Project: Combating Illicit Financial Flows, “How the Anti Money Laundering Regulations Respect the Data Protection”
Project duration: December 1st 2020 – May 31st 2021.
Project objective: To provide assessment of the national legal and institutional approximation of each country’s legislation with the 4th (1) and 5th (2) European Union AML Directives.
This is the first regional project on Anti Money Laundering VS Data Protection conducted between the four countries: North Macedonia, Albania, Kosovo and Montenegro.
The project team is composed of two experts from each one of the four countries, one who will be reflecting on Anti Money Laundering, and another one who will be reflecting on Data Protection provisions. The experts will be analyzing the existing anti-money laundering practices in the four countries, and where possible, uncover the failures to address the issue of Data Protection both in the regulation and in practice.
There will be 4 national reports and a final regional report that will be presented to the authorities and will encompass information on how the Anti-Money Laundering/ Combating Financial Terrorism VS Data Protection is organized across the region.
A final conference/webinar will be organized, to discuss and review the findings with a regional audience.
The project is supported by the GIZ as commissioned by the Federal Ministry for Economic cooperation and development of Germany and the Ministry of Foreign Affairs of Norway.
(1) Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC, OJ L 141, 5.6.2015, p.73
(2) Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018, amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU, OJ L 156, 19.6.2018, p. 43
