Serbia Country Summary
Medium-High Risk
View full Ratings TableSanctions
Higher Concern
FATF AML Deficient List
Lower Concern
Terrorism
Medium Concern
Corruption
Medium Concern
US State ML Assessment
Medium Concern
Criminal Markets (GI Index)
Medium Concern
EU Tax Blacklist
Lower Concern
Offshore Finance Center
Lower Concern
Please note that although the below Summary will give a general outline of the AML risks associated with the jurisdiction, if you are a Regulated entity then you may need to demonstrate that your Jurisdictional AML risk assessment has included a full assessment of the risk elements that have been identified as underpinning overall Country AML risk. To satisfy these requirements, we would recommend that you use our Subscription area.
If you would like a demo of our Subscription area, please reserve a day/time that suits you best using this link, or you may Contact Us for further information.
Anti Money Laundering
FATF Status
Serbia is on the FATF List of Countries that have been identified as having strategic AML deficiencies
Compliance with FATF Recommendations
The last follow up to the Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Serbia was undertaken in 2024. According to that Evaluation, Serbia was deemed Compliant for 5 and Largely Compliant for 35 of the FATF 40 Recommendations. It was remains Highly Effective for 0 and Substantially Effective for 0 with regard to the 11 areas of Effectiveness of its AML/CFT Regime.
Sanctions
The United States has designated numerous Serbian individuals and entities since 2014 under its Western Balkans sanctions regime, totaling 51 sanctions (30 individuals and 21 companies), and currently maintains sanctions on several Serbian entities through waivers, notably the Russian-owned NIS (Naftna Industrija Srbije) which has received multiple 180-day waivers, the latest in June 2025. The United Kingdom previously imposed sanctions on Slobodan Tešić in 2022 but lifted them in June 2025, while Australia maintains residual travel bans on Milošević-associated individuals; outside the US and UK, the EU retains residual provisions and Canada, Japan, New Zealand, Switzerland (which aligns with EU decisions but implements UN sanctions domestically), Norway, Iceland, and Liechtenstein do not maintain Serbia-specific autonomous sanctions, and the Arab League does not maintain Serbia-specific sanctions.
Criminality
Rating |
0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | 33 |
| World Bank: Control of Corruption Percentile Rank | 38 |
Crime and corruption remain significant challenges in Serbia, with widespread issues affecting various sectors, including human trafficking, drug trafficking, and financial crimes. Despite legal frameworks and anti-corruption strategies being established, implementation is often hindered by political influence and ineffective enforcement, leading to a lack of accountability for high-ranking officials and criminal networks.
Economy
Serbia's economy has shown signs of improvement in recent years, bolstered by financial stability, fiscal discipline, and reforms supported by the European Union (EU), culminating in the country receiving its first investment-grade rating from S&P in October 2024. The government prioritizes attracting foreign direct investment (FDI), which has significantly contributed to macroeconomic stability, with favorable conditions such as a well-educated labor force and competitive labor costs enhancing its appeal to U.S. investors. However, challenges persist, including bureaucratic inefficiencies, corruption, and a large informal sector, which could hinder the full realization of Serbia's economic potential and its aspirations for EU accession.
Subscribe to
Professional Plus
- Unlimited Access to full Risk Reports
- Full Dataset Download
- API Access
- Virtual Asset Risk Assessments
