Croatia Faces Terrorist Financing Risks as EU and Council of Europe Step in to Assist

The Economic Crime and Cooperation Division, a project under the Council of Europe’s Technical Support Instrument (TSI) envelope, has been launched to help Croatian authorities enhance their anti-money laundering and combating financing of terrorism regime. The 24-month project aims to strengthen risk-based supervision in the financial system and bring Croatia in line with Financial Action Task Force (FATF) recommendations and EU Directive requirements.

Objectives of the Project

• Develop new risk assessment methodologies
• Train supervisory authorities’ staff
• Map data sources for a reporting system that can profile risks
• Advise on the design of supervisory tools
• Create an IT tool for automated money laundering and terrorist financing risk assessments
• Develop supervisory manuals

Project Details

• Total budget: 500,000 Euros
• Funding from: European Union through the TSI and the Council of Europe
• Project duration: 24 months
• Implementation: Council of Europe in cooperation with the European Commission

Expert Insights

Experts warn that Croatia’s financial system is at risk of being used to finance terrorist activities if left unchecked, emphasizing the need for swift action to strengthen its anti-money laundering and combating financing of terrorism regime. The project is a crucial step towards ensuring the country’s financial stability and preventing the misuse of its financial system.

Contact Information

• Edmond DUNGA, Head of Unit
  • Phone: +33 3 90 21 66 52
  • Fax: +33 (0)3 88 41 39 55
  • Email: Edmond.DUNGA@coe.int
• Zahra AHMADOVA, Programme Manager
  • Phone: +33 (0)3 90 21 28 44
  • Fax: +33 (0)3 88 41 39 55
  • Email: Zahra.AHMADOVA@coe.int
• Sabina SINJEREAN, Junior Professional
  • Phone: +33 (0)3 88 41 2493
  • Fax: +33 (0)3 88 41 39 55
  • Email: Sabina.SINJEREAN@coe.int