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Preventing Money Laundering and Financing Terrorism in Macedonia

Introduction

The laws and regulations related to money laundering, banking, and foreign exchange operations in Macedonia are subject to regular amendments and updates. This article provides an overview of the current state of these laws and highlights the measures implemented to prevent money laundering and financing terrorism.

Laws and Regulations

  • Law on Banks: Regularly updated to ensure compliance with international standards.
  • Law on Preventing Money Laundering and Other Proceeds of Crime and Financing Terrorism (AML Law): Defines the framework for preventing money laundering and financing terrorism in Macedonia.
  • Decision on Currency Exchange Operations: Regulates currency exchange operations and fast money transfer services.

Measures to Prevent Money Laundering and Financing Terrorism

The following measures have been implemented to prevent money laundering and financing terrorism:

1. Creation of Client Risk Profile

  • A risk profile is created for clients based on relevant information and data.
  • This helps identify high-risk clients related to money laundering.

2. Enhanced Client Due Diligence

  • Clients are subjected to enhanced due diligence, including regular monitoring of their business relations.
  • High-risk clients are given special attention to prevent money laundering.

3. Employee Training and Cooperation with Internal Audit Offices

  • Employees responsible for preventing money laundering and financing terrorism receive permanent training.
  • They cooperate with internal audit offices to ensure compliance with laws and regulations.

Role of the National Bank

The National Bank plays a crucial role in preventing money laundering and financing terrorism by:

1. Pronouncing Misdemeanour Sanctions

  • The National Bank can pronounce misdemeanour sanctions without mediation by a court.
  • This helps ensure compliance with laws and regulations.

2. Withdrawal of Licenses

  • If there are evidences of non-compliance, the National Bank can withdraw licenses for currency exchange operations or fast money transfer services.
  • This helps prevent further illegal activities.

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