19. Stopping Money Laundering in Macedonia: Exposing Shell Companies and Dirty Funds

A Note to Our Readers

The Macedonian Citizens Alliance is an independent, non-partisan platform committed to giving citizens a real voice in ending corruption and shaping a just, transparent, and prosperous future for Macedonia. We are not in favour or against any political party. We will support any government or opposition initiative that challenges corruption and promotes integrity and progress, but we will also hold all parties, leaders, and institutions accountable - regardless of affiliation. Macedonia has had enough of division. If you believe that political leaders and public officials should serve the people with honesty and with citizens’ interests as a priority, then support us. Our role is to keep every party, every official, and every institution honest - so that together, we can rebuild trust and create a better country for all.

Every stolen denar needs a hiding place. Every corrupt deal ends with someone trying to clean dirty money and move it out of sight—into fake companies, offshore accounts, luxury real estate, or flashy cars. In Macedonia, money laundering and shell companies aren’t the side effects of corruption—they’re central to how it operates.

To fight corruption at its root, we must follow the money, expose its fake faces, and shut down the financial networks that keep crime profitable.

The Silent Engine of Corruption

Money laundering turns illicit gains into seemingly legitimate assets. A bribe becomes a consulting fee. Embezzled funds are masked as “investment capital.” Real estate is bought through a company owned by another company in another country, with no clear ownership trail.

These systems are designed to confuse, delay, and protect the guilty. And in Macedonia, they often succeed—because our enforcement is weak, oversight is limited, and accountability is rare.

What Needs to Change—Fast

To stop laundering and financial crime, Macedonia must:

• Strengthen anti-money laundering (AML) laws to align with global standards (e.g. FATF recommendations)

• Require full transparency of beneficial ownership for all companies and property purchases

• Create a public registry of who owns what—no more hiding behind front companies

• Enforce real-time reporting by banks, notaries, and accountants when suspicious transactions are detected

• Criminalize the creation and use of shell companies for the purpose of tax evasion, corruption, or fraud

This is not just about law—it’s about enforcement. There must be serious penalties, high-profile prosecutions, and zero tolerance for financial trickery.

Target the Enablers

Corrupt actors rarely act alone. They rely on lawyers, accountants, bankers, and notaries to create fake structures, open accounts, and move money through the system.

That’s why we need to:

• Regulate and monitor the enablers, with licensing standards and mandatory training

• Penalize complicity, including revoking professional licenses

• Create whistleblower channels inside financial institutions to expose internal wrongdoing

The era of silent collaborators must end.

International Cooperation

Money laundering is not confined by borders. Macedonian authorities must work closely with:

• Interpol and Europol

• International Financial Intelligence Units (FIUs)

• Global anti-corruption watchdogs

• Tax authorities in known offshore jurisdictions

Let’s make it impossible for stolen money to hide—anywhere in the world.

Asset Recovery: Bring the Money Back

Stolen money doesn’t just vanish. It’s sitting in luxury apartments, foreign bank accounts, and hidden businesses. We need a national Asset Recovery Office with powers to:

• Trace and freeze assets

• Launch civil forfeiture cases even without criminal convictions

• Repatriate funds into a public restoration fund for education, healthcare, and development

Let the people see the money coming home.

Clean Money, Clean Future

If we want to end corruption, we must dry up its profits. No more laundering. No more shell games. No more impunity.

Because corruption isn’t just about bad people doing bad things—it’s about a system that lets them get rich while the rest of us pay the price.

Let Macedonia send a message to every would-be thief: we see your money, we know your tricks, and we are coming for every last denar.

Michael Penevski

Co-Founder, Macedonian Citizens Alliance

Michael Penevski holds a Bachelor of Law degree and is an investment banker specializing in private equity, mergers and acquisitions, and capital markets. A long-standing critic of political impunity, he has been a vocal advocate for transparency, systemic reform, economic revitalization, and citizen-led governance. Born into a family grounded in Macedonian values, Michael co-founded the Macedonian Citizens Alliance to help build a nation that serves its people - not the privileged few.

Macedonian Citizens Alliance

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