MONEYVAL, the Council of Europe (COE)’s AML watchdog, has removed Montenegro from its 4th round regular follow-up process, after reviewing the country’s second revised follow-up report. The revised report thoroughly assesses Montenegro’s compliance with the international AML/CFT standards defined by the Financial Action Task Force (FATF).
MONEYVAL has highlighted Montenegro’s progress in addressing several AML/CFT deficiencies identified earlier in 2015. The deficient areas included criminalisation of money laundering, confiscation measures, customer due diligence, suspicious transaction reporting, supervision, international cooperation, international conventions on terrorism financing, criminalisation of terrorism financing and freezing of terrorist funds.
Montenegro’s fifth round mutual evaluation is forthcoming and MONEYVAL has encouraged the country to keep up its AML/CFT efforts. Enhancing its AML/CFT procedures will further improve the country’s evaluation results.
