Financial Crime World

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Compliance Training Crucial for Financial Institutions in Macedonia

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Skopje, Macedonia - In a bid to strengthen financial institutions’ compliance with anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations, the Council of Europe’s Action against Economic Crime has been conducting training sessions for trainers from state institutions across Macedonia.

Recent Training Sessions

“Protection of Whistleblowers” Session

The latest session on “Protection of Whistleblowers” was held in Ohrid from October 3 to 5, where experts discussed various approaches and good practices with trainers. The aim is to equip them with the necessary skills to train their peers in AML/CFT compliance.

AML/CFT Training Session for Brokers and Insurance Compliance Officers

In September, a two-day AML/CFT training session was organized for brokers and insurance compliance officers in Skopje, focusing on the basics of AML/CFT and the importance of implementing effective programs.

Other Initiatives

  • The Action against Economic Crime has been working closely with authorities to establish a Central Register for Beneficial Ownership, releasing a roadmap to guide the process.
  • An assessment of AML/CFT supervisory methodologies was conducted in November 2017 to identify areas for improvement.
  • In October 2017, analysts from the Financial Intelligence Office received training on tactical and strategic analysis, while a roundtable discussion on AML/CFT legislation was held in Skopje to gather expert opinions on aligning local laws with FATF recommendations.

Commitment to Supporting Macedonia

The Action against Economic Crime has been actively engaged in various initiatives since its inception, including organizing workshops on transparency of beneficial ownership and establishing a roadmap for the central register. These efforts demonstrate the Council of Europe’s commitment to supporting Macedonia in strengthening its financial sector’s compliance with AML/CFT regulations, ultimately contributing to a safer and more stable economic environment.