As of 1 January 2019, the National Bank of Serbia (“NBS”) took over the competencies of the Ministry of Finance and its department Tax Administration for issuance and revocation of licences to perform exchange operations. The NBS also took over the supervision of foreign exchange operations of Serbian residents and non-residents, being natural persons, entrepreneurs and general legal entities. The NBS adopted several decisions in order to execute the delegated competencies:
- Decision on Conditions and Manner of Performing Exchange Operations (“Official Gazette of the RS”, No. 84/2018 and 86/2018);
- Decision on Detailed Conditions and Manner of Performing the Supervision of Exchange Operations (“Official Gazette of the RS”, No. 84/2018);
- Decision on Detailed Conditions and Manner of Performing the Supervision of Foreign Exchange Operations of Residents and Non-Residents (“Official Gazette of the RS”, No. 84/2018);
- Decision on Procedure and Conditions for Obtaining a Certificate for the Performance of Exchange Operations, Single Training Programme for the Performance of Exchange Operations and Eligibility Requirements for Trainers (“Official Gazette of the RS”, No. 84/2018);
- Decision on the Guidelines for the Application of the Provisions of the Law on the Prevention of Money Laundering and the Financing of Terrorism for Obligors Supervised by the National Bank of Serbia (“Official Gazette of the RS”, No. 13/2018 and 103/2018).
The relevant provisions and amendments thereto entered into force on 1 January 2019.
By Stefan Jovicic, Senior Associate JPM Jankovic Popovic Mitic
