North Macedonia

New Documents

The European Commission published the North Macedonia 2020 Report, which provides an overview of the EU candidate country on various issues, including the implementation of anti-corruption. anti-money laundering and counterterrorist financing reforms.

The Council of Europe’s Group of States against Corruption published a fifth evaluation round report on North Macedonia that examines the country’s efforts to prevent corruption and promote integrity, highlighting the need for increased government transparency and a depoliticized police force.

News

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department classifies North Macedonia as a monitored jurisdiction. Although most financial transactions in the country are conducted through well-regulated banks, cash transactions of considerable amounts are also common. Money laundering in North Macedonia is most often linked to financial crimes such as tax evasion, smuggling, financial and privatization fraud, insurance fraud and corruption. Most of the laundered proceeds come from domestic criminal activities. A small portion of money laundering activity is connected to narcotics trafficking. Organized criminal groups are involved in weapons and human trafficking, and proceeds from these activities are sometimes invested in businesses and property. However, there is no evidence that traffickers of weapons or human beings have been involved in money laundering activities using banking or non-banking financial institutions. The most frequent money laundering techniques include money transfers, structuring cash deposits, purchasing real estate and the use of legal entities in offshore jurisdictions. Macedonian law prohibits the existence of shell banks, anonymous bank accounts and bearer shares. There is no evidence that alternative remittance systems exist in North Macedonia, yet exchange offices and nonbank money transfer agents are poorly supervised.
  • KYC Covered Entities:  Banks, savings institutions, exchange offices, and money remittance agents; central securities depository and brokerages; legal entities approving loans, issuing electronic money, and issuing and administering credit cards; financial leasing, factoring, and forfeiting agents; financial consultants and advisors; investment funds, mandatory and voluntary pension funds, and life insurance companies; auditors, accountants, notaries, and lawyers; the registrar for real estate, real estate agents, consultants, and investment advisors; company service providers; casinos and internet casinos
  • STR Covered Entities:  Banks, savings institutions, exchange offices, and money remittance agents; central securities depository and brokerages; legal entities approving loans, issuing electronic money, and issuing and administering credit cards; financial leasing, factoring, and forfeiting agents; financial consultants and advisors; investment funds, mandatory and voluntary pension funds, and life insurance companies; auditors, accountants, notaries, and lawyers; the registrar for real estate, real estate agents, consultants, and investment advisors; company service providers; casinos and internet casinos
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 0 (January – October, 2015); Convictions: 0 (January – October, 2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 3 High :
Largely Compliant : 22 Substantial :
Partially Compliant : 22 Moderate :
Non-Compliant : 0 Low :
Not-Applicable : 2

BASEL i

Rank : 117/141
Score : 3.98/10

TRANSPARENCY INTERNATIONAL i

Rank : 106/180
Score : 35/100

Tax Justice Network i

Rank : 116/133
Score : 64/100