The Financial Intelligence Administration will set up a Norwegian model of a system for electronic networking of all entities involved in the combat against money laundering and financial terrorism through a project worth EUR 1,73 million over the next two years.

Administration director Vladimir Atanasovski and Norwegian company "Genus" manager Gair Bergman signed Wednesday the agreement on the system setup.

The Kingdom of Norway is allocating EUR 1,43 million for development of a software solution for e-information exchange among the Ministry of Interior, Public Prosecutor's Office, Financial Police Administration, Customs Administration and the Public Revenue Office. Macedonia provides the remaining EUR 300,000 for hardware equipment, premises, salaries etc.

"The application of this system will contribute to significant improvement of communication and reducing the time for analysis of cases in the Administration's jurisdiction. System beneficiaries will have an efficient tool for execution of their duties, along with increase of the efficiency in data analysis and report generation", said director Atanasovski.

The project is comprised of two components, the first including activities for cooperation and harmonization with entities and institutions regarding submission of data and information exchange. The second component includes automatic data processing in the Administration, advanced case management, visual analysis, information flow, intelligent packages and intelligence reports.

Bergman said Norway had introduced the application against money laundering in 2008 and already has results in the field.