Financial Crime World

North Macedonia’s Anti-Money Laundering (AML) and Asset Recovery Efforts

Overview

As part of its obligations under the United Nations Convention against Corruption, North Macedonia has been working to strengthen its anti-money laundering (AML) and asset recovery efforts. While progress has been made, there are still challenges that need to be addressed.

Key Points

  • Asset Recovery Regime: The asset recovery regime in North Macedonia is still developing, with gaps in the domestic policy and procedure for applying the Convention.
  • Institutional Framework: Multiple institutions play roles in asset recovery, including:
    • Public Prosecution Office (PPO)
    • Courts
    • Ministry of Interior (MOI)
    • Ministry of Finance (MOF)
    • Public Revenue Office
    • Customs Administration (CA)
    • Agency for Management of Seized Assets
    • State Commission for Prevention of Corruption (SCPC)
    • Financial Intelligence Office (FIO)
  • Lack of Specialized Institution: There is no national institution specialized in tracing, securing, and confiscating assets.
  • Overlapping Mandates: The mandates of the institutions involved in asset recovery are not clearly defined, leading to potential confusion and inefficiencies.
  • International Cooperation: North Macedonia has been an observer to the Camden Asset Recovery Inter-Agency Network since July 2014 and is a member of the Egmont Group through FIO.

Next Steps

To address the challenges in North Macedonia’s AML and asset recovery efforts, it is essential to:

  1. Develop a clear and comprehensive domestic policy and procedure for applying the Convention.
  2. Establish a national institution specialized in tracing, securing, and confiscating assets.
  3. Clearly define the mandates of the institutions involved in asset recovery to avoid overlapping and inefficiencies.
  4. Enhance international cooperation through membership in relevant networks and organizations.

By taking these steps, North Macedonia can strengthen its AML and asset recovery efforts, ultimately contributing to a more secure and transparent financial system.