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FATF Reports on AML/CFT Regulations in North Macedonia, the Former Yugoslav Republic

Recent Assessment Highlights Progress and Areas for Improvement

In a recent assessment, the Financial Action Task Force (FATF) has evaluated the anti-money laundering and counter-terrorist financing (AML/CFT) regulations of North Macedonia, the former Yugoslav Republic. The report highlights both positive developments and areas that require attention.

Positive Developments

According to the FATF, North Macedonia has made progress in implementing its AML/CFT framework since the previous evaluation in 2017. The country has:

• Strengthened its regulatory regime
• Improved the supervision of financial institutions
• Enhanced international cooperation

Areas for Improvement

However, the assessment also identifies several areas that require attention, including:

• Weaknesses in the implementation of customer due diligence measures
• Insufficient resources allocated to law enforcement agencies
• Limited cooperation with other countries on terrorist financing cases

Recommendations from FATF

The FATF recommends that North Macedonia take immediate action to address these deficiencies, including:

• Strengthening its AML/CFT regime by implementing effective customer due diligence measures
• Enhancing international cooperation on terrorist financing cases
• Increasing resources for law enforcement agencies

Background

North Macedonia is a member of MONEYVAL, which conducts mutual evaluations to assess the effectiveness of its AML/CFT framework. The FATF provides technical assistance and support to countries to help them implement their AML/CFT obligations.

Full Report Available

The full report is available on the MONEYVAL website. The assessment is a key step in ensuring that North Macedonia’s financial system remains robust and effective in combating money laundering and terrorist financing.