SerbiaSerbia's Alta Bank Shut Down Amid Suspicions of Russian Ties and Money Laundering
Serbia's central bank revoked Alta Bank's license due to deteriorating finances and suspected money laundering, as the bank was popular with Russian clients.
Background
Serbia maintains close ties with Russia despite international pressure to align with EU sanctions following Russia's invasion of Ukraine. This balancing act impacts Serbia's financial sector and its path towards European Union membership, with concerns often raised about financial transparency and illicit flows.
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Alta Bank Shut Down Amid Suspicions of Russian Ties and Money Laundering
First report 17h agoLast update 8h agoAlta Bank is accused of facilitating Russian financial transactions, including after the 2022 invasion of Ukraine, and is under investigation.
The closure of Alta Bank occurred shortly after the election defeat of Aleksandar Vučić's party and amid reports of large withdrawals.
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