Macedonia Adopts New Law on Freezing of Terrorist Funds

Skopje, November 2018

The Republic of Macedonia has adopted a new law aimed at freezing terrorist funds and strengthening its efforts to combat terrorism.

A Significant Step Forward in Combating Terrorism

The Law on Prevention of Financing of Terrorism (IRM) replaces the previous legislation and introduces several significant changes. According to the law, the government is now empowered to introduce financial measures against individuals or entities suspected of participating in or being connected to terrorist activities.

Key Provisions of the New Law

• The government is empowered to introduce financial measures against individuals or entities suspected of participating in or being connected to terrorist activities.
• A clear procedure for designating persons or entities as terrorists has been established, including the requirement that the proposal must contain sufficient data to enable the precise identification of the person or entity.
• Financial measures now extend to assets controlled by designated persons.
• Bona fide third parties may submit a request to a competent court for provision of independent rights over property subject to financial measures.
• Procedures for considering de-listing requests and unfreezing funds or other assets of delisted persons or entities have been introduced.

A New Era for Macedonia’s Efforts to Combat Terrorism

The adoption of the new law is seen as a significant step forward in Macedonia’s efforts to combat terrorism. It demonstrates the country’s commitment to preventing the financing of terrorist activities and to strengthening its ability to respond to threats posed by terrorist organizations.

Benefits of the New Law

• Enables Macedonia to better align itself with international standards and best practices in this area.
• Helps to ensure that the country is able to effectively prevent and suppress terrorist activity.