MONEYVAL: Serbia made progress on tackling money laundering

Serbia has made progress on fulfilling the recommendations of the Financial Action Task Force (FATF), the Council of Europe anti-money laundering and counter-terrorist financing body MONEYVAL said Thursday.

23 Jan 2020 15:46

STRASBOURG - Serbia has made progress on fulfilling the recommendations of the Financial Action Task Force (FATF), the Council of Europe anti-money laundering and counter-terrorist financing body MONEYVAL said Thursday.

"As a result of Serbia's progress in strengthening its framework to tackle money laundering and terrorist financing since 2016, the Council of Europe's body MONEYVAL in the new report published today has positively re-rated the country on three Recommendations of the Financial Action Task Force (FATF)," it said in a statement sent to Tanjug.

"Following the adoption in April 2016 of its mutual evaluation report which assessed the effectiveness of its anti-money laundering and counter-terrorist financing (AML/CFT) measures and their compliance with the FATF Recommendations, Serbia was placed in an enhanced follow-up process.

The country has reported back to MONEYVAL on the progress it has made to strengthen its AML/CFT framework, and the follow-up report published today analyses Serbia's efforts to address several technical compliance deficiencies identified in the 2016 report," the statement said.

"Serbia is now 'compliant' on five of the 40 FATF Recommendations and 'largely compliant' on 31 of them. It remains 'partially compliant' on four of the 40 FATF Recommendations.

MONEYVAL decided that Serbia will remain in the enhanced follow-up process and will continue to report back to MONEYVAL on further progress to strengthen its implementation of AML/CFT measures," the report also said.

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