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Macedonia, the Former Yugoslav Republic: New Anti-Money Laundering Regulations Come into Force in 2022
Skopje, Macedonia - In a significant move to combat money laundering and terrorism financing, the government of Macedonia has introduced new anti-money laundering (AML) regulations in 2022. The regulations aim to strengthen the country’s financial system and prevent criminal activities.
Background
According to sources, the regulations are based on international standards and best practices, and are designed to increase transparency and understanding of ownership structures. The move is seen as a major step forward in the fight against money laundering and terrorism financing in the region.
New Regulations
The new regulations include:
- Guidelines for increasing beneficial ownership transparency
- Strengthening working processes
- Implementing financial measures set by the Law on International Restrictive Measures
- A roadmap for establishing an Asset Recovery Office to facilitate tracing and identification of proceeds of crime and other crime-related property
Additionally, the government has introduced new guidelines for monitoring the financing of political parties and election campaigns, in an effort to prevent corruption and ensure transparency in political activities.
Impact on Financial Sector
Experts say that the new regulations will have a significant impact on the country’s financial sector, helping to prevent criminal activities such as money laundering and terrorism financing. “These regulations are a major step forward in our efforts to combat these serious crimes,” said a government spokesperson. “We are committed to ensuring that our financial system is transparent and secure, and that we do everything possible to prevent illegal activities.”
Technical Papers Released
In related news, several technical papers were released recently, outlining best practices and guidelines for anti-money laundering and countering financing of terrorism (AML/CFT). The papers included recommendations for:
- Strengthening national strategies
- Typologies and indicators for determining suspicion
- Assessments of AML/CFT legislation alignment with international standards
- Guidelines for increasing beneficial ownership transparency
The technical papers were released by the country’s financial regulator, designed to provide guidance and support for financial institutions and regulatory bodies.
Conclusion
Overall, the new regulations and technical papers demonstrate the country’s commitment to combating money laundering and terrorism financing, and its efforts to strengthen its financial system and prevent criminal activities.