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Croatia Moves to Strengthen Anti-Money Laundering Regulations
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Zagreb, Croatia - In a bid to combat money laundering and terrorist financing, the Croatian government has announced plans to introduce new regulations aimed at individual sectors and activities.
National Risk Assessment Report
According to Article 3 of the country’s anti-money laundering law, the Office for Money Laundering and Terrorist Financing Prevention will be required to publish its national risk assessment report within a delay. The report will identify potential risks in various sectors and activities, including those related to financial institutions, insurance companies, and gaming operators.
The Office will also take into account supranational risk assessments and recommendations from the European Commission when implementing its own risk assessment.
Reporting Entities Required to Implement Measures
According to Article 9 of the law, reporting entities will be required to implement measures and procedures to detect and prevent money laundering and terrorist financing. These entities include:
- Credit institutions
- Credit unions
- Croatian Bank for Reconstruction and Development
- HP-Croatian Post (postal money orders)
- Institutions for payment operations
- Investment funds management companies
- Pension companies
- Insurance companies
- Companies authorized to provide investment services
- Factoring companies
- Leasing companies
- Institutions for the issuance of electronic money
- Authorized exchange offices
- Organizers of games of chance
The government has emphasized the importance of implementing these measures and procedures to prevent money laundering and terrorist financing in Croatia.
European Commission Recommendations
In accordance with Article 7 of the law, the Croatian government will take into account supranational risk assessments and recommendations from the European Commission when implementing its own risk assessment. Should Croatia decide not to apply any of the recommendations, it must inform the European Commission in writing and provide an explanation for its decision.
Reporting Requirements
The Office for Money Laundering and Terrorist Financing Prevention will report on the results of its national risk assessment to European institutions and member states, as well as other relevant authorities. This will ensure that all stakeholders are aware of the potential risks and can take necessary measures to prevent money laundering and terrorist financing.
Conclusion
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The introduction of these new regulations is a significant step forward in Croatia’s efforts to combat money laundering and terrorist financing. The government has emphasized its commitment to implementing effective measures to prevent these crimes and protect its financial system.