We are happy to present you the latest BCSDN Digest, shedding light on the complex interplay between Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations and CSO operations in the Western Balkans and Türkiye.
The Digest is a brief, and concise summary of BCSDN policy paper on AML/CFT Regulations and Implications on CSOs in the Western Balkans and Türkiye.
In the Digest you will discover:
Key Insights:
- Exploring AML/CFT regulations’ impact on CSOs in WBT.
- Examining FATF recommendations 8 and 24 to safeguard NPOs’ integrity and transparency.
- Analyzing governments’ adherence to FATF standards and its consequences.
- Revealing unintended consequences of uniform FATF standards application.
- Comparing national Risk Assessments in the WBT.
Key Concerns, Keeping Eyes on and Promising Wins:
- Civil society challenges across the region due to varying degrees of restrictive AML/CFT legislation, complex reporting procedures, ambiguous legal frameworks, and instances of abuse, duplication, and lack of clarity
- Success stories from Albania, Serbia, and North Macedonia in pushing back against misuse of regulations.
- Progress on risk assessment processes, legislation and policy developments in the countries
- Türkiye’s journey towards FATF compliance and implications for CSOs.
The Way Forward: Our Recommendations:
- Calls to regulatory authorities, financial institutions, CSOs, and international bodies for a collaborative and risk-based approach.
- Advocating for clear guidance, capacity-building initiatives, and tailored policies to safeguard CSOs’ autonomy and integrity.
The Digest is available HERE.
Further reading:
- Policy Paper: AML/CFT Regulations and Implications on CSOs in the Western Balkans and Türkiye (detailed overview of the state of play in the region, as well as concrete recommendations, tailored to regulatory authorities, financial institutions, CSOs, and international bodies)
- FATF Recommendation 8 revised: Protecting non-profits from abuse for terrorist financing
- Best Practices on Combating the Abuse of Non-Profit Organizations
How did you find the read? Any thoughts or feedback are appreciated at: executiveoffice@balkancsd.net.