Croatia Tackles Money Laundering and Terrorist Financing with New Risk Assessment Framework
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Strengthening Efforts against Financial Crimes
The Croatian government has announced a new framework for assessing money laundering and terrorist financing risks in the country. The initiative aims to identify vulnerabilities and threats in financial activities and implement measures to mitigate these risks.
National Money Laundering and Terrorist Financing Risk Assessment
The national money laundering and terrorist financing risk assessment will be coordinated by an Inter-institutional Working Group, which will:
- Assess each financial activity deemed suitable for money laundering or terrorist financing purposes
- Implement the national risk assessment
- Prepare a report on the findings
- Propose an action plan with measures to mitigate identified risks
- Conduct other analyses requiring cooperation between state authorities and public bodies
Improving Prevention and Detection of Financial Crimes
The results of the national risk assessment will be used to:
- Improve the system of preventing and detecting money laundering and terrorist financing
- Inform the government’s decision-making process regarding the allocation of resources and funds for anti-money laundering and anti-terrorist financing efforts
Reporting Requirements
Reporting entities such as:
- Credit institutions
- Insurance companies
- Investment funds
- Others
will be required to:
- Carry out measures and actions to detect and prevent money laundering and terrorist financing
- Assess their own risks and implement appropriate procedures to mitigate them
Aligning with International Standards
The new framework is expected to strengthen Croatia’s efforts to combat money laundering and terrorist financing, aligning the country with international standards and best practices in this area.
Conclusion
The implementation of the national risk assessment framework marks a significant step forward in Croatia’s fight against financial crimes. The country’s commitment to strengthening its anti-money laundering and anti-terrorist financing measures is crucial for maintaining financial stability and ensuring the integrity of the financial system.