Serbia has taken positive steps towards improving its anti-money laundering and terrorist financing (AML/CFT) regime, in particular concerning compliance with the Financial Action Task Force’s Recommendation 15 on new technologies, concludes the Council of Europe anti-money laundering body MONEYVAL in a follow-up report released today. As a consequence, MONEYVAL has re-rated the country on this recommendation from Partially Compliant to Largely Compliant and terminated the follow-up procedures vis-à-vis Serbia in this monitoring round
Since November 2021, Serbia took additional measures to identify and assess ML/TF risks emerging from virtual asset activities and the activities or operations of virtual asset service providers (VASPs); to apply a risk-based approach, to ensure the implementation of the travel rule by VASPs; and took steps in respect of exchange of information on prudential and AML/CFT matters.
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 FATF recommendations, Serbia is no longer required to report to MONEYVAL under the 5th evaluation round.
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The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction, as well as the effectiveness of their implementation. MONEYVAL evaluates 33 states and territories and makes recommendations to national authorities in respect of necessary improvements to their anti-money laundering and counter terrorist financing systems and to counter proliferation financing.
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