Serbian FIU visits the FIU of Montenegro, 13 – 15 December 2012

From 13 to 15 December 2012, a number of staff members of the Serbian Administration for the Prevention of Money Laundering (APML) were on a study visit to the Administration for the Prevention of Money Laundering and the Financing of Terrorism of Montenegro. The aim of this study visit, supported by the OSCE Mission to Serbia, was to further improve the cooperation between the financial-intelligence units of Serbia and Montenegro. The APML’s staff presented in detail to their Montenegrin FIU colleagues the structure and manner of operation of the working groups involved in national risk assessment. They also highlighted potential sources of problems and gave useful advice on how to prevent such problems from arising. They explained that the national risk assessment in the Republic of Serbia was conducted according to the World Bank methodology which assesses the risks in five sectors; the volume of proceeds from crime is assessed, as well as compliance of the AML/CFT legislation at national level with international standards, banking sector, non-banking financial sector (capital market, insurance, leasing, voluntary pension funds) and designated non-financial businesses and professions (DNFBPs). The APML offered support to the Administration for the Prevention of Money Laundering and the Financing of Terrorism of Montenegro in developing their national risk assessment; APML experts remain available to their colleagues in Montenegro should they need any assistance in this complex process. The participants of the study visit also exchanged experience and information on the reception and processing of suspicious transactions as well as possibilities to improve cooperation between the two financial-intelligence units.