MONEYVAL: Serbia Improves Anti-Money Laundering Measures | Beta Briefing

MONEYVAL: Serbia Improves Anti-Money Laundering Measures

Source: Beta
SEE Business / Serbia | 18.03.24 | access_time 15:24


Serbia has improved its regime for combating money laundering and terrorism financing, especially concerning compliance with the Financial Action Task Force (FATF) Recommendation 15 on new technologies, the Council of Europe's anti-money laundering body MONEYVAL concluded in a report published on March 18.

As a result, MONEYVAL re-rated Serbia against the Recommendation, and moved it from the category of "partially compliant" to "largely compliant," and also discontinued the monitoring procedures in that monitoring round.

MONEYVAL says that since November 2021, Serbia has taken additional measures to identify and assess the risks of money laundering and terrorism financing arising from virtual asset activities, and the activities or operations performed by virtual asset service providers.

Currently, out of 40 recommendations, five are rated as compliant, and 35 as largely compliant. With this level of compliance with the FATF recommendations, Serbia no longer has an obligation to report to MONEYVAL as part of the fifth-round evaluation, the organization stated in the report.

Serbian Finance Minister Sinisa Mali said the report was a confirmation that Serbia was "on the right track" and emphasized that "the good news contributes to improving the country's image in the international community.”

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