Summary
Money laundering is the criminals’ way of disguising the origin of money so they can avoid detection and the risk of prosecution. It has corrosive economic, security, and social consequences, as it provides the fuel for criminals to operate and expand their activities. Appropriate information and expertise sharing are important for the overall benefit of the financial intelligence process and prevention of the use of the financial system for money laundering and terrorism financing.
This project will ensure that relevant entities (financial and non-financial) understand the reporting requirements better and have up-to-date guidelines and suspicious transaction indicators in line with international and EU standards. The institutions supervising the Anti-Money Laundering and Combating the Financing of Terrorism - AML/CFT (e.g. National Bank of Serbia, Securities Commission, APML, Market Inspectorate, etc.) will also improve their knowledge and understanding of the risks they are exposed to and how to adjust their own supervision planning.
This will result in improved quality of Suspicious Transactions Reports received by the Administration for Prevention of Money Laundering (APML) and strengthening its core functions: receipt, analysis and dissemination of financial disclosures. The project activities will also include capacity building for financial intelligence units of other stakeholders, such as the police and prosecutor’s office.