, as well as to ensure their vigorous application in practice, as delays and deficiencies in this area might endanger the stability of the financial system and undermine overall efforts in the European integration process.

This was the key message at the opening of the conference Anti-money laundering and counter-terrorist financing system in Montenegro: obstacles to the effective system and the way forward, which was organised within the Action against economic crime in Montenegro, a part of the joint European Union and Council of Europe programme “Horizontal Facility for the Western Balkans and Turkey 2019-2022”, implemented by Economic Crime and Co-operation Division of Council of Europe.

The conference provided a platform to discuss the effectiveness of Montenegrin AML/CFT system, with the view to encourage rapid action to overcome the existing gaps in the legal, institutional and operational framework. The participants specifically discussed the effectiveness of the key elements of the Montenegrin system for prevention of money laundering and terrorist financing and the preparedness of Montenegro to apply the international standards in the areas of national co-ordination, regulation and supervision of financial and non-financial institutions, and competences of law enforcement agencies.