The Capital Market Authority of Montenegro (CMA) participated as part of Montenegro's delegation in the final meeting with the evaluation team following the assessment of the AML/CFT system by MONEYVAL. Representing the CMA were Željko Drinčić, President and Petar Dujović, AML Compliance Officer.
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, MONEYVAL, represents a permanent supervisory body of the Council of Europe. MONEYVAL is authorized to assess compliance with leading international standards in the field of combating money laundering and terrorist financing, as well as evaluate the effectiveness of the application of these standards. Furthermore, MONEYVAL provides recommendations to national authorities regarding necessary improvements to their systems. Through a dynamic process of mutual assessments and regular report monitoring, MONEYVAL aims to enhance the capacities of national authorities for a more effective fight against money laundering and terrorist financing.
The sessions took held in Strasbourg from September 6th to 8th, 2023, in the Agora building, the Council of Europe's headquarters. During these sessions, Capital Market Authority representatives defended the supplied replies and discussed the status within their authority, which were submitted through the Technical Compliance Questionnaire and the Effectiveness Questionnaire of relevant authorities in the AML/CFT system. Furthermore, they actively engaged in talks on Montenegro's general financial system, providing a substantial contribution to the whole state delegation.
During the meetings, the evaluators requested additional information on mechanisms for preventing the operations of legal entities providing investment services without the required operating permits, a list of requests from foreign competent authorities for data submission, and a list of controls for the year 2022 related to investment fund management companies.
The CMA's active participation in these crucial meetings demonstrates its commitment to upholding the highest international standards in the fight against money laundering and terrorist financing, significantly contributing to Montenegro's efforts in this critical area of financial regulation.