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Prishtina, Oct 28, 2004 – Yesterday the Special Represenative of the United Nations in Kosovo, Soren Jessen-Petersen, has promulgated two laws: the law on consumer protection and the law on internal trade, UNMIK Spokesperson Henneke informed.
The law on consumer protection regulates the principal consumer rights in their business deals, in services and other forms in the free market. The law ensures protection of health, environment and economic interest of consumers.
Jessen Petersen also adopted the law on internal trade, which regulates requirements for the development of internal market trade, wholesale, etc. It also regulates protection mesasures for the development of trade activity, illegal competition and supervisory measures.
Anti-money laundering requirements from 1st Nov 2004
Since 1 September 2004 reporting requirements have applied to banks and other financial institutions in Kosovo as defined by the latest UNMIK Regulation 2004/2 on the deterrence of money laundering and related criminal offences.
Starting 1 November 2004, similar obligations on transactions and reporting requirements will apply to several other entities. From this date, NGOs, political parties and registered candidates shall not accept contributions in currency in excess of €1000 from a single source in a single day and shall not disburse currency in excess of €5000 to a single recipient in a single day. Attorneys, certified accountants, licensed auditors and businesses that receive more than €10000 in currency in a transaction from a client shall file a report with the Financial Information Centre within 15 days of the transaction. These entities now have a legal obligation to report to the Financial Information Centre, within a specified period of time, any transaction that they consider to be suspicious.
There is a further obligation placed upon those involved in immovable property transactions. In case the monetary amount for the property is in excess of €10000, the transaction shall be made by payment order or bank transfer but not cash. The Municipal Cadastral Office shall not register a transfer of the immovable property rights unless it receives a declaration from both parties setting out all financial details of the transfer, as specified in the legislation.
The antimoney laundering regulation can be accessed at the following website:
http://www.unmikonline.org/regulations/2004/RE2004_02.pdf
ECIKS