Serbia
Last updated: 19/02/2007CENTRAL AUTHORITY FOR REPORTING
The Administration for the Prevention of Money Laundering (FCPML)
ARE LAWYERS COVERED BY MONEY LAUNDERING LEGISLATION?
Yes
LAWS REGARDING ANTI-MONEY LAUNDERING PROCEDURES
Money Laundering Act (Official gazette no. 107 2.12.2005)
IN ADDITION TO THESE LAWS, IS THERE ANY MONEY LAUNDERING GUIDANCE FOR LAWYERS CURRENTLY IN PLACE?
No information available.
UNDER WHAT CIRCUMSTANCES IS A LAWYER UNDER THE OBLIGATION TO REPORT?
Articles 27-29 of the Law on the Prevention of Money Laundering ('the Law')
Article 27 - If an attorney, law firm, auditing company, a certified auditor, a business or profession responsible for providing accounting or tax advisory services detects during its/his/her work, especially when it participates in planning or effecting transactions for its/his/her customer in relation to purchase and sale of real estate or legal entities, management of money or assets, opening or managing bank accounts or securities accounts, establishing, operating or managing legal entities as well as when acting for the customer’s account in a financial transaction or a transaction related to real estate business, a suspicion of money laundering related to a transaction or an individual/entity, or when a customer asks for advice related to money laundering, it/he/she shall be bound to notify the Administration about it in writing within three days from the day the cause for suspicion is detected.
Article 28 - When establishing business cooperation with a client, and also in the event of suspicion of money laundering, the legal entities and individuals referred to in Article 27 of the Law shall be bound to perform identification of the customer in accordance with Articles 6 and 7 of this Law, to keep records, and to store the records at least five years after the termination of business cooperation orafter the day the transaction is effected.
The records referred to in paragraph 1 of this Article shall contain the data referred to in Article 34 paragraph 1 of this Law.
Upon the written request of the Administration, the legal entities and individuals referred to in Article 27 of the Law shall be bound to provide without delay the requested data, information and documentation on the transaction or individual/entity suspected to be involved in money laundering.
Legal entities and individuals referred to in Article 27 of this Law shall be bound to provide the training for the employees undertaking professional activities referred to in this Law in accordance with the standards and methodology determined by the regulation passed on the basis of Article 13 paragraph 2 of this Law, as well as to make a list of indicators for the detection of suspicious transactions.
The legal entities and individuals referred to in Article 27 of the Law shall not be held responsible for the damage caused to the customers or bona fide third parties for complying with the provisions of this Law.
Article 29 - Legal entities and individuals referred to in Article 27 of this Law shall not be bound to provide the Administration with information obtained from the client or about the client, when ascertaining a client’s legal status or representing the client in court proceedings or with regard to court proceedings, which includes advising on initiating or avoiding court proceedings, regardless of whether the information was obtained prior to, during or after the proceedings.
Legal entities and individuals referred to in Article 27 of this Law shall not be bound to provide at the request of the Administration the data, information and documentation on a transaction or individual/entity suspected to be involved in money laundering in cases referred to in paragraph 1 of this Article.
In the event of the case referred to in paragraph 2 of this Article legal entities and individuals referred to in Article 27 of this Law shall be bound to notify the Administration in writing of reasons for which they did not comply with the paragraph 3, Article 28 of the Law, within the time frame of 8 days following the reception of request.
LAWYER RESPONSIBILITY/LIABILITY
Refer to Article 28 of the Law.
CLIENTS’ IDENTIFICATION AND VERIFICATION
Refer to Article 6 and 7 of the Law.
LAWYERS PROSECUTED FOR MONEY LAUNDERING OFFENCES
No information available
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Sources
The Administration for the Prevention of Money Laundering (FCPML).
