CHANGE OF ANTI MONEY LAUNDERING LAW

Serbian Parliament adopted new Law Prevention of Money Laundering and the Financing of Terrorism. Key changes are introduction of obligation to collect data on the origin of property, recognition of trust as new category, new rules regarding assessment of risk, introduction of high risk measures in case of higher risk.

Application of this law caused many headaches to foreign investors, particularly to investors from off shore jurisdictions, trusts, investment funds etc. It is yet to be seen how obligors shall interpret and apply this law after entry into force that is scheduled for 01 April 2018.