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New law passed in Yugoslavia

Beginning on 1 July, all banks and financial institutions in Yugoslavia will be required to report all transactions in excess of 600,000 dinars (or about $21,000) under new money laundering legislation, Tanjug news agency reported on 3 June. The legislation does specify to whom such information must be reported. According to the new law as published on the National Bank of Yugoslavia's website (www.nbj.yu) money landering is defined as:

"The term money laundering shall be understood to mean depositing the money acquired through illegal activities (gray economy, illicit traffic in arms, narcotic drugs and psychotropic substances, and the like) in the accounts kept with banks and other financial organizations and institutions, or introducing such money in any other manner into legal financial flows -- which domestic and foreign physical and legal persons perform with the aim of carrying out permissible economic and financial activities.”

"Pursuant to Paragraph 1 hereof, the term money shall be understood to mean cash, including foreign currencies in cash and other financial assets. The following shall be considered as acts enabling money laundering:
* concealment or disguise of the origin of money or the location where the money has been deposited, concealment of the purpose of using the property and all the rights resulting from the performance of forbidden activities;
* exchange or transfer of the property resulting from the performance of forbidden activities
* acquisition, possession or utilization of the property resulting from the performance of forbidden activities; and
* concealment of illegally acquired social property and social capital, in the process of ownership transformation of enterprises."

(RFE/RL 17.vi.02)

 
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