Kosovo

Last updated: 02/04/2007

CENTRAL AUTHORITY FOR REPORTING

The Financial Information Centre (FIC)

ARE LAWYERS COVERED BY MONEY LAUNDERING LEGISLATION?

Yes

LAWS REGARDING ANTI-MONEY LAUNDERING PROCEDURES

Regulation 2004/2 on the Deterrence of Money Laundering and Related Criminal Offences
Regulation 2001/22 on Measures Against Organized Crime
Regulation 2001/12 on the Prohibition of Terrorism and Related Offences

Kosovo is governed by a UN mission, the UNMIK, which set up an anti-money laundering unit in 2004. Under the UNMIK regulation NO 2004/4, non-governmental organisations, lawyers, accountants, political parties and "other business organisations" will have to report suspicious transactions to the FIU.

Kosovo has a memorandum of understanding to share information on financial crime with Albania, its neighbour.

IN ADDITION TO THESE LAWS, IS THERE ANY MONEY LAUNDERING GUIDANCE FOR LAWYERS CURRENTLY IN PLACE?

Section 6.12 of the Regulation on the Deterrence of Money Laundering and Related Criminal Offences provides that the Centre, in consultation with the Kosovo Bar Association and the Kosovo Board on Standards for Financial Reporting, shall establish minimum standards, written procedures and controls for the prevention and detection of money laundering by attorneys, certified accountants, and licensed auditors and shall supervise them. Reporting forms may be found on the FIC’s website at www.unmikonline.org/fic.htm.

UNDER WHAT CIRCUMSTANCES IS A LAWYER UNDER THE OBLIGATION TO REPORT?

Section 6 of Regulation 2004/2 on the Deterrence of Money Laundering and Related Criminal Offences provides that any attorney, certified accountant, or licensed auditor who, in the course of performing services for a client, receives more than €10,000 in currency for a transaction or related transactions from a client, shall file a report with the Centre within 15 days of the reportable transaction.

The report shall include the name and address of the person from whom the currency was received, the amount of currency received, the date and nature of the transaction, and any other information that the Centre may require.

Attorneys engaged in specified activities shall report any suspicious act or transaction to the centre within 3 business days and prior to taking further action in connection with any such act or transaction. The full list of specified activities may be found in Section 6.8 of the Regulation.

An attorney shall not, without authorization from the client or by court order, provide information he or she received from a client or obtained on a client in order to represent the client in criminal or judicial proceedings, unless the attorney reasonably believes that the client is seeking the attorney’s advice or assistance to commit a criminal offence.

LAWYER RESPONSIBILITY/LIABILITY

Upon breach of the regulation, sanctions may be imposed by the competent Bar Association and the Kosovo Board on Standards for Financial Reporting and shall be without prejudice to any criminal proceedings.

CLIENTS’ IDENTIFICATION AND VERIFICATION

Section 6 of the Regulation 2004/2 on the Deterrence of Money Laundering and Related Criminal Offences provides that Attorneys, certified accountants, and licensed auditors shall verify the name and address, and in the case of persons, date of birth, of every client before performing professional services for the client. If the covered professional is unable to identify a client or verify his or her identity, he or she shall not accept property from or on behalf of the client for any purpose.

LAWYERS PROSECUTED FOR MONEY LAUNDERING OFFENCES

No information available

Sources