دانلود Role of banks as entity in the system for prevention of money laundering in the Macedonia

Abstract

Money laundering is a secondary crime of taking criminal action, in which offenders as a well organized and  planned  way  legalized  criminal  money  into  the  financial  system.  The  threat  of  confiscation  of criminal  proceeds    derived  from  any  form  of  organized  crime  (drug  trafficking,  arms  trafficking,   corruption,  fraud),  puts  the  criminals  in  a  position  to  find  a  another  way  to  legalize  criminal  “dirty”   money. The legalization process is very complex with numerous activities, with an order not to reveal the  criminal  origin  of  money,  and  thus  avoid  the  danger  of  their  confiscation.  As  criminals  build  a  safe  strategy for legalization of criminally acquired proceeds, that the state should build a system to protect the financial  system  from  the  entry  of  criminal  money  which  will  be  threat  for    national  and  international economy and affecting the reliability of the financial system. Republic of Macedonia has actively joins on the  fight  against  money  laundering  through  harmonization  of  national  legislation  and  acceptance  of  the recommendation  of  international  legal  acts,    and  active  approach  to  building  the  institutional  system  to  prevent of money laundering. The system for prevention of money laundering is a complex and composed process  of  three  main  pillars  with  aimed  to  build  a  strategy  which  include  measures  and  activities  to  identify  suspicious  financial  transactions,  identification  of  criminals  and  providing  evidence  of  the committed  crime  that  resulted  in  criminal  proceeds  and  security,  freezing  and  confiscation  through  criminal money trail. The first pillar of the system consists of entities – a legal category of natural persons and legal entities performing legal or financial services which have a legal obligation for their customer. analysis and identification of suspicious  financial transactions and inform Financial Intelligence Unit for suspicious  activities  of  their  clients.  While  the  third  pillar  is  law  enforcement  bodies  which  includes public  prosecution  bodies,  Ministry  of  Interior,  Financial  Police  and  etc.  The  System  for  prevention  of  money laundering functioned in two ways. First way is when the entities  identifying suspicious transactions and inform  Financial  Intelligence  Units,  then  delivered  the  data to  law  enforcement  entities for  the  provision  of  evidence  and  prosecution  of  money  launders,  and  the  second  way  is  when  through detection  of  crime,  and  following  the  money.  Banks  have  a  legal  obligation  to  undertake  the  following actions  for  detection  of  money  laundering:  customer  due  diligence,  to  follow  certain  transactions  or activities,  to  collect,  store  and  provide  data  for  suspicious  transactions  and  customers.  The  control  of  entry of criminal money is strengthened through legal provisions, their implementation. Most important is to  recognition  and  identification  of  criminal  money,  their  sources  and  of  course  taking  legislative  measures and action for submission of data on suspicious transactions of individuals and legal entities on domestic  and  foreign  countries.    In    that  way,  banks  should  take  appropriate  measures  and  activities aimed  at  applying  the  correct  legal  decisions,  and  activities  of  education  staff  in  order  to  recognize,  identification “suspicious” customers, suspicious transactions, and reporting to the competent state bodies and  institutions  for  financial  intelligence  and  prosecution  of  perpetrators  of  crimes  for  acts  arising  from crime and money laundering.