The Action against Economic Crime organized an online meeting with representatives from the supervisory authorities, including the Financial Intelligence Office, the National Bank of the Republic of North Macedonia, the Agency for Supervision of Insurance, the Securities and Exchange Commission and the Agency for Supervision of Fully Funded Pension Insurance (MAPAS) with the aim to revise the existing ML/FT red flag indicators for the financial sector. Besides revising the already existent list of indicators, the Action against economic crime supported the development of additional indicators regarding misuse of company structures and emerging risks related to virtual currencies. During the meeting, the Council of Europe experts engaged with the participants in a discussion of the major areas of money laundering and terrorism financing risk and proposed the development of further indicators regarding particular economic sectors including the activities of procurement in the health and sports sector.

Once finalised, the indicators will be adopted by the Financial Intelligence Office and shared with all supervisory authorities and obliged entities for guiding the monitoring and reporting of suspicion of money laundering and terrorism financing. The indicators, when adopted, will be publicly available.

This activity is organised and funded by the European Union and the Council of Europe “Horizontal Facility for the Western Balkans and Turkey” phase II.