NEW LAW ON THE MEASURES AGAINST FUNDING OF TERRORISM HAS BEEN ADOPTED

A new Law on the Measures against Funding of Terrorism has been adopted by Parliament and promulgated on 18.02.2003. The law provides for that the circle of persons, which have approved internal rules for control and prevention of money laundering in accordance with the Law on the Measures against Money Laundry, shall include provisions and criteria for detection of suspicious operations or transactions and clients aiming at funding of terrorism in their internal rules. The Non Profit Legal Entities fall among this circle. The Law governs that within 4 months’ from its entering into force, e.g. no later than May 22, 2003, these persons shall adopt supplement to their internal rules with the above-mentioned provisions and send them to the director of Agency “Bureau for financial intelligence” for approval.