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Europe > Montenegro

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  • Type: Journal Issue x
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Cover IMF Staff Country Reports
Montenegro: Central Bank Transparency Code Review
International Monetary Fund. Monetary and Capital Markets Department
The transparency of the Central Bank of Montenegro (CBCG)’s legal framework, its mandate, autonomy, and decision-making arrangements have all been strengthened over time, but further improvements are recommended. The most important room for improvement is for the CBCG’s website to clearly explain that Montenegro’s unilateral euroization limits the scope for an independent monetary policy and for the provision of ELA. That should be aligned with an enhanced policy strategy, which should explain its operational framework and toolkit, helping the public understand how policies are formulated and what to expect. In addition, it should ensure timely publication of all its opinions on draft laws concerning the financial sector. The discussion on the website of the CBCG’s existing functional autonomy could stress that the CBCG can perform its mandate without prior approval needed from the Government. Finally, the CBCG’s transparency could be enhanced by clarifying the function of the Governor’s Collegium and by publishing the general act establishing the remuneration of the Governor, Vice-Governors, and Council members on its website, along with existing links to their incomes and assets, which is already available in the Anti-Corruption Agency website.
Keywords:
central bank Transparency Code; CBCG communication channel; CBCG bulletin; review mission; knowledge gap index; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial sector stability; Social networks; International reserves; Reserves management; Global
Cover IMF Staff Country Reports
Serbia and Montenegro: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
This Report assesses Observance of Standards and Codes on the Financial Action Task Force (FATF) Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Serbia and Montenegro. The assessment reveals that the AML/CFT regime of Serbia still lacks some essential components. On the repressive side, there is not a specific provision on the financing of terrorism. It is possible to confiscate the proceeds of crime, but it is not possible to confiscate money intended to finance an act of terrorism.
Keywords:
ISCR; CR; procedure; authority; Serbian FIU; customer; Yugoslavia; customer identification requirement; criminal code; customer acceptance policy; Montenegrin authorities; law enforcement authorities; customer identification information; Money laundering; Terrorism financing; Anti-money laundering and combating the financing of terrorism (AML/CFT); Terrorism; Europe