The Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL) has published an evaluation of Serbia’s anti-money laundering, counter-terrorist financing and counter-proliferation financing regime, assessing effectiveness and alignment with Financial Action Task Force standards as at an on-site visit in May 2025. The report credits Serbia with improved risk assessment and rising money laundering convictions, but calls for further improvements in supervisory effectiveness and in the strategic and operational use of financial intelligence. Regular national risk assessments and coordinated strategies and action plans are found to have improved targeting of mitigation measures, while analysis of corruption’s influence on AML/CFT outcomes remains fragmented. Supervisors can articulate sectoral risks, with the National Bank of Serbia showing advanced understanding in banking, but resource constraints have affected the Securities Commission since 2022; risk-based supervision of designated non-financial businesses and professions has improved but remains uneven, with particular strengthening needed for lawyers and the Bar Association. The report also points to the need for more proactive cross-border asset tracing, seizure and confiscation, stronger domestic coordination on asset recovery, and greater focus on laundering linked to high-level corruption and serious organised crime. Serbia is assessed as generally ensuring availability and access to basic and beneficial ownership information, though further steps are recommended to reduce reliance on banks and the Tax Police for data accuracy. MONEYVAL highlights the central role of the Administration for Prevention of Money Laundering (APML) and the quality of its analytical outputs, while identifying structural and operational challenges; on targeted financial sanctions, Serbia is noted to promptly implement UN listings through an automated system, with APML notifying reporting entities within 24 hours, and written guidance recommended for complex cases. MONEYVAL issued a roadmap of Key Recommended Actions to be completed within three years and placed Serbia under regular follow-up, requiring progress reporting to MONEYVAL.
Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL) 2026-02-04
Committee of Experts on the Evaluation of Anti-Money Laundering Measures places Serbia under regular follow-up after AML CFT evaluation finds progress but gaps in supervision and financial intelligence
MONEYVAL evaluated Serbia's anti-money laundering and counter-terrorist financing regime, noting improvements in risk assessment and convictions but highlighting the need for enhanced supervisory effectiveness and financial intelligence use. The report calls for better cross-border asset tracing, stronger domestic coordination on asset recovery, and improved risk-based supervision, particularly for lawyers. Serbia is under regular follow-up with a roadmap of actions to be completed within three years.