Money laundering and terrorist financing on international and national legal level

Dimitrijević, Duško (2018) Money laundering and terrorist financing on international and national legal level. In: Thematica Proceedings of VIII International Scientific Conference, Archibald Reiss Days, 2-3 October 2018. Academy of Criminalistic and Police Studies, Belgrade, pp. 15-26. ISBN 978-86-7020-404-1

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Abstract

This study highlights some of the phenomena of money laundering and terrorist financing at the national and international legal level. It elaborates the meaning of these two phenomena and interprets legal standards in international and internal practice. Special emphasis is put on analysis of our new Law on Prevention of Money Laundering and Terrorist Financing adopted on 14 December 2017. The Law was passed after Serbia entered in the procedure of enhanced supervision by The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) of the Council of Europe. This body is in charge of evaluating actions and measures taken by individual states to combat money laundering and terrorist financing. The evaluation focuses on reviewing technical compliance with international standards (International Standards against Money Laundering and Financing of Terrorism and the Proliferation of Weapons of Mass Destruction – the FATF Recommendations of February 2012). Given that Serbia is leading negotiations on accession to the EU, it must harmonize fully its legislation with European standards in this field especially with the 4th Anti-Money Laundering Directive (Directive 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing). Consequently, Serbia will have to take concrete measures from the action plan in order to avoid the appropriate risks that it could bring in the long term to the so-called a black list of countries that do not respect international standards in this area. Any failure in this plan could lead to the suspension in the accession of Serbia to the EU, and to a lengthy slowdown in the process of European integration.

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