Serbia Mutual Evaluation Report 2025 - AML/CFT/CPF Compliance Ratings
Summary
FATF published its mutual evaluation report on Serbia's Anti-Money Laundering/Combating the Financing of Terrorism and Proliferation Financing (AML/CFT/CPF) framework. The report assigns compliance ratings to Serbia across 40 FATF recommendations and 11 immediate outcomes, assessing the country's legal and institutional frameworks, powers, and responsibilities of competent authorities, and preventive measures for financial institutions and DNFBPs. Serbia's inclusion on FATF's regular follow-up procedure was triggered by the evaluation findings.
What changed
FATF published its 2025 mutual evaluation report rating Serbia's compliance with international AML/CFT/CPF standards. The report evaluates all 40 FATF recommendations and 11 effectiveness outcomes, assigning ratings of Compliant (C), Largely Compliant (LC), Partially Compliant (PC), or Non-Compliant (NC) to each. Serbia's evaluation triggered the regular follow-up procedure, requiring the country to report back to FATF on progress in addressing identified deficiencies.
Financial institutions and designated non-financial businesses and professions (DNFBPs) operating in Serbia should prepare for potential enhanced scrutiny as the country implements remedial measures. Businesses engaged in cross-border transactions with Serbian counterparties may face increased due diligence requirements from correspondent banks and international partners. The evaluation findings may influence international perception of Serbia's AML/CFT regime and affect the country's grey list status.
What to do next
- Review FATF compliance ratings for deficient AML/CFT/CPF areas to identify gaps requiring remediation
- Assess impact of mutual evaluation findings on correspondent banking relationships and international transactions
- Monitor for FATF follow-up reports and any placement on enhanced monitoring (grey list) based on evaluation outcomes
Penalties
Countries assessed as non-compliant or partially compliant face potential placement on FATF's enhanced monitoring list (grey list), which may restrict access to international financing and increase compliance costs for cross-border transactions.
Archived snapshot
Apr 7, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
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Serbia's measures to counter money laundering, terrorist financing and proliferation financing
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This report assesses the effectiveness of Serbia's measures against money laundering, terrorist financing and proliferation financing and their level of compliance with the Financial Action Task Force Recommendations, at the time of the on-site visit in May 2025.
This Mutual Evaluation Report was adopted by The Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL).
MONEYVAL Mutual Evaluation of Serbia 2025
Filename Serbia-MER-2025.pdf Size 3 MB Format application/pdf Download the report
Technical Compliance
Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.
Serbia Mutual Evaluation 2025
R.1 - Assessing risk & applying risk-based approach LC R.2 - National cooperation and coordination LC R.3 - Money laundering offence LC R.4 - Confiscation and provisional measures PC R.5 - Terrorist financing offence LC R.6 - Targeted financial sanctions related to terrorism & terrorist financing LC R.7 - Targeted financial sanctions related to proliferation LC R.8 - Non-profit organisations PC R.9 - Financial institution secrecy laws C R.10 - Customer due diligence LC R.11 - Record keeping C R.12 - Politically exposed persons C R.13 - Correspondent banking C R.14 - Money or value transfer services C R.15 - New technologies LC R.16 - Wire transfers LC R.17 - Reliance on third parties C R.18 - Internal controls and foreign branches and subsidiaries C R.19 - Higher-risk countries C R.20 - Reporting of suspicious transactions C R.21 - Tipping-off and confidentiality C R.22 - DNFBPs: Customer due diligence LC R.23 - DNFBPs: Other measures LC R.24 - Transparency and beneficial ownership of legal persons LC R.25 - Transparency and beneficial ownership of legal arrangements PC R.26 - Regulation and supervision of financial institutions C R.27 - Powers of supervisors C R.28 - Regulation and supervision of DNFBPs LC R.29 - Financial intelligence units C R.30 - Responsibilities of law enforcement and investigative authorities LC R.31 - Powers of law enforcement and investigative authorities PC R.32 - Cash couriers LC R.33 - Statistics LC R.34 - Guidance and feedback LC R.35- Sanctions LC R.36 - International instruments LC R.37 - Mutual legal assistance LC R.38 - Mutual legal assistance: freezing and confiscation LC R.39 - Extradition LC R.40 - Other forms of international cooperation LC
C = compliant | LC = largely compliant | PC = partially compliant | NC = non-compliant | NA = not applicable
Effectiveness
Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.
Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.
Serbia Mutual Evaluation 2025
IO1 SE IO2 SE IO3 SE IO4 ME IO5 SE IO6 ME IO7 SE IO8 SE IO9 ME IO10 ME IO11 SE
HE = high level of effectiveness | SE = substantial level of effectiveness | ME = moderate level of effectiveness | LE = low level of effectiveness
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