Money Laundering Probe in the Former Yugoslav Republic of Macedonia: FATF Evaluates AML/CFT Measures
The Financial Action Task Force (FATF), an international organization dedicated to combating money laundering and terrorist financing, has initiated a mutual evaluation assessment of the former Yugoslav Republic of Macedonia. This assessment aims to evaluate the effectiveness of Macedonia’s measures in countering financial crimes.
FATF Initiates Mutual Evaluation Assessment
Macedonia, as a member of FATF’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL), extended an invitation to FATF for an on-site visit and mutual evaluation. [1] According to FATF, Macedonia is in for a thorough examination of its:
- Legal framework
- Regulatory and supervisory systems
- Enforcement mechanisms
This evaluation will focus on assessing Macedonia’s level of implementation of the FATF Recommendations. These recommendations cover identifying, preventing, and combating money laundering and terrorist financing. [2]
Insights into Macedonia’s Progress
The FATF intends to provide guidance and recommendations for enhancing Macedonia’s capabilities and ensuring compatibility with international best practices in the area of Anti-Money Laundering/Combatting the Financing of Terrorism (AML/CFT). A successful assessment will provide valuable insights into the progress made by Macedonia in tackling money laundering and terrorist financing risks. [1]
Publicly Available Findings
FATF reports and findings from the mutual evaluation will be made publicly available on the MONEYVAL website for stakeholders and interested parties to access and learn from. [3]
More Information
For further information on the Macedonian government’s efforts to counter financial crimes and improve its AML/CFT framework, please visit MONEYVAL’s website. [3]
[1] - FATF: FATF Evaluation of the Former Yugoslav Republic of Macedonia - Fourth Re-Evaluation Round
[2] - FATF: FATF Recommendations
[3] - FATF: Mutual Evaluations