STRUGGLE AGAINST TERRORIST FINANCING WITH SPECIAL REFERENCE TO THE REPUBLIC OF SERBIA
STRUGGLE AGAINST TERRORIST FINANCING WITH SPECIAL REFERENCE TO THE REPUBLIC OF SERBIA

Summary/Abstract: Terrorist financing is a global phenomenon that is realized in three phases: fundraising, transfer of funds raised and use of funds. Terrorism can be financed with money, goods, exploitation of natural resources, as well as services. In this regard, the complexity of detecting and preventing the movement of funds intended for terrorist financing is not only reflected in relation to funds originating from criminal activities and legal funds that are transferred illegally, but also to all funds that are transferred legally. Given that terrorist financing is adapted to current social and financial flows, it is especially important to recognize innovations in this area such as cryptocurrencies, as well as all other technologies that enable anonymity and speed of flow free of charge, and whose advantages have been recognized by terrorist organizations. Regarding the prevention and fight against the financing of terrorism, the Republic of Serbia has harmonized with important international documents, as their foreign contracting party. In addition to the above, the prevention of terrorist financing in the Republic of Serbia has been addressed from several aspects in a number of strategic documents, the last of which is the Strategy for Combating Money Laundering and Terrorist Financing for the period 2020-2024 adopted by the Government of Serbia on 13 February 2020 as well as legal regulations such as the Law on Restricting the Disposal of Property in order to prevent terrorism and the proliferation of weapons of mass destruction, etc. It should be noted that the Republic of Serbia is one of the few countries in the world with established good practice in the fight against financing terrorism, in which several persons were convicted for committing the offense of financing terrorism. The aim of this paper is to point out the phases of terrorist financing, the use of modern financial flows and means in terrorist financing, and examples of good practice in detecting and proving this crime in the Republic of Serbia.

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