Financial Crime World

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Macedonia, the Former Yugoslav Republic of: AML Regulations 2022

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Macedonia has made significant progress in strengthening its anti-money laundering (AML) and counter-terrorist financing (CFT) framework by implementing the Financial Action Task Force (FATF) Recommendations.

Commitment to Improving AML/CFT Regime

According to a recent mutual evaluation report by MONEYVAL, Macedonia has demonstrated a commitment to improving its AML/CFT regime. The country has taken steps to enhance its supervisory and investigative powers, as well as improve international cooperation and information sharing.

Recognition by the FATF

Macedonia’s efforts have been recognized by the FATF, which has removed the country from its list of jurisdictions under increased monitoring. This development is a testament to Macedonia’s dedication to combating money laundering and terrorist financing.

Areas of Progress

The report highlights several areas where Macedonia has made progress, including:

  • Strengthening its legal framework for AML/CFT
  • Enhancing customer due diligence requirements for financial institutions
  • Improving the transparency of beneficial ownership information
  • Increasing cooperation with foreign authorities in relation to investigations and prosecutions

Areas for Improvement

However, the report also notes that there are areas where Macedonia needs to continue to improve. These include:

  • Strengthening its supervisory powers over financial institutions
  • Enhancing its capacity for investigation and prosecution of AML/CFT offenses
  • Improving its international cooperation and information sharing with other countries

Call to Action

The FATF has called on Macedonia to address these remaining issues and continue to strengthen its AML/CFT regime.

Conclusion

In conclusion, Macedonia’s efforts to improve its AML/CFT framework are a positive step towards combating money laundering and terrorist financing. The country’s commitment to implementing the FATF Recommendations demonstrates its willingness to work with international partners to protect the global financial system.