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The Government of the Republic of Serbia

In the service of citizens

Serbia leading country in money laundering risk assessment

Belgrade/Strasbourg, 8 March 2012

The Serbian Ministry of Finance stated that the 38th session of the Council of Europe Moneyval Committee is taking place in Strasbourg this week, with Serbian delegation being headed by Head of the Administration for the Prevention of Money Laundering Aleksandar Vujicic.

Apart from representatives from the Administration, the session will be attended by representatives from the Serbian Ministry of the Interior, the Ministry of Justice, the National Bank of Serbia and the Securities Commission.

Representatives of the Moneyval Committee member states showed great interest in national risk assessment, whose implementation has become a mandatory legal standard under the altered Financial Action Task Force (FATF) recommendations.

Bearing in mind that Serbia is the first state to have launched national risk assessment, our country’s experience will be used to establish the manner of implementing the new international standard in all other states.

In several months, the final draft of FATF guidelines on implementing the comprehensive money laundering risk assessment will be composed.

As Serbia has already begun this process within the MOLI project, under the methodology of the World Bank, and as it participates in the preliminary risk assessment conducted by the International Monetary Fund, representatives of our country will be invited to a meeting of the FATF and Moneyval planned for June 2012 in Strasbourg.

Serbian representatives will share the experience in risk assessment, particularly relating to the process of collecting data and possible challenges in this process, and thus contribute to the establishment of guidelines for the implementation of new international standards, reads the statement.

The Council of Europe Moneyval brings together experts assessing the compliance of member states with all relevant international standards for combating money laundering and terrorist financing in the areas of legal practice, the financial system and the interior, through the mutual process of peer evaluation.