Governor Ismaili on the occasion of the launch of the Joint Anti-Money Laundering Intelligence Network: The fight against illegal financing requires a comprehensive and coordinated effort – crucial for the integrity of the financial system

Identifying and mitigating the risks of money laundering requires a comprehensive approach that combines advanced technological capabilities, regulatory compliance and certainly cooperation between the public and private sectors.

This is what the Governor of the Central Bank of the Republic of Kosovo (CBK), Mr. Ahmet Ismaili stated in the panel on the topic “The importance of inter-institutional cooperation and public-private partnership in dealing with illegal finances” on the occasion of the launch of the Joint Anti-Money Laundering Intelligence Network in the Republic of Kosovo (JMLIN-K)).

Governor Ismaili emphasized during this panel that money laundering does not only affect individual financial institutions, but also presents a wider risk to the stability and integrity of the financial system. He added that the effective fight against it is essential for maintaining trust and ensuring the economic stability of the country.

According to Governor Ismaili, the fight against illegal financing, including money laundering, terrorist financing as well as other forms of financial crime, requires a comprehensive and coordinated effort where cooperation and information exchange through public-private partnerships is crucial in maintaining security and integrity of the financial system.

“The growing complexity and sophistication of financial crimes, also driven by rapid technological developments, requires new risk-based approaches to preventing and combating ML/TF. Therefore, such a strong partnership provides a comprehensive framework where law enforcement bodies, regulators and financial institutions can share information, expertise and resources in the common fight”, emphasized Governor Ismaili.

The head of the CBK highlighted that the creation of this network will strongly increase the chances of our country to join international organizations such as MONEYVAL and the Financial Action Task Force (FATF), as an important part of our integration processes in institutions and mechanisms of the European Union.

Governor Ismaili further added that through the establishment of this mechanism, important processes will be carried out in terms of ensuring compliance with the standards of preventing money laundering and financing. These aspects, in addition to the advancement of the legal and regulatory framework that the CBK has implemented and is in the process, together with the laws that have recently been processed, definitely aligned our country with the relevant requirements of the European Union. In fact, this will also help the pre-application process for SEPA membership as one of our priorities, in which the CBK is working intensively with other inter-institutional support.

At the end of his remarks at the panel, Governor Ismaili stated that effectively identifying and mitigating money laundering risks requires a dynamic, multi-layered approach that integrates technology, compliance, collaboration and continuous improvement. The CBK with its regulatory instruments and the actions taken focused on the integrity and stability of the financial sector has also practically proved this commitment and its approach.

“By adopting risk-based strategies, using advanced analytics and fostering strong partnerships, Kosovo’s financial institutions and regulators can build a strong anti-money laundering defense and help protect the integrity of the financial system,” concluded Governor Ismaili.
The Joint Anti-Money Laundering Intelligence Network in Kosovo consists of the country’s law enforcement authorities, supported by the Financial Intelligence Unit and the Embassy of Great Britain in Kosovo, where the CBK has also provided its contribution through professional teams and will continue to remain dedicated and engaged in it.