GI-TOC report highlights how FIs in the Balkans are exploited for ML and illicit financial flows, revealing regulatory gaps and systemic vulnerabilities

The report highlights structural weaknesses in the Western Balkans that enable money laundering. Key issues include regulatory gaps in cryptocurrency, which allow anonymous, cross-border transactions, and financial technology, which introduces new risks due to lagging compliance frameworks. Additionally, the absence of centralized registries for PEPs and beneficial owners leaves financial institutions without vital information, inadvertently aiding criminal activities…