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Joint Programmes - Activities by Country
31 March 2020

Activity Details (ID# 32737)  

 
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Title Capacity of regulators, supervisors and obliged institutions 
Description Activity 5.1 -- Assist the supervisors and regulators in the determination of national standards of compliance with relevant legislation and international standards

Activity 5.2 -- Provide 3 workshops for the regulators/supervisors on best practices available in other European countries, on the application of the risk-based approach on the internal AML/CFT policies
 
Status Completed 
Date 01/01/2011 - 31/12/2011 
Location Serbia
Countries CoE Members: Serbia
  Bilateral
  Joint Programme Activity - Serbia-MOLI
Joint Programme EC/CoE
JP Serbia-MOLI - Project against Money Laundering and Terrorist Financing and Economic Crime in Serbia    (Logframe)  (Activities)
Project Purpose 1 - 2010/DGHL/JP/2274   Project against Money Laundering and Terrorist Financing and Economic Crime in Serbia
Expected Result 1.5 - The capacity of regulators, supervisors and obliged institutions to fulfil their obligations under AML/CTF legislation, to implement the Moneyval recommendations and take measures based on risk analysis is increased
 PoA
Council of Europe Programme of Activities
I – Rule of Law
Line of Action ⇒ II.3 – Countering Threats to the Rule of Law
Programme ☆ II.3.2  Organised crime and terrorism

Working Method

Evaluation 
Directorate Human Rights and Legal Affairs 
CoE Contact ,   email
Web Pages
Documents & links
1 http://www.coe.int/moliserbia  
Last Modified 01/03/2012 


Activity Synopsis (ID# 32737) (Hide Synopsis)

Objective(s) The capacity of regulators, supervisors and obliged institutions to fulfil their obligations under the AML/CFT legislation, to implement the Moneyval recommendations and take measures based on risk analyse is increased. 
Output/Results Activity 5.2.1 - Organise and carry out 1st/3 workshop using the existing compilation of the guidelines and of the European good practices for all representatives of the regulators and supervisors:

1. Symposium on Compliance Function in Banks (12-15 April 2011)

The objective of the symposium, held in Palic, Serbia from 12 to 15 April 2011, was to discuss new trends and experiences by the commercial banking sector in their compliance with the anti money laundering legislation. The annual ASB symposium was well attended with compliance staff from 31 Serbian banks attending together with representatives from the Association of Serbian Banks, National Bank of Serbia, the Administration for Prevention of Money Laundering, Financial Investigation Unit of the Ministry of Interior, Post and Telecoms Serbia, World-Check company, and the Moli-Serbia Project. Presentations were given by the non banking representatives on their particular areas of expertise and authority with the emphasis on further developing and improving the processes and mechanisms for the exchange and analysis of suspicious transaction reports, and inter-agency cooperation and coordination. Presentations were made by representatives of the banking sector on particular experiences and lessons learned in the implementation of the legislation and sector guidance.

The MOLI Serbia presentation was well received by many participants indicating that they had no previous knowledge that the project existed and requesting further information as to how they could be involved. The opportunity was taken to undertake a significant amount of networking and as a result additional meetings have been agreed with: National Bank of Serbia; Ministry of Interior; APML analytical department; APML department for Suspicious Transaction Reports; ASB Training Centre; and with the chief compliance officers of two commercial banks.

2. Insurance Supervision Workshop (21 June 2011)

Supervision of the insurance market in Serbia is a responsibility of the National Bank of Serbia and all the participants in the workshop were representatives of that institution involved on a daily basis in this business area. The aim of the workshop was to provide an introduction to insurance supervisors at the National Bank of Serbia concerning AML/CTF issues and to provide guidelines on supervision methods through an interactive case study. The workshop was moderated by Ms Lone Mørup, a Danish expert with a long-standing experience in insurance sector supervision.
Mr Simon Goddard, Long-term Consultant, gave a presentation on AML/CTF issues in supervision practice, which is still very much a new area within the insurance sector in Serbia. The CoE experts highlighted the possible ways that the insurance market can be abused by criminals and terrorists and emphasised that it is not good practice to utilise the risk based approach to supervision if the threats and vulnerabilities of the sector have not been assessed in the first instance. The CoE expert, Ms Morup, made a series of presentations on specific areas of supervision and engaged the participants in discussion and analysis of methodologies and the practical implementation of international standards. It is clear that there is knowledge and good practice in the prudential supervision of the sector but this does appear to be of the ‘tick the box’ nature with little qualitative assessment being undertaken. Money laundering and terrorism financing were not considered to be an issue with the participants, as they believe the sector is too small and underdeveloped. The CoE experts highlighted the possible ways that the insurance market can be abused by criminals and terrorists and emphasised that it is not good practice to utilise the risk based approach to supervision if the threats and vulnerabilities of the sector have not been assessed in the first instance. The participants continued to strongly assert that there was no ML or TF in the insurance sector albeit no risk assessment had been undertaken. However, at the conclusion of the workshop the participants understood the importance of the prevention of ML and TF in the insurance sector and their role as supervisors in this regard. Participants expressed a wish to receive information about how to conduct a risk assessment of their sector so that they can be better informed of the threats and vulnerabilities inherent within it.

 
Conclusions/Follow Up The first of three workshops for the regulators and supervisors was held in Belgrade with participation of staff of the National Bank of Serbia.
11 persons were trained. 
Participants National Bank of Serbia
Association of Serbian Banks 
Consultants/Experts Ms Lone Mørup, Short-term expert
Mr Simon Goddard, Long-term consultant 
CoE Secretariat Ms Teodora Lukovic, Local Project Officer
Mr Dario Stukelja, Local Project Assistant
Ms Tanja Naumovski-Egerton 
Total No. Participants 40 
Last Modified

01/03/2012 




 
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