Money laundering and terrorist financing are criminalised under the Czech Criminal Code as standalone crimes. The legalisation of the proceeds of crime is subject to imprisonment up to ten years. Terrorist financing is subject to imprisonment up to 15 years. Further sanctions, such as forfeiture of property etc., can be imposed.
Czech law recognises corporate criminal liability, therefore companies may also be criminally liable for money laundering and terrorist financing. There is a wide range of sanctions which can be imposed on legal entities, e.g. dissolution of the company, forfeiture of property, monetary penalty, and publishing the judgment.
The AML Act provides a range of sanctions for non-compliance with the key obligations and sets out individual fines and penalties depending on the type of infringement, the type of infringer (an individual or entity or type of entity, banks, insurers, etc.).
The Serbian Criminal Code recognises both money laundering and financing terrorism as standalone criminal offences. Predicate crimes that are committed either in or outside Serbia can support a money laundering charge brought in Serbia.
The penalties prescribed in the Criminal Code for money laundering are:
- imprisonment for a period of six months up to 12 years depending on the sum of the laundered money and circumstances, as well as a fine;
- the funds which were laundered will be confiscated.
The penalties prescribed in the Criminal Code for financing terrorism are:
- imprisonment from one to ten years and the funds used to fund terrorism will be confiscated.
Legal entities can, in principle, bear criminal liability under Serbian law. Namely, the Responsibility of Legal Entities Act states that if a legal entity has enriched itself through the proceeds of a crime committed by an employee or a director, the legal entity can be sanctioned with a fine. This fine ranges from RSD 100,000 (EUR 850) up to RSD 500,000,000 (EUR 4,250,000) and will depend on the jail time prescribed for the criminal offence committed by the employee or director.
The AML Act provides a range of sanctions for non-compliance with the key requirements, such as customer checks, record-keeping, and suspicious transaction reporting. The sanctions take the form of fines and penalties which vary depending on the type of the infringement and range from RSD 50,000 (EUR 425) to RSD 3,000,000 (EUR 25,500), for the legal entity and RSD 10,000 (EUR 85) to RSD 200,000 (EUR 1700) for the responsible person.
Banks and other special categories of obliged entities are fined in accordance with the Banks Act.
Further, the Registry Agency as administrator of the Central UBO Register may also impose fines for non-compliance.
The number of prosecutions, convictions and administrative sanctions has increased in recent years.