FATF removes Serbia from grey list
FATF Plenary has decided that Serbia addressed all AML/CFT requested actions.
Since February 2018 Serbia was on the FATF list; FATF is an international body dedicated to the development and enhancement of AML/CFT Serbia having been listed meant that it was a country with certain deficiencies in AML/CFT system.
Since being listed, Serbia demonstrated high-level political commitment for addressing the FATF Action Plan, which has been fully completed; this resulted in the removal from the list, as decided by FATF Plenary, held in Orlando on 16-21 June 2019.
By delisting Serbia FATF reaffirmed the significant progress Serbia had made in improving AML/CFT and counter-proliferation financing system and emphasised that the country had strengthened mechanism in this field, and had made efforts in implementing the FATF Action Plan for addressing both technical defficiencies (having regulations in place) and effectiveness issues (implementing the regulations in place). It is the overall impression that there is the highest-level political commitment, as well as institutional capacities for sustaining AML/CFT reforms.
The above said, Serbia is no loger under FATF monitoring regime in further alignment with AML/CFT and counter - proliferation financing standards.
Over the last year, Serbia has completed significant legislative activities, namely: 12 laws came into force, more than 60 bylaws, gudelines and other documents were introduced. The new legislation includes new AML/CFT Law, as well as amendments to the Criminal Code with regard to the criminalization of money laundering. In addition to the extensive legislative initiatives, Serbia has invested great efforts over the last one and a half year to improve the implementation of regulations in practice and cooperation among all AML/CFT stakeholders.
Significant reforms have been implemented at the institutional level as well - Serbia has established new institutions , such as the Administration for Games of Chance, but has also changed the structure of some existing institutions.
The APML as a body within the Ministry of Finance plays an important role in implementing reforms in line with FATF and Moneyval recommendations. APML is Serbia’s financial intelligence units in terms of international standards and its term of reference is defined by AML/CFT Law.
In order to contribute to the combat against ML/TF to the largest possible extent, APML has embarked upon several projects, including the one financed by the EU, Enhancing the quality and efficiency of suspicious transactions reporting (STR) and Administration for the Prevention of Money Laundering (APML) core functions. A goal of the Project inlcudes supporting the implementation of Moneyval recommendations and alignment with FATF and EU standards, and the most important segment of the Project activities is aimed at enhancing the quantity and quality of SARs, improving financial intelligence and APML capacities, as well as improving cooperation between the APML and obliged entities and all other AML/CFT stakeholders.
That Serbia remains committed to further enhancing AML/CFT mechanisms is confirmed and reflected in the new National AML/CFT Strategy, which is expected to be adopted by the end of 2019.