Financial Crime World

Title: Serbia and Montenegro: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Assessment

Challenge in Implementing FATF Recommendations for Montenegro and Serbia

A new report by the International Monetary Fund (IMF) reveals the challenges faced by Montenegro and Serbia in implementing the anti-money laundering and countering the financing of terrorism (AML/CFT) recommendations set by the Financial Action Task Force (FATF).

Serbia’s AML/CFT Framework

  • No provision on terrorism financing: Serbia lacks a specific provision on terrorism financing, making it impossible to confiscate funds intended for acts of terrorism.
  • Progress: Serbian authorities have made progress in establishing the legal and regulatory framework for combating money laundering and terrorism financing.

Montenegro’s AML/CFT Framework

  • Asset freezing and confiscation: Montenegrin authorities face challenges in freezing or confiscating assets related to terrorist financing offenses.
  • Progress: Montenegrin authorities have made progress in establishing the legal and regulatory framework for combating money laundering and terrorism financing.

Recommendations for Addressing the Challenges

  • Greater cooperation: The report emphasizes the need for greater cooperation between Montenegrin and Serbian authorities for information sharing and coordination.
  • Addressing gaps: The report includes recommendations for addressing the identified gaps and improving the overall effectiveness of the AML/CFT framework in the two countries.

International Efforts

The findings of the report come at a time when international efforts to combat money laundering and terrorism financing have gained renewed importance. The IMF will continue to work closely with Montenegrin and Serbian authorities to help them address the challenges outlined in the report and ensure that their AML/CFT framework is in line with international best practices.

IMF Report

The report is a part of the IMF’s Country Report No. 18/77. It provides a comprehensive analysis of the progress made by Montenegro and Serbia in implementing the FATF recommendations for AML/CFT. You can access the report and more information on the IMF’s work on AML/CFT on the IMF website.