Representatives of banks, the National Bank, the Financial Intelligence Office and CSOs met in Skopje to discuss the implementation of the revised Financial Action Task Force (FATF) Recommendation 8, which calls for a risk-based and proportionate approach to preventing the misuse of non-profit organizations for terrorist financing without restricting their legitimate work. Discussions focused on inconsistent interpretations of the definition of non-profit organizations, documentation requirements, cash transactions, banking practices affecting organizations from high-risk countries, and the need for clearer national guidance and secondary legislation. Participants proposed strengthening cooperation between regulators and banks, introducing a trust label for CSOs, and providing additional training and practical guidance on risk-based implementation. Find more here.
Source: Konekt