Financial Crime World

Corruption in Financial Industries Plagues Macedonia, Former Yugoslav Republic of

Corruption is a significant problem that affects many countries, including Macedonia, formerly known as the Yugoslav Republic. In this country, corruption has been identified as a major issue in the financial industries, threatening to undermine the economy and democracy.

Addressing the Issue: A Government Initiative

In an effort to address this issue, the government launched a project to prevent and control economic crimes in line with European and international standards. The program, which ran from 2016 to 2019, was funded by the European Union and the Council of Europe.

Objectives

The program had several specific objectives:

  • Review and implement a regulatory framework for whistleblower protection and reporting
  • Improve legislation on anti-money laundering and countering terrorism financing
  • Strengthen the capacities of the judiciary, prosecution, and law enforcement agencies to fight money laundering and terrorism financing
  • Enhance beneficial ownership-related preventive measures and transparency of legal persons

Expected Outcomes

The expected outcomes included:

  • Review and implementation of a regulatory framework for whistleblower protection and reporting
  • Reinforcement of the anti-money laundering and countering terrorism financing system through improved legal and regulatory frameworks
  • Adoption of an anti-money laundering and countering terrorism financing strategy in line with international standards
  • Improvement of capacities of the Financial Intelligence Office
  • Enhancement of international cooperation
  • Increase of supervisory skills among designated supervisors

Implementation and Budget

The program was implemented by the Financial Investigation Unit, Ministry of Interior, Ministry of Justice, and State Audit Office, with a budget of 1,350,000 EUR.

Acknowledgments

Ilina Garevksa, Senior Project Officer, and Mustafa Ferati, Head of Unit at the Action against Crime Department, were instrumental in implementing this program. Their expertise and dedication have helped to make a positive impact on Macedonia’s financial industries.

Conclusion

Corruption is a major problem that affects many countries, including Macedonia. The government’s initiative to address corruption in the financial industries is a step in the right direction, but more work needs to be done to ensure that the country’s economy and democracy are truly protected.