As part of the project "EU Support to Serbia in Prevention of Money Laundering in Serbia", funded by the European Union, translation of several publications has been provided for the purpose of transparency and with the aim of further improving awareness and knowledge of the standards at all AML/CFT institutions and other stakeholders. The translated documents also include FATF Recommendations and Methodology for Assessing Technical compliance with the FATF Recommendations and the Effectiveness of AML/CFT Systems.
The FATF Recommendations set out a comprehensive and consistent framework of measures which countries should implement in order to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction. Countries have diverse legal, administrative and operational frameworks and different financial systems, and so cannot all take identical measures to counter these threats. The FATF Recommendations, therefore, set an international standard, which countries should implement through measures adapted to their particular circumstances.
On the other hand, the Methodology provides the basis for undertaking assessments of technical compliance with the FATF Recommendations, and for reviewing the level of effectiveness of a country’s AML/CFT system. It consists of three sections. This first section is an introduction, giving an overview of the assessment Methodology, its background, and how it will be used in evaluations/assessments. The second section sets out the criteria for assessing technical compliance with each of the FATF Recommendations. The third section sets out the outcomes, indicators, data and other factors used to assess the effectiveness of the implementation of the FATF Recommendations.
The publications will be available to all domestic institutions that are part of the system for combating money laundering and terrorist financing, and their main goal is to increase efficiency in the fight against money laundering and terrorist financing.
The main beneficiary of the project "EU support for the prevention of money laundering in Serbia" is the Ministry of Finance - Administration for the Prevention of Money Laundering, and the project is implemented by a consortium led by KPMG.