Financial Crime World

Macedonia Tackles Anti-Money Laundering Laws with EU and Council of Europe Backing

In a bid to strengthen democracy and the rule of law in Macedonia, the government has launched an initiative aimed at preventing and controlling economic crimes. The program, funded by the European Union and the Council of Europe, is designed to bring the country’s anti-money laundering (AML) and countering terrorism financing (CFT) framework in line with international standards.

Objectives

The project, which ran from May 2016 to May 2019, aimed to achieve several specific objectives:

  • Reviewing and implementing a regulatory framework for whistleblower protection and reporting
  • Improving legislation and adopting an AML/CFT national strategy
  • Strengthening the capacities of financial intelligence officials, law enforcement agencies, and the judiciary in fighting money laundering and terrorism financing

Expected Results

The expected results of the project were impressive:

  • Authorities and non-governmental organizations (NGOs) gained enhanced capacity to monitor the implementation of whistleblower protection regulations
  • The AML/CFT system was reinforced through improved legal and regulatory frameworks
  • The country adopted an AML/CFT strategy aligned with new international standards

Capacity Building

The project also focused on building capacities in several areas:

  • The Financial Intelligence Office’s (FIO) legal powers, analytical, and technical capacities were improved
  • The judiciary, prosecution, and law enforcement agencies’ abilities to combat money laundering and terrorism financing were strengthened
  • Designated supervisors received increased training

Enhanced Transparency

The project also aimed to enhance transparency in several areas:

  • Beneficial ownership-related preventive measures were enhanced
  • Transparency of legal persons was improved

International Cooperation

Finally, the project focused on strengthening international cooperation among law enforcement, FIO, and supervisors.

Partnership and Budget

The project was implemented by the Financial Investigation Unit, Ministry of Interior, Ministry of Justice, and State Audit Office in partnership with the European Union and the Council of Europe. The budget for the project was 1.35 million euros.

Feedback from Key Stakeholders

According to Ilina Garevska, Senior Project Officer, “This project has been instrumental in enhancing Macedonia’s anti-money laundering framework, bringing it in line with international standards. We are proud to have contributed to this important effort.”

Mustafa Ferati, Head of Unit at the Action against Crime Department, added, “The results of this project demonstrate our commitment to fighting economic crimes and promoting democracy and the rule of law in Macedonia.”