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Serbia Leader in Money Laundering Risk Assessment

08-Mar-2012 15:33:47

The 38th Plenary Meeting of the Council of Europe’s MoneyVal Committee is being held this week in Strasbourg, France. The delegation of the Republic of Serbia is headed by Mr. Aleksandar Vujičić, director of the Serbian Administration for the Prevention of Money Laundering (APML) and it consists of the representatives of the Ministry of the Interior, Ministry of Justice, National Bank of Serbia, and the Securities Commission, in addition to the representatives of the APML.

The representatives of the MoneyVal member states have shown great interest for the AML national risk assessment which has recently been introduced as one of requirements of the amended FATF recommendations.

Given that Serbia is the first country to initiate a national risk assessment, Serbia’s experience will be used while considering the procedure in which the new international standard will be implemented in each country. Namely, the final draft of the FATF guidelines regarding the implementation of this comprehensive money laundering risk assessment will be developed in a few months. As Serbia has already started this process, within the MOLI-Serbia project, according to the methodology of the World Bank, and since it participates in the preliminary risk assessment run by the International Monetary Fund, the representatives of Serbia will be invited to a joint working meeting of the FATF and MoneyVal scheduled for June 2012. Serbia’s representatives will share their experiences in the risk assessment process to date, especially concerning the collection of data to be analysed and possible challenges that may arise during the process, and contribute in this way to the development of the guidelines for the implementation of this new international standard.

2011 Administration for the Prevention of Money Laundering