Podgorica, (MINA-BUSINESS) – During an official visit to Frankfurt, the Central Bank of Montenegro (CBCG) reaffirmed its strong commitment to full regulatory, institutional, and operational integration into the European financial framework.

 

The CBCG delegation, led by Governor Irena Radovic, met with Bruna Szego, Chair of the Anti-Money Laundering Authority (AMLA), the central body for harmonized supervision in this field within the EU. 

 

During the meeting, they confirmed CBCG’s full commitment to aligning with AMLA and EU standards in preventing money laundering and terrorist financing, in anticipation of Montenegro’s full EU membership. 

 

CBCG representatives presented tangible results achieved over the past two years – ranging from significant improvements in a risk-based supervisory approach and the establishment of a robust system for applying effective, deterrent, and proportionate measures, which appropriately contribute to the stability and resilience of the financial system, to consistent implementation of the best international standards. 

 

The participants agreed that combating money laundering and terrorist financing is a shared responsibility in safeguarding the European financial system’ integrity, and expressed readiness to establish structured early cooperation between AMLA and CBCG, including intensified communication and consideration of modalities for institutional collaboration in the upcoming period, ahead of Montenegro’s full EU membership.

 

During discussions with the Head of the European Systemic Risk Board Secretariat (ESRB), Francesco Mazzaferro, particular attention was given to cooperation on strengthening the macroprudential framework, improving analytical capacities, and aligning with European recommendations on identifying and monitoring systemic risks. 

 

In this context, the ESRB Secretariat expressed its willingness to support CBCG in further developing its macroprudential framework and aligning with European standards. 

 

At a meeting with representatives of the European Central Bank (ECB), CBCG presented progress in regulatory and infrastructural alignment with EU and European System of Central Banks (ESCB) standards. 

 

ECB representatives were informed of operational experiences to date regarding the functioning of the SEPA system and its positive effects on improving efficiency, security, and competitiveness of payment systems, contributing to the further development of Montenegro’s economy.

 

One of the key topics discussed was the ECB’s strategic support for the TIPS Clone instant payments project and the status of its implementation. The discussion highlighted that this project represents a major step towards the full integration of Montenegro’s payment system into the European instant payments area. 

 

“These reforms have imposed a significant financial burden on CBCG, which we have consciously undertaken, considering that the long-term benefits for citizens, the economy, and the state outweigh the short-term financial impact on the institution itself,” Radovic stated.

The CBCG delegation included Vice-Governors Zorica Kalezic and Gordana Kalezic, Adviser to Governor Dragana Bjelobrkovic Vukcevic, Director of the Payment System Department Andrija Jovovic; and Director of the IT Department Sasa Scekic.