Montenegro's Strict Measures Against Gaming Operators: €99K in Fines

Financial sanctions imposed on organizers of games of chance

Montenegro Minister of Finance, Novica Vuković, said that the rules are clear and equal for everyone, and the state has both the will and the capacity to fully implement them.

The organizers of games of chance in Montenegro were imposed financial sanctions in the total amount of 99 thousand euros due to established irregularities and non-compliance with obligations under the Law on the Prevention of Money Laundering and Financing of Terrorism (LMLFT), the Ministry of Finance announced.

Minister of Finance, Novica Vuković, said that the rules are clear and equal for everyone, and the state has both the will and capacity to fully implement them.

"All organizers who fail to align their operations with the highest standards of transparency and legal obligations will face the strictest legal sanctions, including the permanent revocation of concessions," said Vuković.

He stated that building a transparent financial system and a decisive fight against financial crime are the absolute priorities of the Government.

Inspection supervision in the gaming sector has been significantly intensified, with a special focus on compliance with the Law on the Prevention of Money Laundering and Financing of Terrorism.

Intensified AML Inspections Yield Concrete Results

Following the revision of the previous Work Plan by the Inspector General, the planned scope of inspections has been significantly increased. Instead of the originally planned five AML inspections, 12 comprehensive inspections have been successfully completed so far, while the plan envisages a total of 20 AML inspections by the end of the current year.

The results of the intensified supervision are already concrete and measurable, and due to the irregularities identified and non-compliance with legal obligations under the Anti-Money Laundering and Terrorism Financing Act, financial sanctions totaling 99 thousand euros were imposed on the organizers of games of chance. Offense orders were issued to both the companies and the responsible persons in those companies.

The Ministry of Finance will not stop at the current scope of controls and this is just the beginning of tightened supervision. A total of 20 AML inspections will be conducted by the end of the year, which will cover a significant part of the market and additionally verify the level of compliance of organizers with legal obligations.

A Zero-Tolerance Policy for the Gaming Sector 

A particularly important segment of the new approach is the significantly intensified cooperation with the Financial Intelligence Unit (FIU). Institutional coordination has been raised to the highest level, which enables faster information flow, more efficient data exchange and more decisive action in cases of suspected violations of regulations.

The goal of the Ministry of Finance is to completely close the space for abuse and circumvention of legal obligations in the gaming sector.

The supervision system in Montenegro is based on the principle of zero tolerance towards violations of the Anti-Money Laundering and Terrorism Financing Act, which means that no taxpayer, regardless of size, market position or volume of business, can count on different treatment when it comes to compliance with the law.

"Our goal is not just to sanction irregularities when we identify them, but to establish a system in which it is clear that legal obligations must be respected. Those who operate legally have no reason to worry. Those who try to circumvent the rules must count on a decisive response from the state. We want a market that is regulated, transparent and responsible," said Vuković.

The Ministry of Finance will continue with increased inspection activities, with a special focus on controlling the implementation of measures and procedures to prevent money laundering and terrorist financing.

"Namely, 99 thousand euros in fines imposed, 12 completed AML controls and 20 planned by the end of the year represent a clear signal that supervision has been significantly tightened. The state is determined to ensure full compliance with the law, greater market transparency and stronger protection of the Montenegrin financial system from the risk of money laundering and terrorist financing," the statement concludes.