Project against Economic Crime in the Republic of Serbia - PACO Serbia

Project objective

The overall objective of the project is to contribute to the improvement of capacities of the Republic of Serbia to prevent and combat economic crime in accordance with international standards and best practices.
 

Planned outputs:   

It is expected that by the end of the project:

  • the overall institutional and legislative framework for preventing and combating economic crime will have been reviewed and amendments drafted in line with international standards to remove the existing gaps and barriers preventing the relevant authorities from effective actions against economic crime and to allow for the ratification and implementation of the new Convention on money laundering and terrorist financing and the Convention on Cybercrime,
  • all relevant authorities and policy-makers will be aware of the importance of improving the institutional and legislative framework for combating economic crime without any delay.
     

The Administration for the Prevention of Money Laundering (FIU) will:

  • have a complete legal basis for its work and its interaction and information exchange with other institutions,
  • have improved its co-operation with supervisory institutions, obliged entities, law enforcement and criminal justice bodies, 
  • have created an interagency co-ordination mechanism in anti money-laundering and countering terrorist financing (AML/CTF) matter,
  • have its staff trained in preventing and detecting terrorist financing,
  • have organised training activities for financial institutions on identification of suspicious transactions,
  • have reinforced its IT department.
     

Law enforcement, prosecutors and judges will:

  • improve their capability to investigate, prosecute and adjudicate economic crime,
  • have undergone training that will enable them to interpret and apply new legislative provisions referring to combating economic crime,
  • be familiar with interpretation and application of international standards and best practices in detection and prevention of money laundering and terrorist financing,
  • be familiar with international standards and best practices in fighting cyber crime.
     

Law enforcement, prosecutors and the FIU will:

  • have improved co-operation and information exchange with national and foreign partners concerning economic crime and in particular money laundering and terrorist financing.
     

Project starting date: 1 December 2005

Project duration: 24 months

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