Serbia's measures to combat money laundering and terrorist financing

Publication details

Language

English

Country

Serbia

The Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) completed and assessment of Serbia's measures to combat money laundering and terrorist financing.

FATF-style regional body MONEYVAL praised the authorities of Serbia for improving legal and institutional framework, but urged the country to develop a clear criminal policy on money laundering investigations and prosecutions, and to fight money laundering and the financing of terrorism on a systematic and consistent basis.  

The MONEYVAL report recommends an action plan to address the shortcomings identified during the assessment.  Serbia will report back to MONEYVAL in May 2017 about the implementation of its recommendations under the enhanced follow-up procedures.

MONEYVAL - Mutual Evaluation Serbia - 2016

Filename
MONEYVAL(2016)2_MER_Serbia_en.pdf
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3 MB
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application/pdf
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Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Serbia Mutual Evaluation 2016

R.1 - Assessing risk & applying risk-based approach
PC
R.2 - National cooperation and coordination
LC
R.3 - Money laundering offence
LC
R.4 - Confiscation and provisional measures
LC
R.5 - Terrorist financing offence
LC
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
PC
R.7 - Targeted financial sanctions related to proliferation
NC
R.8 - Non-profit organisations
PC
R.9 - Financial institution secrecy laws
LC
R.10 - Customer due diligence
PC
R.11 - Record keeping
LC
R.12 - Politically exposed persons
PC
R.13 - Correspondent banking
PC
R.14 - Money or value transfer services
LC
R.15 - New technologies
LC
R.16 - Wire transfers
PC
R.17 - Reliance on third parties
C
R.18 - Internal controls and foreign branches and subsidiaries
PC
R.19 - Higher-risk countries
PC
R.20 - Reporting of suspicious transactions
C
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
PC
R.23 - DNFBPs: Other measures
PC
R.24 - Transparency and beneficial ownership of legal persons
LC
R.25 - Transparency and beneficial ownership of legal arrangements
PC
R.26 - Regulation and supervision of financial institutions
PC
R.27 - Powers of supervisors
LC
R.28 - Regulation and supervision of DNFBPs
PC
R.29 - Financial intelligence units
LC
R.30 - Responsibilities of law enforcement and investigative authorities
LC
R.31 - Powers of law enforcement and investigative authorities
LC
R.32 - Cash couriers
LC
R.33 - Statistics
LC
R.34 - Guidance and feedback
LC
R.35- Sanctions
PC
R.36 - International instruments
LC
R.37 - Mutual legal assistance
LC
R.38 - Mutual legal assistance: freezing and confiscation
LC
R.39 - Extradition
LC
R.40 - Other forms of international cooperation
PC

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

Effectiveness

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Serbia Mutual Evaluation 2016

IO1
ME
IO2
ME
IO3
ME
IO4
ME
IO5
ME
IO6
ME
IO7
LE
IO8
ME
IO9
ME
IO10
LE
IO11
LE

HE = high level of effectiveness   |   SE = substantial level of effectiveness    |   ME = moderate level of effectiveness   |   LE = low level of effectiveness

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