Croatia Introduces New Measures to Combat Financial Crime as EU Crackdown Continues

Croatia has joined Cyprus and Lithuania in introducing new measures to tackle money laundering and terrorist financing, demonstrating a significant move to combat financial crime.

Compliance with International Recommendations

According to reports released by MONEYVAL, the Council of Europe anti-money laundering Committee, all three nations have improved their compliance with recommendations from the Financial Action Task Force (FATF), an intergovernmental organisation focused on combating money laundering. The FATF provides guidance and recommendations to countries worldwide to help them combat money laundering and terrorist financing.

Croatia’s Efforts

Croatia has strengthened its anti-money laundering regime by:

• Introducing new regulations
• Increasing cooperation between financial institutions and law enforcement agencies

These efforts demonstrate the country’s commitment to improving its anti-money laundering framework and combating financial crime.

Cyprus and Lithuania’s Initiatives

Cyprus and Lithuania have also taken steps to enhance their anti-money laundering frameworks, focusing on:

• Improving customer due diligence
• Strengthening suspicious transaction reporting

EU-Wide Crackdown on Financial Crime

The developments are part of a broader EU-wide crackdown on financial crime, with many member states working to improve their compliance with international standards. The FATF has been at the forefront of this effort, providing guidance and recommendations to countries around the world to help them combat money laundering and terrorist financing.

This coordinated approach demonstrates the EU’s commitment to combating financial crime and protecting its citizens from illegal activities.