The formal financial sector refers to using regulated financial institutions and systems, such as banks, investment firms and financial markets, by violent extremist groups or individuals to transfer money for their activities.
For example, transactions through banks are necessary for Milan Radoičić’s group, which illustrates the merging of violent far-right extremism, organized crime and legitimate business in the Western Balkans. His group utilizes both legal and illicit channels to strengthen and expand its influence – a trend that has intensified since Kosovo’s independence in February 2008. Between 2019 and 2023, three Serbian companies tied to Radoičić – Inkop, Novi Pazar-Put and Betonjerka – reported a combined net profit of €104 million.52 This was despite sanctions imposed by the US and UK in December 2021 on Radoičić and affiliated entities due to their involvement in organized crime.53
52Milan Ćulibrk, Put do 100 miliona evra, Radar, 16 May 2024, https://radar.nova.rs/ekonomija/zlatno-doba-za-firme-milanaradoicica-i-
brace-veselinovic/.
53 Treasury targets corruption networks linked to transnational organized crime, US Department of the Treasury, 8 December 2021,
https://home.treasury.gov/news/pressreleases/jy0519.