Serbia and Montenegro: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 435

Publication date: December 2005

ISBN: 9781451833584

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Topics covered in this book

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Banks and Banking , ISCR , CR , procedure , authority , Serbian FIU , customer , Yugoslavia , customer identification requirement , criminal code , customer acceptance policy , Montenegrin authorities , law enforcement authorities , customer identification information , Money laundering , Terrorism financing , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Terrorism , Europe

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Summary

This Report assesses Observance of Standards and Codes on the Financial Action Task Force (FATF) Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Serbia and Montenegro. The assessment reveals that the AML/CFT regime of Serbia still lacks some essential components. On the repressive side, there is not a specific provision on the financing of terrorism. It is possible to confiscate the proceeds of crime, but it is not possible to confiscate money intended to finance an act of terrorism.