Official title of the project

Project against Money Laundering and Terrorist Financing in Serbia (MOLI-Serbia)

Sectors
None

Project information

Region / City
Cities
Serbia
Total budget of programme / project

EUR 2,200,000

Implementation period
2010. Nov - 2013. Nov
Expected results

ER 1:      Legislative proposals available to make Serbian legislation compliant with the applicable European and international standards

ER 2.      Increased public support to efforts to prevent and control economic crime

ER 3.      Capacities of the APML to carry out its duties in line with the AML/CFT legislation

ER 4.      Capacity of law enforcement agencies, relevant service of the MOF and judiciary to detect, investigate, prosecute and adjudicate in the money-laundering, terrorist financing and economic crime cases (including tracing criminal money on the internet) is increased

ER 5.      The capacity of regulators, supervisors and obliged institutions to fulfil their obligations under the AML/CFT legislation, to implement the Moneyval recommendations and take measures based on risk analyses is increased

ER 6.      Mechanisms and procedures reinforced for interagency cooperation and information exchange within the relevant bodies of the AML/CFT system in Serbia, including between public and private sector

ER 7.      Technical infrastructure improved to collect, analyse and exchange information necessary to prevent and control money laundering, terrorist financing and predicate financial crimes

Beneficiary

Ministry of Finance and Economy of the Republic of Serbia, Administration for the Prevention of Money Laundering (APML)

Target Groups

Foreign Exchange Inspectorate, Customs Administration, Tax Administration, Administration for Games of Chance, Republic’s Prosecutors Office, Judges, High Council of Justice, Police Services, Ministry of Interior, Judicial Academy, Police Ac

Summary of the project

In recent years the authorities of the Republic of Serbia have begun efforts to improve their capacities to fight economic crime in general, including money laundering, terrorist financing and cybercrime.  Progress has been achieved in developing the institutional capacity of the Ministry of Finance and the judiciary through the Project against Economic Crime in the Republic of Serbia (PACO Serbia). The following draft laws have been prepared with the assistance of PACO Serbia:

·         Law on Managing Seized Assets (Adopted);

·         Law on Agency for the Prevention of the Corruption (Adopted);

·         Law on Organisation and Authorities of the State Bodies in Combating Organised Crime (Pending for adoption);

·         Law on Liability of Legal Persons (Adopted);

·         Law on the Ratification of the Cybercrime Convention and its Additional Protocol (Adopted);

·         Law on Prevention of Money Laundering and Terrorism Financing (Adopted).

In addition to the above, the National Strategy for the Prevention of Money Laundering and Financing Terrorism, drafted with the assistance of the PACO Serbia project was adopted in September 2008 and provides for political guidance in the further development of the AML/CTF system.

However, significant further action is required as money laundering continues to be a serious problem in Serbia.  In particular, there is need to adopt the legislation regarding the prevention of money laundering and financing of terrorism and to align legislation with the Council directive on prevention of the use of the financial system for the purpose of money laundering&

Programme/Project objectives

Overall objective of the project is to contribute to democracy and the rule of law through prevention and control of money laundering and terrorist financing as well as other forms of economic and financial crime in Serbia in accordance with European and other international standards.

 

The purpose is to enhance the capacity of the anti-money laundering and counter-terrorist financing system in Serbia in terms of legislation, skills and operational capacities. 

 

The project activities address all elements of the system, from reporting to analysis, investigation and prosecution.