MONEYVAL: Serbia improved anti-money laundering measures in relation to virtual assets

As a consequence, MONEYVAL has re-rated the country on this recommendation from “partially compliant” to “largely compliant” and terminated the follow-up procedures vis-à-vis Serbia in this monitoring round.

Since November 2021, Serbia took additional measures to identify and assess money laundering and terrorist financing risks emerging from virtual asset activities and the activities or operations of virtual asset service providers.

It has also applied a risk-based approach, to ensure the implementation of the travel rule by virtual asset service providers and has taken steps in respect of exchange of information.

This Council of Europe body also said that Serbia has made progress in addressing the technical compliance shortcomings identified in its 2016 Mutual Evaluation Report.

Out of the 40 recommendations, Serbia currently has 5 recommendations rated “compliant” and 35 recommendations rated “largely compliant.”

As a result of its compliance level with the Financial Action Task Force’s recommendations, Serbia is no longer required to report to MONEYVAL under the 5th evaluation round, said the press release.