Moneyval:”Serbia improved its anti-money laundering measures”

Serbia has taken positive steps towards improving its anti-money laundering and terrorist financing measures, in particular concerning compliance with the Financial Action Task Force’s Recommendation No. 15 on new technologies, the Council of Europe anti-money laundering body MONEYVAL concluded in its follow-up report released yesterday.

As a consequence, MONEYVAL has re-rated Serbia on this recommendation from “partially compliant” to “largely compliant” and terminated the follow-up procedures vis-à-vis Serbia during this monitoring round.

Since November 2021, Serbia implemented additional measures to identify and assess money laundering and terrorist financing risks emerging from virtual asset activities and the activities or operations of virtual asset service providers.

The country has also used a risk-based approach to ensure the implementation of the travel rule by virtual asset service providers and has taken steps with respect to the exchange of information.

This Council of Europe body also said that Serbia has made progress in addressing the technical compliance shortcomings identified in its 2016 Mutual Evaluation Report.

Out of the 40 recommendations, Serbia currently has 5 recommendations rated “compliant” and 35 recommendations rated “largely compliant.”

As a result of its compliance level with the Financial Action Task Force’s recommendations, Serbia is no longer required to report to MONEYVAL in the 5th evaluation round, according to the press release.

(RTS, 18.03.2024)

https://www.rts.rs/lat/vesti/drustvo/5391765/pranje-novca-savet-evrope-moneyval-preporuke.html

This post is also available in: Italiano

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