On 15 March, Balkan Insights reported that, since hundreds of Balkan extremists went abroad to fight for Islamic State and other militant groups, Albania, Bosnia and Herzegovina, Montenegro, North Macedonia and Serbia have come under increased international pressure to clamp down on the financing of terrorism.  Although hundreds of people from the Western Balkans went to join the so-called Islamic State, and around 100 of them were convicted of terrorism for going to fight abroad, only 5 people have so far been found guilty of charges of financing terrorism – 1 in Albania and 4 in Serbia.  Albania is currently on the FATF grey list, and Serbia is currently undergoing increased monitoring by FATF after being removed from the grey list. Bosnia was grey-listed for years before being cleared after implementing Moneyval recommendations and adopting the required legislation.  All the governments in the region have made efforts to address the issue, including the adoption of revised AML strategies which include provisions aimed at tackling terrorist financing – but problems remain with how the strategies are implemented.

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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