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MONEYVAL publishes follow-up report on Serbia

As a result of Serbia’s progress in strengthening its framework to tackle money laundering and terrorist financing since the adoption of its mutual evaluation report in April 2016, MONEYVAL has re-rated the country with three Recommendations of the Financial Action Task Force (FATF) originally rated as “partially compliant”.

Serbia was placed in an enhanced follow-up process, following the adoption of its mutual evaluation report, which assessed the effectiveness of its anti-money laundering and counter-terrorist financing (AML/CFT) measures and their compliance with the FATF Recommendations. In line with MONEYVAL’s rules of procedure, the country has reported back to MONEYVAL on the progress it has made to strengthen its AML/CFT framework.

This follow-up report analyses Serbia’s progress in addressing the technical compliance deficiencies identified in the mutual evaluation report.

To reflect this progress, MONEYVAL has re-rated Serbia on Recommendations 6 (targeted financial sanctions related to terrorism and terrorist financing) and 8 (non-profit organisations) as “largely compliant” and Recommendation 18 (internal controls and foreign branches and subsidiaries) as “compliant”.

The follow-up report also looks at progress made in the implementation of new requirements relating to Recommendation 2 (national cooperation and coordination) which has changed since Serbia’s last follow-up report was adopted. The rating for Recommendation 2 (rated as “largely compliant”) remains unchanged.

Serbia is now “compliant” on five of the 40 FATF Recommendations and “largely compliant” on 31 of them. It remains “partially compliant” on four of the 40 FATF Recommendations.

MONEYVAL decided that Serbia will remain in the enhanced follow-up process and will continue to report back to MONEYVAL on further progress to strengthen its implementation of AML/CFT measures.

Strasbourg 23/01/2020
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