Apr 20 2009 Direct News
Approximately €1.7bn (£1.5bn) linked to drug running, human trafficking, public corruption and organised crime is being laundered in Serbia every year, the head of the agency fighting the offence has said.
Money Laundering Prevention Directorate chief Aleksandar Vujicic told Serbian daily Blic that the majority of money laundering carried out in the Balkan republic is conducted via real estate acquisitions and privatisations, although he declined to comment on specific cases, B92 reports. However, Vujicic also said that on the whole, money laundering in Serbia is on the wane thanks to the country's prevention mechanisms. These include an obligation for banks to report all cash transactions worth €15,000 or more.
He added that since the MLPD was formed in 2002, it has initiated 11 criminal prosecutions, achieving three first-degree and two final rulings, the site noted. According to the BBC, Serbia became a standalone republic in 2006 following a referendum that saw Montenegro vote for independence.
