SERBIA: AML/CFT ASSESSMENT ENHANCED FOLLOW-UP REPORT

On 28 January, FATF published the 4th enhanced follow-up report on Serbia prepared by FATF-style regional body, MONEYVAL.  The following FATF Recommendations have been re-rated: Recommendation 22 is re-rated from partially compliant to largely compliant; Recommendation 23 is re-rated from partially compliant to largely compliant; Recommendation 28 is re-rated from partially compliant to largely compliant; and Recommendation 40 is re-rated from partially compliant to largely compliant.  The report also looks at the country’s implementation of new international requirements for virtual asset service providers established in the revised FATF Recommendation 15 has re-rated the country from largely compliant to partially compliant on this Recommendation.  Serbia is now “compliant” with 5 of the forty FATF Recommendations, “largely compliant” with 34 Recommendations and “partially compliant” with one Recommendation. The country has no “non-compliant” ratings.  Serbia will remain in enhanced follow-up and will continue to report back to MONEYVAL on progress to strengthen its implementation of AML/CFT measures. Serbia is expected to report back in 2 years’ time.

https://www.fatf-gafi.org/media/fatf/documents/reports/fur/MONEYVAL-FUR-Serbia-Dec-2021.pdf

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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