Sub-areas?
The sub-areas within Chapter 4 are: movement of capital and payments, payment systems, and the prevention of money laundering and terrorist financing.
When was the chapter closed?
Negotiating Chapter 4 – Free Movement of Capital was officially opened on 24 June 2014 and provisionally closed on 16 December 2025 at the Intergovernmental Conference in Brussels.
Closing benchmarks?
The closing benchmarks for this chapter are:
- Alignment of the entire legislation with the EU acquis, demonstrating the ability to implement it as of the date of accession, and ensuring the removal of remaining restrictions on the movement of capital;
- Alignment of the Law on the Payment System and demonstration of the ability to implement Regulations 924/2009 and 260/2012; and
- In the areas of money laundering and terrorist financing, completion of alignment with the acquis and ensuring, through a track record, adequate administrative capacity for the implementation of the acquis.
Key activities?
A significant development for citizens is the fact that on 21 November 2024 Montenegro officially became part of the Single Euro Payments Area (SEPA). Under the leadership of the Central Bank of Montenegro, the country invested significant efforts in aligning its national payment system and applicable regulations with European Union (EU) standards, thereby becoming the first Western Balkan country to join the SEPA geographical area and achieving one of the key goals on its path toward EU membership. This means that all participants in the payment schemes of the European Payments Council (EPC) will be able to send and receive SEPA Credit Transfers (SCT), SEPA Instant Credit Transfers (SCT Inst), and SEPA Direct Debits (SDD) to and from participants of the SCT, SCT Inst, and SDD schemes in Montenegro once Montenegrin financial institutions join these schemes.
In addition, this chapter also covers supervision of potential money laundering risks related to investor schemes within the national risk assessment, based on EU anti-money laundering rules, and, where necessary, the adoption of appropriate measures to mitigate those risks.
Institutions / organizations participating in the negotiating group?
Members of the Negotiating Working Group come from the Ministry of European Affairs, the Ministry of Finance, the Central Bank of Montenegro, the Ministry of Spatial Planning, Urbanism and State Property, the Ministry of Interior, the Ministry of Foreign Affairs, the Police Administration, the Capital Market Authority, the Insurance Supervision Agency, and the Chamber of Commerce of Montenegro.
The Head of the Negotiating Working Group for this chapter is from the Ministry of European Affairs, the Deputy Head is from the Central Bank of Montenegro, while the contact person for the Working Group is from the Ministry of European Affairs.
What are the benefits of this chapter for Montenegro?
The greatest benefit of this chapter for Montenegro lies in the freedom of movement of capital for Montenegrin citizens, which will enable them to carry out a wide range of activities abroad: opening bank accounts with foreign banks, purchasing shares in foreign companies, investing, and acquiring real estate, as well as having a wider choice of financial institutions with which they wish to do business. For companies, this freedom implies the possibility to invest in and acquire ownership rights in foreign companies, as well as to play an active role in their management.
For companies engaged in financial services, the free movement of capital enables the successful conduct of cross-border activities. The efficiency of the financial services sector would be undermined if restrictions on the movement of capital among EU Member States were to exist.