Croatia

New Documents

ECB Announces Croatian Plans to Implement AML Measures for ERM II Inclusion

The European Central Bank issued a communiqué announcing the decision to include the Croatian kuna in the Exchange Rate Mechanism in light of Croatia’s commitment to implement an anti-money laundering framework.

July 13, 2020

GRECO Urges Croatia to Adopt Improved Integrity Standards, Address Mistrust of Police

The Council of Europe’s Group of States against Corruption published its fifth round evaluation report on Croatia’s efforts to prevent corruption among those entrusted with top executive functions.

March 31, 2020

Israel Securities Authority Signs FinTech MoU with Croatian Financial Services Supervisory Agency

October 7, 2019

Croatia Sends Letter of Intent to Enter ERM II by 2020

July 9, 2019

GRECO Calls on Croatian Parliament to Adopt Code of Conduct

January 30, 2019

News

Midweek Roundup: President Trump Sued for Alleged Corruption, Western Union Exits Independent Supervision in Arizona, and More

Flat budget for U.S. Treasury Department’s counterterrrorist financing and anti-money laundering personnel, Taiwanese bank fined just $33,000 for dozens of compliance failures, and more, in the midweek roundup.

June 14, 2017

Weekly Roundup: OTS Issues Final Enforcement Actions, Justice Department Pursues More Swiss Institutions, and More

The Office of Thrift supervision released it’s final enforcement actions as a stand-alone regulator, the U.S. Justice Department issued indictments against three more ex-Credit Suisse bankers and more.

July 21, 2011

Weekly Roundup: Ex-Croatian Prime Minister Flees Corruption Charges, IRS Eyes New Tax Amnesty Program, and More

December 10, 2010

Enforcement Actions

0 Items Found

Key Documents

Croatia Harmonizes Its AML/CTF Law with Third EU Money Laundering Directive

July 18, 2008

Croatia Enacts Law to Implement International Sanctions

November 27, 2008

Croatia Sets Law Governing Foreign Exchange Transactions

December 17, 2010

Croatia Establishes Office for Prevention of Corruption and Organised Crime

March 1, 2004

Croatian National Bank Issues AML/CTF Guidelines

June 18, 2012

Croatian Regulator Provides AML/CTF Guidelines for Financial Institutions

September 10, 2009

Important Facts

  • The U.S. State Department labels Croatia as a monitored jurisdiction. Croatia is not an offshore financial center. Croatian authorities consider most money laundering in the country to be domestically based, involving illegal narcotics sales and economic crimes, such as fraud and tax evasion. Money laundering occurs primarily through non-resident accounts, transfers to offshore banks using counterfeit documents and deposits in foreign currency accounts. Money laundering has also been linked to the real estate market and the purchase of high-end automobiles. Although Croatia is part of a major route for drugs entering Europe, there is little evidence that these networks have utilized Croatia’s financial systems. The country does not have a significant black market and the Export Border Security Office continues to tighten controls in order to prevent smuggling. Financial crime investigations are linked to abuse of power and embezzlement, in particular those involving state-owned enterprises.
  • KYC Covered Entities: Banks, loan brokers, and lending companies; savings banks and credit unions; companies that issue payment instruments, rent safe deposit boxes, or perform payment option services; the Croatian Post Office; investment funds and asset management companies; pension companies; financial service companies; insurance companies and brokers; authorized exchange offices; casinos and betting parlors; pawnshops; leasing firms; guarantors; dealers in precious metals, gems, art, or antiques; auctioneers; lawyers, notaries, auditors, accountants, and tax advisors
  • STR Covered Entities:  Banks, loan brokers, and lending companies; savings banks and credit unions; companies that issue payment instruments, rent safe deposit boxes, or perform payment option services; the Croatian Post Office; investment fund and asset management companies; pension companies; financial service companies; insurance companies and brokers; authorized exchange offices; casinos and betting parlors; pawnshops; leasing firms; guarantors; dealers in precious metals, gems, art, or antiques; auctioneers; lawyers, notaries, auditors, accountants, and tax advisors
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 2 (January – June 2015); Convictions: 9 (January – June 2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 7 High :
Largely Compliant : 25 Substantial :
Partially Compliant : 16 Moderate :
Non-Compliant : 0 Low :
Not-Applicable : 1

BASEL i

Rank : 119/141
Score : 3.95/10

TRANSPARENCY INTERNATIONAL i

Rank : 63/180
Score : 47/100

Tax Justice Network i

Rank : 93/133
Score : 55/100