The "Conducting Verification of Accuracy of Beneficial Ownership Registration Data and Remedial Actions in Serbia" workshop took place at Biogor in Central Serbia. The workshop gathered a large group of supervisory authorities, tasked with verification of accuracy of the information from the Beneficial Ownership (BO) register: tax inspectors, market inspectors, representatives of the Games of Chance authority, National Bank, Securities and Exchange Commission, but also representatives of the Ministry of Economy in charge of the Law on BO, as well as the Agency for Business Registers. 

On the first day, participants were discussing the scope of verification, availability and accuracy of the sources for verification, examined verification mechanisms at their disposal which would be in line with international standards, and discussed risk-based oversight of BO registration. During the second day of the workshop, based on experts’ guidance,  participants explored opportunities for discrepancy reporting in Serbia, and effectiveness of remedial measures and sanctions which would enhance enforcement of the data accuracy and reliability requirements set by the law. A significant portion of the workshop was dedicated to collaborative group work, where attendees developed individual procedures for the verification of BO information, reporting of inaccuracies and pursuing misdemeanour and other sanction mechanisms. The event concluded with the presentation of these guidelines, marking a step forward in improving the integrity of beneficial ownership data in Serbia.

The activity has taken place within the Project “Countering Economic Crime in Serbia”, funded by the Swedish International Development Agency, and implemented by the Council of Europe.