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National Risk Assessment of Money Laundering in the Republic of Serbia

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National Risk Assessment of Money Laundering in the Republic of Serbia NATIONAL RISK ASSESSMENT OF MONEY LAUNDERING IN THE REPUBLIC OF SERBIA Belgrade, April 2013 Project against Money Laundering and Terrorist Financing in Serbia MOLI Serbia Publishers Council of Europe Office in Belgrade Španskih boraca 3, Belgrade Author Jelena Pantelić Translation Alpha Team One Design Miloš Sinđelić (Mašina 1973, Belgrade) Print BYZART, Belgrade Copy 50 ISBN xxxxxxxxx Disclaimer: his publication has been produced with The National ML/TF Assessment Tool developed the financial contribution of the European and provided by the World Bank was used by Ser- Union under the Project against Money bian authorities as the main instrument in this self Laundering and Terrorist Financing in Ser- assessment exercise. The World Bank team‘s role Tbia (MOLI Serbia). The contents of this publication are was limited to: 1) delivery of the tool; 2) providing the sole responsibility of the Administration for the guidance on the technical aspects of the tool; 3) re- Prevention of Money Laundering of the Republic of view of draft NRA documents and providing feed- Serbia and can in no way be taken to reflect the views back to assist in proper use of the tool. The data, of the Council of Europe and the European Union. statistics, and information populated into National ML/FT Assessment Tool templates, as well as the The National Money Laundering/Terrorist Financ- findings, interpretations, and judgments under the ing (ML/TF) Risk Assessment (NRA) of Serbia has scope of National Risk Assessment process belong been conducted as a self-assessment by relevant to Serbian authorities and do not reflect the views Serbian authorities and at the initiative of the MO- of the World Bank. LI-Serbia Project. The MOLI-Serbia Project provided logistical sup- port throughout the NRA exercise as well as guid- ance and feedback to Serbian authorities on this NRA document based on international standards and guidelines. NATIONAL RISK ASSESSMENT OF MONEY LAUNDERING IN THE REPUBLIC OF SERBIA Belgrade, APRIL 2013 3 CIP - Каталогизација у публикацији Народна библиотека Србије, Београд CONTENTS INTRODUCTION 11 NATIONAL RISK ASSESSMENT 12 NATIONAL RISK ASSESSMENT OF MONEY LAUNDERING IN THE REPUBLIC OF SERBIA – PREPARATION PROCESS 13 RISK ASSESSMENT 14 SUMMARY 15 (SYSTEM THREATS AND VULNERABILITIES) 15 THREATS 15 CRIMINAL OFFENCES WITH A HIGH LEVEL OF MONEY LAUNDERING RISK 15 Tax evasion 15 Illicit production and circulation of narcotics – Article 246 15 The criminal offence of abuse of office – Article 359 16 Identified typology 16 Determining the value of proceeds of foreign origin that may be laundered in the country 16 The system vulnerability at the national level 16 SECTORAL VULNERABILITY 17 Financial sector 17 Banks 17 The vulnerability of designated legal entities and individuals outside the financial sector 17 Real estate agents and individuals - developers 17 Proposed actions – conclusions (mitigation of consequences of money laundering) 18 New national strategy for the prevention of money laundering and terrorism financing 18 Abuse of office – Article 359 19 System vulnerability 20 PRESENTATION OF RESULTS 22 THREATS AND VULNERABILITIES OF THE ANTI-MONEY LAUNDERING SYSTEM 22 Risk analysis 22 Threats 23 Tax evasion 24 Illicit production and circulation of narcotics 25 Abuse of office 26 Undue influence or abuse and corruptive behaviour during the proceedings for criminal offences of money laundering 26 System vulnerability 26 Local cooperation 27 International cooperation 28 The value of proceeds of foreign origin that may be laundered in the country 28 Carrying money across the border 28 Foreign exchange payment operations – suspicious transactions 29 Foreign trade – typological practices 29 SECTORAL VULNERABILITY 30 FINANCIAL SECTOR VULNERABILITY 30 Banks 31 Capital market 32 NATIONAL RISK ASSESSMENT OF MONEY LAUNDERING IN THE REPUBLIC OF SERBIA Belgrade, APRIL 2013 5 CONTENTS Exchange offices 33 Money transfer agents 33 Factoring and forfeiting 34 Life insurance 34 Voluntary pension funds 34 Financial leasing 34 VULNERABILITY OF THE NON-FINANCIAL SECTOR 35 Real estate agents 35 Casinos 35 Lawyers 35 Accountants and auditors 36 Notaries 36 Pawnshops 36 Non-governmental organisations 36 DATA TRANSPARENCY 36 ACTION PLAN 37 Conclusions 37 1. Poorly kept statistics 37 2. Insufficient knowledge 37 3. Database connection, centralisation and networking 37 4. Problem of coordination of work of government authorities 38 5. New national strategy for combating money laundering and terrorism financing 38 ANNEXES 39 ANNEX 1 – MODULE 1 39 CONSIDERING THE ISSUE OF PROCEEDS OF CRIME 39 INTRODUCTION 39 The Incidence of the aforementioned criminal offences 40 Determining Proceeds of Crime at National Level 42 CRIMINAL OFFENCES WITH A HIGH LEVEL OF MONEY LAUNDERING RISK 44 Tax evasion - Article 229, Non-payment of withholding tax Article 229–a 44 Illicit production and circulation of narcotics – Article 246 45 The criminal offence of abuse of office – Article 359 48 CRIMINAL OFFENCES WITH A MEDIUM LEVEL OF MONEY LAUNDERING RISK 50 The criminal offence of abduction – Article 134 50 Criminal Offences Against Property 50 CRIMINAL OFFENCES WITH A LOW LEVEL OF MONEY LAUNDERING RISK 52 DETERMINING THE AMOUNT OF PROCEEDS OF CRIME OF FOREIGN ORIGIN WHICH CAN BE LAUNDERED IN SERBIA 54 ACTION PLAN 60 ANNEX 1 61 CRIMINAL OFFENCES WITH A LOW LEVEL OF MONEY LAUNDERING RISK 61 (ANALYSIS FOR INDIVIDUAL CRIMINAL OFFENCES) 61 The criminal offence of aggravated murder – Article 114, paragraph 1 items 4 and 5 61 Criminal offences against economic interests – counterfeiting money –– Article 223 61 Counterfeiting and misuse of payment cards – Article 225 61 The criminal offence of illegal production, possession, carriage and circulation of firearms and explosive materials – Article 348 of the CC 61 The criminal offence of human trafficking - Article 388 61 6 Belgrade, APRIL 2013 NATIONAL RISK ASSESSMENT OF MONEY LAUNDERING IN THE REPUBLIC OF SERBIA CONTENTS ANNEX 2 62 ANNEX 2 – MODULE 2 64 REPORT ON SYSTEM VULNERABILITY AT THE NATIONAL LEVEL 64 Summary 64 Political strategy 64 Criminalisation of money laundering 64 Reporting suspicious transactions 65 International cooperation in criminal matters 66 Integrity of prosecutors for financial crime, presiding judges and officers in charge of investigations of financial crime 66 Capacities of prosecutors for financial crime, presiding judges and officers in charge of financial crime investigations 67 Local cooperation 68 Criminal sanctions 68 Legislation in the area of asset recovery 68 Orders (decisions) on the recovery of assets 69 Standards and practices of accounting and auditing 69 Infrastructure for identification 70 Availability of independent sources of information 70 Transparency of businesses and trusts 71 Availability of tax information 72 Informal (grey) economy 72 ANNEX 1 – MODULE 2 73 ANNEX 2 – MODULE 2 74 ANALYSIS OF EFFECTIVENESS AND EFFICIENCY IN THE IMPLEMENTATION OF CRIMINALISATION OF MONEY LAUNDERING 74 ANNEX 3 – MODULE 2 75 COMPETENCE OF THE ADMINISTRATION FOR THE PREVENTION OF MONEY LAUNDERING 75 ANNEX 4 – MODULE 2 76 CASH TRANSACTIONS AND SUSPICIOUS TRANSACTIONS 2008 – 2012 76 COMPARATIVE OVERVIEW OF INFORMATION FORWARDED 76 COMPARATIVE OVERVIEW OF INFORMATION FORWARDED TO PROSECUTOR’S OFFICES IN 2011 AND 2012 77 ANNEX 5 – MODULE 2 78 ANALYSIS OF THE LEGAL FRAMEWORK IN THE AREA OF MUTUAL LEGAL ASSISTANCE 78 ANNEX 6 – MODULE 2 80 ANALYSIS OF THE SITUATION REGARDING THE INTEGRITY OF PROSECUTORS FOR FINANCIAL CRIME AND PRESIDING JUDGES 80 ANNEX 7 – MODULE 2 82 ANALYSIS OF THE LEGAL FRAMEWORK FOR THE RECOVERY OF PROCEEDS OF CRIME INCLUDING THE STATISTICS 82 ANNEX 8 – MODULE 2 84 AVAILABILITY OF TAX INFORMATION 86 NATIONAL RISK ASSESSMENT OF MONEY LAUNDERING IN THE REPUBLIC OF SERBIA Belgrade, APRIL 2013 7 CONTENTS ANNEX 9 – MODULE 2 86 INFORMAL (GREY) ECONOMY 86 ANNEX 3 - MODULE 3 88 BANKING SECTOR VULNERABILITY 88 INTRODUCTION 88 Financial sector 88 Banking sector 88 BANKING SECTOR VULNERABILITY 91 GENERAL INPUT VARIABLES 92 Laws and by-laws on the prevention of money laundering and terrorism financing (preventive measures and supervision) 92 The quality of supervision regarding the prevention of money laundering and terrorism financing 93 Market pressure towards adherence to the AML standards 96 Commitment to good corporate governance 97 Penalties 100 Fulfilment of obligations arising from the anti-money laundering regulations 101 Integrity of bank officers 102 Knowledge of bank officers 102 Compliance functions 103 Identification infrastructure 105 Availability of independent information sources 106 Transparency of businesses and trusts 106 INPUT VARIABLES FOR SELECTED SPECIFIC PRODUCTS AND SERVICES: 108 VOLUME, INHERENT RISKS AND SPECIFIC CONTROLS 108 Banking products 108 Specific input variables for specific products 108 Product volume 108 Average amount of transactions for products 109 The profile of the customers using the product 109 Other characteristics of product or service vulnerability 110 Existence of adequate specific controls for a given product 110 Scores for all products 111 ANNEX 1 – MODULE 3 113 BASIC INFORMATION 113 Selected parameters of the Serbian banking sector 113 Assets 113 Liabilities and capital 115 Profitability 116 Training 116 List of banks 117 ANNEX 2 – MODULE 3 118 ASSESSMENT OF COMPLIANCE WITH THE FATF RECOMMENDATIONS RELATING TO THE FINANCIAL SECTOR 118 (MONEYVAL REPORT) 118 ANNEX 4 – MODULES 4, 5 AND 6 121 ANALYSIS OF ECONOMIC SECTOR VULNERABILITY ASSESSMENT (FINANCIAL INSTITUTIONS
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