Croatia Steps Up Efforts to Combat Money Laundering and Terrorist Financing

Strengthening Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) Measures

Zagreb, Croatia - The Government of Croatia has launched a national risk assessment to identify vulnerabilities and threats in the country’s financial sector, aiming to strengthen its AML/CTF measures.

National Risk Assessment

According to Article 5 of the Croatian Law on Prevention of Money Laundering and Terrorist Financing, the national risk assessment will focus on identifying sectors or activities that are particularly susceptible to money laundering and terrorist financing. The assessment will also evaluate the effectiveness of existing AML/CTF measures and identify areas for improvement.

Inter-institutional Working Group

The Inter-institutional Working Group for the Prevention of Money Laundering and Terrorist Financing, established by Article 120 of the law, will coordinate the national risk assessment and prepare a report on its findings. The group will also develop an action plan to mitigate identified risks and implement other analyses that require cooperation between different state authorities and public bodies.

Results and Implementation

The results of the national risk assessment will be made available to all reporting entities, including credit institutions, insurance companies, investment funds management companies, and others. The Office responsible for AML/CTF prevention will also provide assistance to these entities in carrying out their own risk assessments and implementing necessary measures to prevent money laundering and terrorist financing.

International Cooperation

Croatia’s efforts to strengthen its AML/CTF regime are part of its commitment to comply with international standards and cooperation agreements, including the Financial Action Task Force (FATF) recommendations. The country is also working closely with European institutions and other member states to share information and best practices in preventing money laundering and terrorist financing.

Reporting and Compliance

In related news, Croatia has reported on the results of its national risk assessment to the European Commission, European Supervisory Authorities, and other member states, as required by Article 8 of the law. The country is committed to continuing its efforts to prevent money laundering and terrorist financing and remains a key player in international efforts to combat these threats.

Conclusion

By launching a national risk assessment and strengthening its AML/CTF measures, Croatia demonstrates its commitment to preventing money laundering and terrorist financing. The country’s efforts will contribute to a safer financial sector and reinforce its reputation as a responsible member of the global community.