Money laundering is an increasingly common problem faced by state financial institutions. To prevent the spread of such criminal activities, state governments must take necessary protective measures. The most common causes for money laundering are a high level of corruption and bribery, poor financial transparency and inadequate responsibility of public institutions.
The Government of the Republic of Serbia, led by the Minister of Finance, addressed this problem and on March 29, 2022, formed an expert team which would work on improving the existing Recommendations for reporting to the Directorate for Prevention of Money Laundering (USPN) about suspicious activities. The members of the expert team were representatives of the Prosecutor’s Office for Organized Crime, the Directorate for the Prevention of Money Laundering, the National Bank of Serbia, the Ministry of Internal and External Trade, the Ministry of Information and Telecommunications, the Directorate for Games of Chance, the Securities Commission, the Chamber of Notaries Public of Serbia and the Interior Ministry. The Association of Banks of Serbia was also involved in the work of the expert team.
The results of this work are the improved and updated Recommendations for reporting to the USPN about suspicious activities, adopted on 28th December 2022 and posted on USPN’s official website on 18th January 2023. Their main goal here is to make it easier for taxpayers to implement measures to combat money laundering and financial terrorism. This will help them to respond adequately by timely detecting financial malfeasance, reporting suspicious activities and learning to recognize them.
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Money laundering is an increasingly common problem faced by state financial institutions.