Serbia

New Documents

Serbia’s Administration for the Prevention of Money Laundering announced that the United Nations Security Council amended sanctions pursuant to resolutions 1267 (1999), 1989 (2011) and 2253 (2015), which imposes measures against al-Qaida and the Islamic State of Iraq and the Levant.

The Serbian Administration for the Prevention of Money Laundering issued a notice to regulated entities concerning changes to the jurisdiction’s sanctions regime.

News

Enforcement Actions

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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 : 25/125
Score : 6.33/10

TRANSPARENCY INTERNATIONAL i

Rank : 91/180
Score : 39/100

Tax Justice Network i

Rank : N/A
Score : N/A