Assets are frozen in accordance with Chapter III of the Law on Freezing of Assets with the Aim of Preventing Terrorism and Proliferation of Weapons of Mass Destruction (LAF).
More specifically, every legal or natural person is required to establish, in the course of a business transaction or when performing their business, whether they have any business or similar relationships with the designated person.
If they establish that they have business or any other similar relationship with a designated person they must freeze the assets of the designated person within the shortest time possible and report it to the APML immediately, but no later than within 24 hours.
The APML then collects information about the designated person and his or her assets from state authorities, organisations or persons entrusted with exercising public powers, and prepares a report indicating among other things whether the reported person is actually a designated person and whether the identified assets are subject to freezing.
The minister will then pass a decision to freeze assets and this decision will be served on the designated person and sent to all relevant authorities that are related with the assets identified in the report.
The natural or legal person holding the assets must freeze the assets based on the decision ordering the freezing.
The frozen assets are managed Directorate for Management of Seized/Confiscated Assets
The designated person can institute an administrative dispute proceeding against the decision under the conditions set out in the LAF.
Law on Freezing of Assets with the Aim of Preventing Terrorism and Proliferation of Weapons of Mass Destruction
Закон о ограничавању располагања имовином у циљу спречавања тероризма и ширења оружја за масовно уништење