Serbia

New Documents

Serbian Regulator Adds New Entry to ISIL, Al-Qaida Sanctions List

The Serbian Administration for the Prevention of Money Laundering announced a change to the jurisdiction’s sanctions list with respect to members of al-Qaida and the Islamic State of Iraq and the Levant.

June 21, 2021

APML Advises on Updated FATF List of High Risk Jurisdictions

The Serbian Administration for the Prevention of Money Laundering issued a press release to regulated entities regarding jurisdictions identified by the Financial Action Task Force as having deficient anti-money laundering and counterterrorist financing regimes.

April 12, 2021

Serbian APML Highlights Amendments to Islamic State, Al-Qaida Sanctions Entry

April 12, 2021

Serbian APML Highlights Amendment to Islamic State, Al-Qaida Sanctions List

March 29, 2021

Serbian APML Updates ISIL, Al-Qaida Sanctions List

March 1, 2021

News

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

Crown Resorts fraudulently opened accounts at Australian lender, New Zealand’s TSB target of imminent AML enforcement action, and more, in the weekly roundup.

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

Weekly Roundup: ‘El Chapo’ Arrives in New York, 1MDB Suspect’s Family Changes Trustees, and More

January 20, 2017

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 : 31 Substantial : 0
Partially Compliant : 4 Moderate : 8
Non-Compliant : 0 Low : 3

A "graylisted" country as of Oct. 19, 2018. Serbia's technical compliance was re-rated in a Jan. 23, 2020 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