Launch of a joint CoE/EU project on enhancing the financial systems’ AML/CFT risk-based supervision in Croatia

The 2021 CoE/EU Technical Support Instrument initiative for Croatia was launched on the 15th of July 2021, through a virtual kick-off meeting of the project Advisory Group.

The event was opened by representatives of the two project beneficiary institutions – the Croatian National Bank (CNB) and the Croatian Financial Services Supervisory Agency’s (Hanfa) –, the European Commission Directorate General for Structural Reform Support (DG REFORM), and the Council of Europe Economic Crime and Cooperation Division.

All present stakeholders expressed their enthusiasm and commitment to proceed with the implementation process aimed at enhancing the effectiveness of the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regime in Croatia through strengthening the risk-based AML/CFT supervision in the financial system. The Croatian authorities used this opportunity to provide an update on the latest structural changes both within Hanfa and CNB. Both institutions have stressed the important role that the project will play in further strengthening their supervisory capacities, notably through the development of risk assessment methodologies, supervisory tools and manuals, as well as capacity-building activities.

The Advisory Group members have also discussed the project outputs and potential implementation steps. The first project activities will focus on reviewing the overall setup and resources for the AML/CFT supervision conducted by CNB and Hanfa as a first step towards enhancing their risk assessment methodologies.