New Bill on Prevention of Money-Laundering and Financing Terrorism in Parliament in October

Serbian State Secretary of Finance Miodrag Djidic stated today that the new Bill on Prevention of Money-Laundering and Financing Terrorism will be forwarded to the Parliament in October and should be adopted by year’s end. Djidjic told a press conference, held in the Serbian Government building, that a novelty in the Bill is regulation of financing terrorism, which is one of the most topical issues in the world.
Serbian State Secretary of Finance Miodrag Djidic stated today that the new Bill on Prevention of Money-Laundering and Financing Terrorism will be forwarded to the Parliament in October and should be adopted by year’s end. Djidjic told a press conference, held in the Serbian Government building, that a novelty in the Bill is regulation of financing terrorism, which is one of the most topical issues in the world.

The Bill envisages that the Tax Administration, Directorate for Games of Chance and the Market Inspectorate should control whether banks, law practices and real estate agencies fulfil their legal obligations to prevent tax evasion or money-laundering, said Djidic. Speaking about work of the Tax Administration, Djidic said that from May 1 until August 23 this year, tax collection was 13.7 percent higher than in the same period last year, which means that citizens’ compliance is improving. Djidic recalled that the Law on Financing of Local Self-government was adopted last year and it envisages that local self-governments will take over collection of property tax by the end of 2008. He underscored that this has not functioned too well so far, since local authorities are not showing interest in taking over that task, except for local authorities in Belgrade, Kragujevac, Vrnjacka Banja and Vranje. Djidic added that the Tax Administration will help local authorities set up tax collection services. He went on to say that the Tax Administration has enhanced the monitoring of trade via fiscal cash registers of firms in hospitality business, fast food shops and bakeries, after which some 30 percent of the stores controlled were closed for irregularities. Djidic highlighted that priorities of the Ministry of Finance include reconstruction and modernisation of border crossings, which should provide for faster and easier border transit of people and goods. Border waiting time must not be five or ten hours and should be short as possible, but we cannot achieve that on our own, and can only do so in conjunction with the Ministry of Interior, Ministry of Agriculture and the Environment Ministry, Djidic also said. Director of the Customs Administration Predrag Petronijevic earmarked modernisation of the customs service as the most important task for the Customs and noted that all measures, including renewal of human resources, are coordinated with the Ministry of Finance.