Administration for the Prevention of Money Laundering is a financial intelligence unit (FIU) of the Republic of Serbia Serbia, responsible for implementation of the Law on the Prevention of Money Laundering. The Administration compiles, analyses and stores the data and information received from obligors. When it identifies a suspicion of money laundering with regard to a person/entity, the Administration notifies competent state authorities (police, judicial and inspectional authorities) so that they undertake actions and measures within their competence.
Money laundering is a process of disguising illegal source of money or assets originating from crime. In cases when proceeds is made by committing a criminal offence, a criminal or an organized criminal group seeks how to use the money or assets acquired without catching the attraction of competent authorities. Therefore they effect an entire range of transactions, with the final aim to show the money or assets as legal. The money in this process often takes different forms and changes places. Money laundering is a process transcending national boundaries, which is why combat mechanisms against this crime must have an international character.
On an international level, the Administration actively participates in the work of MoneyVAL, one of the Council of Europe committees comprising experts for anti-money laundering, which functions on the principle of mutual evaluations of member states. The Administration has been a member of international association of FIUs – Egmont Group – since July 2003. The membership is a confirmation that the Administration met internationally recognized criteria, and that it has a capacity to exchange financial intelligence with counterparts worldwide efficiently and safely. All exchanged data has the character of official secrecy, and may be used solely for the purposes and in the manner prescribed by the law.
The Administration also seeks in cooperation with other state authorities and obligors to identify needs for further training, which is undertaken through seminars and workshops, with the aim to achieve a more successful implementation of the law in all its aspects. The Administration for the Prevention of Money Laundering aspires in cooperation with other state authorities to enhance the system for detection and prevention of money laundering in Serbia and ensure the preservation of Serbia’s financial system integrity.
