NGO representatives are trained on the “Preventive System for Money Laundering and Terrorist Financing”

Specialists from the Tax Administration and the Directorate for the Prevention of Money Laundering (DPPPP) instructed representatives of non-profit organizations on how to protect themselves from the risk in this sector of being involved in terrorist acts, which are punishable under our criminal legislation. The main issues that were explained and addressed were:

• Legal framework for the prevention of money laundering and terrorist financing (AML/FT);
• FATF Recommendation No. 8 and the deficiencies identified by Moneyval of the Council of Europe concerning this sector;
• Risk in the NGO sector;
• Methods/types of using NGOs for terrorist financing purposes by terrorist organizations;
• Measures to prevent abuse for money laundering and terrorist financing purposes;
• Presentation of Guideline no. 19 dated 9.7.2019 “On the supervision of non-profit organizations for the purpose of preventing money laundering and terrorist financing”

This directive regulates the procedures followed by the tax authorities, as the supervisory body, for the control of the activities of NGOs, with the aim of preventing their use for money laundering or terrorist financing. Over 40 NGO representatives attending the training were introduced to the new legal and procedural regulations as well as the control mechanisms to ensure their fullest protection. Representatives from the DPT and DPPPP assured that NGOs will have all the necessary assistance from these institutions to follow the proper procedures and practices, both legally and tax-wise. Source: General Directorate of Taxes.