Financial Crime World

Macedonia Grapples with Financial Crimes in Emerging Markets

A Long-Standing Challenge

Skopje - Macedonia’s fight against financial crimes has been a persistent challenge for the country. As part of its efforts to strengthen the rule of law and democracy, the government has launched an ambitious programme aimed at preventing and controlling economic crimes in line with European and international standards.

Programme Objectives

The programme, which runs from 2016 to 2019, has specific objectives that include:

  • Reviewing and implementing a regulatory framework for whistleblower protection and reporting
  • Improving legislation related to anti-money laundering and countering terrorism financing (AML/CFT)
  • Strengthening the capacities of law enforcement agencies and the judiciary to combat money laundering and terrorism financing

Key Challenges

According to experts, one of the key challenges in tackling financial crimes is the lack of a robust AML/CFT system. “Macedonia needs to reinforce its AML/CFT system through improved legal and regulatory frameworks,” said Ilina Garevskas, Senior Project Officer for the programme.

Enhancing International Cooperation

The programme has also identified the need to enhance international cooperation capacities for law enforcement, the Financial Intelligence Office (FIO), and supervisors. This includes increasing their ability to share information and coordinate efforts to prevent and investigate financial crimes.

Capacity-Building Support

To achieve these objectives, the programme is providing capacity-building support to key institutions, including:

  • The Financial Investigation Unit
  • The Ministry of Interior
  • The Ministry of Justice
  • The State Audit Office

Joint Funding

The European Union and the Council of Europe are jointly funding the programme with a budget of 1.35 million euros.

A Crucial Step Towards Improving Macedonia’s Financial Governance

“This programme is a crucial step towards improving Macedonia’s financial governance and preventing economic crimes,” said Mustafa Ferati, Head of Unit at the Action against Crime Department. “We are committed to supporting Macedonia in its efforts to strengthen the rule of law and democracy.”