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Serbia’s Anti-Money Laundering Efforts Criticized
Serbia has been criticized for its lackluster efforts to prevent money laundering and the financing of terrorism, according to a recent report. While the country has good legislation in place, few cases are significantly prosecuted.
Vulnerable Sectors
The Serbian authorities have identified several sectors as being particularly vulnerable to money laundering, including:
- Real estate
- Banking
- Currency exchange offices
- Casinos
- Accountancy firms
- High-tech crime (seen as a growing threat)
Corruption and Organized Crime
However, critics argue that corruption and organized crime have taken root in Serbia, making it difficult to effectively combat money laundering. One expert warned that the situation on the ground will remain unchanged unless there is a genuine effort to address these issues.
Terrorism Financing
Meanwhile, attempts to tackle terrorism financing have been allegedly used for political purposes in Serbia. The Finance Ministry’s Administration for the Prevention of Money Laundering has asked for access to the bank data of 20 individuals and 37 NGOs, including investigative media outlets and human rights organizations.
Albania, North Macedonia, Montenegro Lag Behind
In contrast, Albania, North Macedonia, and Montenegro are facing their own challenges in preventing money laundering and terrorism financing.
Albania
- Albania’s financial intelligence unit has estimated the risk of terrorism in the country to be low
- Experts warn that more needs to be done to analyze specific measures needed to prevent money laundering
North Macedonia
- National strategy on countering money laundering and terrorist financing is solidly structured, but lacks documents and analysis on its implementation
- Authorities should take a broader approach in dealing with terrorism financing, including focusing on the non-financial sector and critical infrastructure sectors
Montenegro
- Needs laws to freeze terrorist assets
- Institutions must have the capacity to comprehensively assess the risk of terrorist financing through the non-profit sector
RCC SWP Aims to Promote Transparency and Good Governance
The Regional Cooperation Council (RCC) South-West Platform aims to promote transparency and good governance in the Western Balkans. The platform works with governments, civil society organizations, and other stakeholders to promote regional cooperation and address common challenges facing the region.
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