Montenegro must improve supervision of its non-bank financial sector's anti-money laundering efforts and pass laws that empower it to confiscate the assets of terrorist financiers, according to a European AML watchdog group. The newly independent state must also expand the number of industries covered by AML legislation, make insider trading a predicate crime for money laundering and implement greater due diligence measures for banks that do business with high risk countries, according to the 269-page report by MONEYVAL, a Council of Europe organization that evaluates member nations' AML programs. Montenegro's shortcomings are due in part to it being forced to...
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