The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) published a follow-up report finding that Montenegro has made significant progress in strengthening its anti-money laundering and counter-terrorist financing framework and has addressed a number of deficiencies identified in its December 2023 evaluation, leading to multiple compliance re-ratings. MONEYVAL upgraded Montenegro to “largely compliant” on 12 Financial Action Task Force (FATF) recommendations covering targeted financial sanctions related to terrorism and terrorist financing, customer due diligence and other preventive measures, new technologies, regulation and supervision of financial institutions, and maintaining AML/CFT statistics (Recommendations 6, 7, 10, 13, 15, 16, 17, 18, 22, 23, 26 and 33). It highlighted significant changes to the Law on the Prevention of Money Laundering and Terrorism Financing, amendments to other legislative acts, and the adoption of rulebooks. Some progress was also recorded on Recommendations 8, 19, 24, 25, 28 and 35, with an upgrade to “partially compliant” on Recommendation 8, while Montenegro remained “partially compliant” on Recommendations 19, 24, 25 and 28. Overall, Montenegro is rated compliant on two recommendations, largely compliant on 31, and partially compliant on seven, with none assessed as non-compliant. Montenegro is expected to report back to MONEYVAL in one year on progress to strengthen implementation of AML/CFT measures.

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