North Macedonia

New Documents

European Commission 2020 Report on North Macedonia Highlights AML, Corruption Gaps

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.

October 6, 2020

GRECO Fifth Evaluation Round Report on North Macedonia Calls for Increased Government Transparency

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.

July 3, 2019

GRECO Publishes Fourth Evaluation Round on Macedonia’s Corruption Efforts

October 12, 2016

EBA Signs Memorandum of Cooperation with Six South Eastern European Supervisory Authorities

October 23, 2015

OSCE: Macedonia Presents Money Laundering, Terrorist Financing National Risk Assessment

September 11, 2015

News

Midweek Roundup: Goldman Sachs Eyes $3 Billion US Settlement, FinCEN Fines Cryptocurrency Tumbler, and More

Puerto Rico’s Euro Pacific Bank targeted in cross-border tax evasion and money laundering probe, Australian court upholds Westpac AML fine, and more, in the midweek roundup.

October 21, 2020

Midweek Roundup: Saudi Arabia, Switzerland Face Inclusion on EU Blacklist, Legal Entities Still Buying New York Luxury Condos, and More

Federal judge to review whether Manafort violated money-laundering plea deal, Russian oligarch’s firms removed from U.S. blacklist, and more, in the midweek roundup.

January 30, 2019

Midweek Roundup: US Securities Regulator Charges UK Digital Currency Operator, Lloyds Under the Gun for €1 Billion Fraud, and More

July 5, 2017

Weekly Roundup: RBS Discloses Swiss Probe of 1MDB Ties, U.S. Extends Venezuelan Sanctions, and More

April 29, 2016

Weekly Roundup: Barclays Faces U.S. Penalty, FedEx Fights Money Laundering Charges, and More

May 15, 2015

Enforcement Actions

0 Items Found

Key Documents

Macedonia Enacts AML/CTF Law

January 10, 2008

Macedonia Updates Money Laundering, Terrorist Financing Definitions

September 1, 2009

Macedonia Publishes Law on National Bank Operations

December 14, 2012

Macedonia Adopts Law on International Restrictive Measures

April 1, 2013

Macedonia's Regulator Outlines AML/CTF Requirements for Banks

July 29, 2010

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