Given Serbia’s progress in strengthening its anti-money laundering and terrorist financing framework since the adoption of its Mutual Assessment Report in April 2016, MONEYVAL has re-rated the country as “partially compliant with three originally assessed recommendations by the Financial Action Task Force (FATF) “.
Serbia was put into a reinforced follow-up process following the adoption of its Mutual Assessment Report, which assessed the effectiveness of its anti-money laundering and terrorist financing (AML / CFT) measures and compliance with FATF recommendations. In accordance with the MONEYVAL Rules of Procedure, the country of MONEYVAL reported on the progress it had made in strengthening its anti-money laundering and terrorist financing framework.
This follow-up report analyzes Serbia’s progress in addressing the shortcomings in compliance with technical regulations identified in the mutual assessment report.
To reflect this progress, MONEYVAL has revised Serbia as “largely compliant” with recommendations 6 (targeted financial sanctions in connection with terrorism and terrorist financing) and 8 (non-profit organizations) and recommendation 18 (internal controls as well as foreign branches and subsidiaries) rated. as “compliant”.
The follow-up report also looks at the progress made in the implementation of new requirements related to Recommendation 2 (national cooperation and coordination), which have changed since the last Serbian follow-up report was adopted. The rating for recommendation 2 (classified as “largely compliant”) remains unchanged.
Serbia is now “compliant” in five of the 40 FATF recommendations and “largely compliant” in 31 of them. Four of the 40 FATF recommendations remain “partially compliant”.
MONEYVAL has decided that Serbia will remain in the enhanced follow-up process and MONEYVAL will continue to report on further progress in strengthening the implementation of measures to combat money laundering and terrorist financing.