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A:
Draft law on money laundering prevention presented
Belgrade,
29 September 2004
Director of the Serbian Money Laundering Prevention Administration Oliver Bogavac has presented a draft law on money laundering prevention.
Oliver Bogavac and Lidija Smiljanic at today's press conference
He told a press conference yesterday that the new law will be fully in line with international conventions Serbia-Montenegro has ratified as a full member of the United Nations.
According to Bogavac, the new law will introduce money laundering as a criminal offence in the Serbian legislation, while taxpayers will be obliged to keep record of all non-cash transactions.
He said casinos and bookmakers will have to report to the Administration anyone who bets or wins €1,000 or more
The administration will be authorised to suspend a dubious transaction for up to 72 hours for inspection, said Bogavac.
He added that the passing of the new law will complete the action plan for association with the European Union.
Head of Ministry of Finance’s foreign currency inspection department Lidija Smiljanic said that between March and September this year, the customs administration temporarily seized a total of €6.3 million from individuals who had failed to declare hard currency when leaving the country.
Ministry of Finance Secretary Vesna Kovac said 9,550 institutions in Serbia are budget beneficiaries and added that between January and September this year, the budget inspection and audit department checked up on 38 of them and found that only five did not have irregularities in their operations.
According to Bogavac, the new law will introduce money laundering as a criminal offence in the Serbian legislation, while taxpayers will be obliged to keep record of all non-cash transactions.
He said casinos and bookmakers will have to report to the Administration anyone who bets or wins €1,000 or more
The administration will be authorised to suspend a dubious transaction for up to 72 hours for inspection, said Bogavac.
He added that the passing of the new law will complete the action plan for association with the European Union.
Head of Ministry of Finance’s foreign currency inspection department Lidija Smiljanic said that between March and September this year, the customs administration temporarily seized a total of €6.3 million from individuals who had failed to declare hard currency when leaving the country.
Ministry of Finance Secretary Vesna Kovac said 9,550 institutions in Serbia are budget beneficiaries and added that between January and September this year, the budget inspection and audit department checked up on 38 of them and found that only five did not have irregularities in their operations.
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