Presentation by the Minister of Finance Igor Lukšić on the opening of seminar Implementation of the Law on Money Laundering and Terrorism Financing Prevention held od 21 and 22 February 2008 in Hotel Maestral Pržno

Adoption of the new Law on Money Laundering and Terrorism Financing Prevention had sent a clear message that we want to implement the best practice of the experiences and standards in this area, which is obligatory for the EU member states, but not for the ones aspiring to access. At the same time, we had recognized the need do find a balance between the politics and strengthening supervision or oversight of financial flows through strengthening the authorized institutions and increased economic competitiveness policy, having a stimulating taxation policy, investments in infrastructure, labor market reform, and similar. On the other hand, strengthening the institutions for financial flow supervision sends a message of stability and investment safety in our economic system. Therefore, the activities within our current discussion represent the significant segment of general activities of the Government and other authorized institutions for the purpose of alleviation and prevention of organized crime and corruption. Those global problems are the field of acting we had and will give significant efforts to in order to fulfill our obligations. In that sense, as you all know, the Government had established a special national commission with the task to overview the implementation of Action plan for fighting corruption and organized crime. In that sense, I am pleased to note that the Directorate for Money Laundering Prevention is the institution fulfilling most of the obligations and planned measures... I would like to use this opportunity to shortly overview the significance of this legal act through the prism of tax payers, but also from the standpoint of achieved results and expectations in that area. The new law, according to the standards, gives a more significant role and greater responsibilities to the authorized persons definitely representing the first front line in money laundering and terrorism financing prevention. Authorized persons are the first filter recognizing the suspicious transactions and, in close cooperation with the authorized executive institutions and helping establishing an efficient financing system to be absolutely non-accessible for the attempt of so called dirty money input. In that sense, it is important to note that the Government of Montenegro is decisive to maintain the implementation of defined measures and that the international community has and will have a reliable partner in Montenegro not only in fighting money laundering and terrorism financing, but also all other forms of the organized crime. I would like to note a successful cooperation and communication between Montenegro authority has with partner financial investigation services through the work of EGMONT group it belongs to...