Serbia-Yugoslavia Serbia

New Documents

UNSC Amends North Korea Sanctions Entry

The United Nations Security Council issued a press release concerning its amendment to an entry relating to its sanctions on North Korea.

April 16, 2024

Moneyval Re-Rates AML/CTF Technical Compliance of Serbia

The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism published a fifth enhanced follow-up report on the anti-money laundering and counterterrorist financing measures of Serbia.

March 18, 2024

UNSC Amends North Korea Sanctions Entry

March 11, 2024

UNSC Amends 85 Entries Under Islamic State, Al-Qaida Sanctions List

February 8, 2024

UNSC Amends Seven Entries Relating to ISIL, Al-Qaida Sanctions

January 8, 2024

News

Midweek Roundup: BitMex Founder Faces Prison, FATF Praises France, and More

Russian nationals gobble up Turkish real estate, U.S. tops list of global tax havens, and more, in the midweek roundup.

May 18, 2022

Midweek Roundup: FinCEN Wants ‘Effective’ AML Programs, Julius Baer Nears FIFA Settlement with US Prosecutors, and More

U.S. money-mule schemes have spiked during COVID-19, IRS seeks help in tracking Monero transactions, and more, in the midweek roundup.

September 16, 2020

Weekly Roundup: California Lender Hit with AML Fine, Former Compliance Manager Convicted in Swiss 1MDB Probe, and More

July 31, 2020

Midweek Roundup: HSBC Rejects China’s Accusations, Beijing Urges Migration from Swift, and More

July 29, 2020

Midweek Roundup: Credit Suisse Under AML Investigation, Malta Fines Satabank, and More

July 10, 2019

Enforcement Actions

0 Items Found

Key Documents

Serbia Enacts Updated AML/CFT Law

November 30, 2010

Serbia Issues Rulebook for Implementing AML/CFT Law

June 10, 2011

National Bank of Serbia Issues Guidance on ML/TF Risk Assessment

June 17, 2009

Serbian Central Bank Sets Minimal KYC Norms

June 17, 2009

Serbian Regulator Approves Rules on Management of Bank Compliance Risk

September 18, 2007

Serbia Issues Rules on Risk Management for Banks

June 16, 2011

Important Facts

  • The U.S. State Department labels Serbia as a major money laundering jurisdiction. According to the country’s Administration for the Prevention of Money Laundering, the most common money laundering methods used in Serbia include loans and cash gifts of unknown origin to individuals; structured cash deposits of unknown origin into financial institutions through non-beneficial account holders; shell companies and limited liability companies; over or under-invoicing imports and exports; tax evasion; transactions in construction, real estate, casinos, currency exchange offices, hotels, and other retail, wholesale, and cash-based businesses. Serbia has committed to addressing anti-money laundering (AML) deficiencies and has made significant progress of bringing its AML regime up to international standards. It has passed  laws to improve factoring, accounting, auditing, and foreign exchange operations and has amended laws governing games of chance, trade and lease of real estate transactions, and record-keeping of beneficial owners. Serbia’s laws require enhanced due diligence of foreign politically exposed persons and its AML and counterterrorist financing legislation to cover legal persons. In 2017, Serbian authorities investigated 11 people and 1 company for money laundering violations which investigation resulted in two convictions. In 2018, 11 criminal charges were filed against 31 individuals for the criminal offense of money laundering, 275 indictments and 142 criminal convictions have been reported for corruption and economic offenses.
Source: 2019 International Narcotics Control Strategy Report (INCSR)  

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 5 High : 0
Largely Compliant : 35 Substantial : 0
Partially Compliant : 0 Moderate : 8
Non-Compliant : 0 Low : 3

Serbia's technical compliance was re-rated in a March 18, 2024 follow-up report.

BASEL i

Rank : 54/141
Score : 5.47/10

TRANSPARENCY INTERNATIONAL i

Rank : 91/180
Score : 39/100

Tax Justice Network i

Rank : N/A
Score : N/A