Montenegro and Money Laundering: Paradise or Myth?
More and more foreign businessmen are coming to Montenegro, and some of them, according to authorities, bring suspicious capital. Valuable properties, especially on the coast, have been blocked. So, is Montenegro becoming a money laundering paradise?
Financial consultant Stevan Gajević insists Montenegro is not fertile ground for money laundering. Why? Because of strict measures by the Central Bank and alignment with EU standards during the negotiation process. “A huge amount of work has been invested in the banking sector and other sectors to meet the key requirements of chapters 23 and 24,” Gajević says.
However, he warns that financial transaction controls must be balanced – too strict measures could choke investments. “Controls should be strong but not to negate business, rather to protect it,” he adds.
On the other hand, Ines Mrdović from the Action for Social Justice believes Montenegro is more suitable for money laundering than Western European countries. Weak rule of law and an unregulated legal system attract dirty money. She questions whether Montenegrin authorities are truly ready to decisively oppose the injection of suspicious money into legal flows.
“Our competent authorities have mechanisms that literally light red flags and can check suspicious transactions,” Mrdović says, but adds that success in fighting money laundering directly affects Montenegro’s international image.
Gajević reminds that a new law on preventing money laundering and terrorist financing has been adopted, aligned with Council of Europe standards. The money laundering prevention agency works efficiently and records an increasing number of suspicious transactions every year.
So, is Montenegro really a safe haven for money laundering or just a country struggling with its reputation? Drop a comment if you think this is just the tip of the iceberg or if the measures are enough to protect our economy. Maybe it’s time we all shed some light on this shady business!
