Serbia Enhances Efforts to Combat Money Laundering and Terrorism Financing
The Serbian government has reiterated its commitment to combating money laundering and terrorism financing, with a focus on risk analysis and assessment.
Risk-Based Approach
According to the Financial Action Task Force (FATF), an international body that sets standards in the fight against money laundering, terrorism financing, and the financing of weapons of mass destruction, risk-based approaches are effective in combating these harmful phenomena. The Serbian government has adopted this approach, conducting national risk assessments for money laundering and terrorism financing in 2012, 2014, and most recently in [year].
National Risk Assessment
The importance of national risk assessment is also emphasized by the Law on Prevention of Money Laundering and Terrorism Financing, which requires that the assessment be conducted at least once every three years. The results of the assessment are made publicly available, without compromising confidential information.
Measures to Mitigate Risks
To mitigate identified risks, the government has implemented a range of measures, including:
- Establishment of a Coordinating Body for the Prevention of Money Laundering and Terrorism Financing
- Creation of a separate supervisory authority in the field of games of chance
- Amendments to sectoral laws
- Improved work of supervisory bodies
- Published typologies of money laundering and terrorism financing
- Held workshops and training sessions to raise awareness among stakeholders
Risk Management
Risk management is a critical component of the government’s efforts, involving:
- Identification of risks associated with money laundering and terrorism financing
- Analysis and understanding of these risks
- Development of appropriate measures to mitigate or reduce identified risks
Control of Non-Profit Organizations
The government has also established a working group to control non-profit organizations, associations, endowments, and other forms of non-profit organizations, which are considered high-risk areas for money laundering and terrorism financing.
Strategy for Combating Money Laundering and Terrorism Financing
According to the Strategy for Combating Money Laundering and Terrorism Financing for the period 2020-2024, updating the national risk assessment is a key activity aimed at enhancing the country’s ability to combat these harmful phenomena.
Results and Future Priorities
The government’s commitment to combating money laundering and terrorism financing has led to a significant reduction in identified risks, with the action plan defined by the 2018 risk assessments being fully implemented. The government continues to prioritize this issue, recognizing its importance for maintaining financial stability and preventing the misuse of financial systems for illegal activities.