TFS legislation and guidance

The Law Amending the Law on Freezing of Assets with the Aim of Preventing Terrorism (Official Gazette of RS, 29/15, LAF) adopted by the Serbian Parliament on 20 March 2015 introduced certain TFS responsibilities for the APML with respect to terrorism. The 2015 LAF was amended two times, in 2017 and 2018, so as to extend its provisions so as to cover the financing of proliferation of weapons of mass destruction (WMD) and to further align this law with international standards. As of 2017, this law is entitled Law on Freezing of Assets with the Aim of Preventing Terrorism and Proliferation of Weapons of Mass Destruction (Official Gazette of RS, 29/15, 113/17 and 41/18);

The LAF should be viewed in the context of the Law on International Restrictive Measures (Official Gazette of RS, 10/2016) and Article 384а of the Criminal Code (Violation of sanctions imposed by international organisations), and the most recent amendments to the AML/CFT Law (Articles 53 and 104. paragraph 5).

This law defines the concept of designated person, or listed terrorists, terrorist organisations or terrorist financiers, and designation mechanisms, it defines the assets subject to freezing and the freezing procedure.

On 19 September 2018, the Minister of Finance passed a Rulebook on the method of notifying natural and legal persons about changes to the lists of designated persons and method of delivering notifications, information or data about designated persons and their assets (Official Gazette of RS, 78/2018).

In order to facilitate LAF implementation, the APML Director passed a Guidance document for the terrorism- and WMD proliferation-related provisions.

More on:

Law on Freezing of Assets with the Aim of Preventing Terrorism and Proliferation of Weapons of Mass Destruction (Official Gazette of RS, No 29/15, 113/17 and 41/18)
Law on international restrictive measures (Official Gazette of RS, No 10/16) - Serbian only
Bylaw on how the Government notifies modifications to lists and how desiganted persons and their assets are reported to APML
FATF Financing of Proliferation Publications
International Best Practices: Targeted Financial Sanctions Related to Terrorism and Terrorist Financing