Macedonia, The Former Yugoslav Republic Of: Enhancing Anti-Money Laundering Practices in Credit Awards
Improving Risk Management through Training
On July 4-5, a training session was conducted for staff members of the Asset Declaration Unit in North Macedonia. Organized by the Council of Europe in partnership with the European Union, this event aimed to equip the unit’s staff with enhanced skills to manage risks related to money laundering and corruption when awarding credits.
Key Focus Areas
- Identifying and Analyzing Risks: The training highlighted best practices for identifying, analyzing, and managing risks associated with corruption and money laundering in credit awards.
- Beneficial Ownership Transparency: Beneficial ownership transparency was emphasized as a crucial tool in mitigating these risks.
- Politically Exposed Persons (PEPs): Specific challenges related to PEPs were discussed during the session.
Real-Life Case Studies and Supervisory Insights
The training included real-life case studies from the Asset Declaration Unit’s daily practice, as well as insights from the National Bank of the Republic of North Macedonia on its supervisory role in addressing corruption and money laundering. Participants learned about:
- Credit Risk Management: The bank’s methodology for managing credit risks
- Related Parties: Determining related parties when awarding loans
- Exposure Limits: Establishing exposure limits to prevent excessive lending
Strengthening Anti-Corruption Efforts in the Region
This initiative is part of the European Union and Council of Europe’s “Horizontal Facility for the Western Balkans and Turkey” phase II, aimed at strengthening anti-corruption efforts in the region. The project enhances the capacity of public institutions to prevent and investigate corruption and money laundering.
Enhanced Capabilities and Commitment to Anti-Money Laundering
By improving their skills in managing risks related to credit awards, the Asset Declaration Unit in North Macedonia is better equipped to tackle corruption and money laundering threats in the country’s financial sector. This initiative demonstrates the commitment of the Macedonian government to implementing effective anti-money laundering measures, in line with international standards.