Financial Crime World

Title: FATF’s Progress in Strengthening Serbia and Montenegro’s Measures Against Money Laundering and Terrorist Financing

Serbia’s Progress

Serbia has made considerable strides in enhancing its financial regulations to combat money laundering and terrorist financing, according to the latest report from the Financial Action Task Force (FATF).

Adoption of Legislation

  • Serbia has adopted legislation to promote greater transparency and information exchange among Financial Intelligence Units (FIUs).

Improved Risk Assessment

  • Serbia has improved its risk assessment and money laundering typologies.

Strengthened Customer Due Diligence

  • The country has taken steps to strengthen its customer due diligence requirements.

FATF’s Commendation

  • FATF commended Serbia for its progress.

Areas for Improvement

  • However, Serbia is urged to focus on improving mutual legal assistance, investigation and prosecution of money laundering and terrorist financing cases, and the implementation of targeted financial sanctions.

Montenegro’s Progress

Montenegro has made notable advances in strengthening its legal and regulatory frameworks, identification, reporting, and confiscation of crime proceeds.

Enhanced Cooperation

  • Montenegro has made significant strides in enhancing cooperation with the international community.

FATF’s Commendation

  • FATF commended Montenegro for its progress.

Areas for Improvement

  • However, Montenegro is also urged to improve in areas including mutual legal assistance, investigation and prosecution of money laundering and terrorist financing cases, and the implementation of targeted financial sanctions.

FATF’s Encouragement

The FATF has encouraged Serbia and Montenegro to continue implementing their action plans to address the remaining deficiencies and stay engaged with the international community in their efforts to combat money laundering and terrorist financing.

About FATF

The FATF is an international organization founded in 1989 to set standards and promote the effective implementation of measures to counter money laundering, terrorist financing, and other related threats to the integrity of the international financial system.