Financial Crime World

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Croatia Enhances Financial Crime Prevention Techniques

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Zagreb, Croatia - The Agency for the Prevention of Money Laundering and Terrorism Financing (AMLO) has been at the forefront of combating financial crime in Croatia, with its role expanding to include intelligence analysis, international cooperation, and statistical reporting.

Primary Responsibility

According to Ante Biluš, Director of AMLO, the agency’s primary responsibility is to prevent the use of the financial system for money laundering and terrorist financing purposes. To achieve this goal, AMLO performs an analytical intelligence analysis on suspicious transactions received from banks and other reporting entities, and disseminates cases in written form to competent authorities, including the State Attorney’s Office and Police.

International Cooperation

AMLO also cooperates with international organizations and foreign FIUs to share data, information, and documentation related to money laundering and terrorist financing. Additionally, the agency acts preventively by educating reporting entities on AML/CTF measures and conducting off-site administrative supervision.

Statistical Reporting and Public Awareness

The agency publishes statistical data on money laundering and terrorist financing, as well as informs the public on current techniques, methods, trends, and typologies of financial crime. AMLO’s work is guided by the Anti-Money Laundering and Terrorism Financing Law (AMLCFT), which was amended in 2017 to harmonize with EU standards.

Organization Structure

The organization structure of AMLO consists of two services:

  • Financial Intelligence Analytics
  • Prevention and Supervision of Reporting Entities

The agency’s staff includes experts from various fields, including finance, law enforcement, and economics.

AML/CTF System in Croatia

In Croatia, the AML/CTF system is comprised of multiple institutions working together to prevent financial crime. These include:

  • Reporting entities such as banks, insurance companies, and lawyers
  • Supervisory bodies like the Croatian National Bank and Tax Administration
  • Prosecution bodies like the State Attorney’s Office and Police

The agency has reported a significant increase in suspicious transactions in recent years, with many cases involving money laundering typologies such as financing of terrorism. According to AMLO, the majority of these transactions involve cash transfers across the state border.

Conclusion

In conclusion, AMLO plays a critical role in preventing financial crime in Croatia by analyzing suspicious transactions, sharing information internationally, and educating reporting entities on AML/CTF measures. The agency’s work is guided by EU standards and national laws, and its efforts have contributed significantly to combating financial crime in the country.