Financial Crime World

Macedonia: A Complex Financial Crime Risk Assessment Ahead

A recent Country Fiduciary Assessment (CFA) has shed light on the complex financial crime risk landscape in the former Yugoslav Republic of Macedonia. This report updates donors and development partners on the country’s fiduciary progress since 2003, highlighting areas where further support is needed.

Background

The CFA integrates procurement and financial management assessment into a single report, with three key objectives:

  • Update Donors and Development Partners: The report provides an updated assessment of fiduciary progress in Macedonia since 2003, focusing on risks related to the budget environment.
  • Assist Government in Public Financial Management Reforms: By highlighting areas for improvement, the report aims to strengthen the country’s institutions and governance frameworks, reducing financial crime risk.
  • Evaluate Procurement Reform Progress: The CFA compares operations with international standards, monitoring system performance and identifying weaknesses to help the government assess its strengths and areas for improvement.

Key Findings

The report reveals that procurement and financial management are intertwined concepts that require a comprehensive approach. By integrating these assessments into a single report, the CFA aims to provide a more complete understanding of financial crime risk in Macedonia.

  • Budget Environment Risks: The report highlights risks related to the budget environment, including weaknesses in financial management and procurement practices.
  • Procurement Reform Progress: The CFA compares operations with international standards, identifying areas for improvement and recommending reforms to reduce corruption and financial crime risk.

Conclusion

The Country Fiduciary Assessment provides a comprehensive picture of financial crime risk in Macedonia. By highlighting areas where reform is needed, the report aims to support the government’s Public Financial Management (PFM) reforms and reduce corruption and financial crime risk in the country.