All members of the staff of the Asset Declaration Unit of the State Commission for the Prevention of Corruption of North Macedonia, joined the Action Against Economic Crime training on “Identifying, Analysing and Managing the Risks of Corruption and Money Laundering in the Awarding of Loans and Credits” that took place on 4-5 July 2022. In the training, participants were exposed to best practices, applicable tools, and useful approaches to assess the risks of money laundering and corruption in the awarding of loans by financial institutions. Beneficial Ownership transparency was also discussed during the training as a useful tool in managing those risks, and the specific risks relevant to political exposed persons (PePs) were featured in the exchanges with the training experts.

The training, led by a Council of Europe expert, was illustrated with case-studies and real-life cases from the daily practice of the Asset Declaration Unit. The National Bank of the Republic of North Macedonia, as the supervisory institution for financial entities in the country, also participated in the training, which gave participants an opportunity to learn about the supervisory role of the Bank in what relates to corruption and money laundering. The National Bank presented its methodology in managing credit risks, determining related parties, and establishing exposure limits in awarding loans, as the Credit Registry and its functioning.

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.