In line with the obligations arising from membership in international organizations, the Republic of Serbia continuously works on enhancing measures to prevent money laundering and terrorism financing. A recently published report by the Committee of Experts of the Council of Europe's MONEYVAL confirms the progress of the Republic of Serbia in this area.
MONEYVAL has positively assessed the measures taken by the Republic of Serbia since November 2021 to identify and assess risks related to digital assets and activities of service providers linked to digital assets. Thanks to such an approach, as well as steps taken to exchange information with other competent authorities, Serbia has achieved alignment of its regulations and practices in this area with all 40 international recommendations, a result achieved by only ten other jurisdictions worldwide.
As a member of the working group within the Risk Assessment of Money Laundering and Terrorism Financing in the Digital Asset Sector, the Securities Commission has made a significant contribution to these results through activities aimed at improving regulation and supervision of service providers associated with digital assets, as well as aligning with Recommendation 15 of the FATF. This recommendation pertains to standards for preventing money laundering and terrorism financing that states should apply concerning new technologies and digital assets. Additionally, subordinate regulations have been adopted, detailing the obligations of these entities regarding the prevention of money laundering and terrorism financing. Furthermore, the Commission has established a system for licensing and continuous supervision of these business entities.
Due to a high level of compliance with international standards, the Republic of Serbia is no longer required to regularly report in the next evaluation round. The Commission continues to work intensively on further strengthening measures to prevent money laundering and terrorism financing in all segments of the financial market under its jurisdiction.
For more information: Report of the Committee of Experts of the Council of Europe MONEYVAL