Financial Crime World

Macedonia Adopts New Financial Sanctions Law to Enhance Fight Against Terrorism

Skopje, Macedonia - The Government of the Republic of North Macedonia has adopted a new Financial Sanctions Law, aimed at strengthening its ability to combat terrorism and money laundering.

Key Reforms

The new law introduces several key reforms, including:

  • Creation of a national designating authority for the purposes of United Nations Security Council Resolution 1373
  • Possibility of freezing assets controlled by designated persons
  • Extension of financial sanctions to cases initiated by third countries

These measures are significant improvements over the previous legislation, which did not provide for these provisions.

Protection of Bona Fide Third Parties

The law also includes provisions protecting the interests of bona fide third parties affected by the freezing mechanism. These parties may submit requests to a competent court to provision independent rights over property subject to financial measures.

Room for Improvement

However, the law still falls short in some areas. There is no publicly known procedure for considering de-listing requests and unfreezing funds or other assets of delisted persons or entities. The Government has been urged to establish such procedures to ensure that individuals and entities are not unfairly affected by the freezing mechanism.

International Support

The adoption of this new financial sanctions law is a positive step forward in Macedonia’s efforts to combat terrorism and money laundering. The International Monetary Fund (IMF) has welcomed the adoption, stating that it will help to strengthen the country’s ability to combat money laundering and terrorist financing. The IMF has also urged the Government to continue to implement effective measures to prevent the proliferation of weapons of mass destruction.

Conclusion

The adoption of this new financial sanctions law is a significant development in Macedonia’s efforts to combat terrorism and money laundering. While there are still some areas that require improvement, the law represents an important step forward in protecting the country’s financial system and preventing the misuse of funds for terrorist activities.