Croatia Removed from FATF Grey List

The news in Croatian

1. siv
   koji ima boju između bijele i crne; pepeljast. ↩︎
2. lista  (f.)
   popis imena, stvari, zadataka ili sl. ↩︎
3. pranje  (n.)
   radnja ili proces čišćenja nečega pomoću vode ili drugog sredstva. ↩︎
4. objaviti
   napraviti nešto javnim ili poznatim; proglasiti. ↩︎
5. uvjet  (m.)
   okolnost ili zahtjev koji mora biti ispunjen. ↩︎
6. pravni
   koji se odnosi na pravo ili zakon. ↩︎

Translation

Text comprehension

Question 1: Who helped Croatia meet the requirements to be removed from the FATF grey list?

Question 2: Why was Croatia removed from the FATF grey list?

Vocabulary

Croatian	English
siv	grey
lista  (f.)	list
pranje  (n.)	washing
objaviti	announce
uvjet  (m.)	condition
pravni	legal

Read the full story

Croatia has successfully been removed from the Financial Action Task Force (FATF)‘s grey list, signifying a marked improvement in the country’s prevention systems against money laundering and terrorism financing. This announcement was made public by the Croatian Ministry of Finance, following a Plenary session held by the FATF.

The Ministry reported that under the leadership of Deputy Prime Minister and Minister of Finance Marko Primorac, Croatia met the conditions set by the FATF’s Action Plan ahead of schedule. These conditions were fulfilled by January after a political commitment was made in June 2023 to rectify deficiencies in Croatia’s financial systems.

This development was achieved through the completion of a national risk assessment for money laundering and terrorism financing and implementing mitigation measures for identified risks. It also included increasing personnel and enhancing analytical capabilities at the Office for Money Laundering Prevention, as well as improving legal actions against money laundering.

Measures were taken to ensure the temporary enforcement of asset forfeitures from criminal activities, alongside continuous discovery and investigation of terrorism financing via parallel financial inquiries. Additionally, Croatia improved its system for applying international restriction measures and completed a risk evaluation of non-profit organisations regarding terrorism financing.

Minister Primorac extolled the reforms and sectoral coordination, highlighting the harmonious efforts across governmental bodies. Support from various national entities, like the Ministry of Foreign and European Affairs, the public prosecutor’s office, the Tax Administration, and the Financial Inspectorate, was instrumental in this achievement.

He assured that Croatia’s commitment to combating money laundering and terrorism financing remains a strategic priority, with ongoing reforms continuing to evolve in response to emerging risks. The Ministry stressed that good results are attributed to the expertise and dedication of Croatia’s national bodies and will ensure adequate human, budgetary, and technical resources are maintained to further enhance the system’s effectiveness.

This successful coordination saw 13 new officers employed and continuous investment in the information system infrastructure, which forms the backbone of the analytical work undertaken by the Office for Money Laundering Prevention. This move represents a significant leap for Croatia in aligning with international standards and demonstrates its dedication to upholding global financial security benchmarks.

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