Financial Crime World

Financial Crime Risk Assessment Templates in North Macedonia, the Former Yugoslav Republic of

The Financial Action Task Force (FATF) has published a mutual evaluation report on the implementation of anti-money laundering and counter-terrorist financing (AML/CFT) standards in North Macedonia, the former Yugoslav republic. The report highlights several areas where North Macedonia needs to improve its AML/CFT framework.

Key Findings and Recommendations

Strengthening AML/CFT Framework

The FATF recommends that North Macedonia implement a number of measures to strengthen its AML/CFT regulatory framework, including:

  • Strengthening customer due diligence requirements: Ensuring financial institutions are able to identify and verify their customers.
  • Improving risk-based approach: Ensuring financial institutions effectively identify and mitigate money laundering risks.
  • Enhancing investigation and prosecution capabilities: Providing adequate resources and training for law enforcement officials.

Technical Measures

The FATF also recommends that North Macedonia implement technical measures, including:

  • Centralized customer due diligence database: Facilitating the sharing of information between financial institutions.
  • Improved suspicious transaction reporting system: Enhancing efficiency and effectiveness of AML/CFT efforts.
  • Enhanced data collection and analysis: Better understanding the nature and scope of money laundering cases.

International Cooperation

In addition, the FATF recommends that North Macedonia take steps to enhance its international cooperation in AML/CFT matters, including:

  • Strengthening relationships with other countries: Improving information sharing and coordination.
  • Enhancing participation in regional and international initiatives: Combating money laundering more effectively.
  • Improving response to requests for assistance: Enhancing AML/CFT efforts globally.

Conclusion

The FATF report provides a comprehensive assessment of North Macedonia’s AML/CFT framework and identifies areas where improvements are needed. The recommendations provided by the FATF will help North Macedonia strengthen its AML/CFT efforts and improve its ability to prevent and investigate money laundering cases.