The Central Bank of the Republic of Kosovo committed to strengthens legal framework to combat counterfeit money

The Central Bank of the Republic of Kosovo (CBK) in collaboration with the European Union Office in Kosovo and experts from the Croatian National Bank engaged through the Technical Assistance and Information Exchange (TAIEX) program continues to advance efforts in combating counterfeit money. During a recent workshop, Deputy Governor for Bank Operations, Mr. Dardan Fusha reaffirmed the CBK’s commitment to enhancing both the legal and institutional frameworks necessary to address this critical issue.

This workshop represents a key milestone in the ongoing initiative launched by the CBK in November 2023 to establish an inter-institutional group dedicated to combating counterfeiting. Supported by the EU Office, this group, comprising all relevant national institutions, has undertaken several short and medium-term measures, in fighting the counterfeit of currency.

A core outcome of this collaboration is the development of a legal and regulatory framework, specifically designed to strengthen Kosovo’s ability to prevent and combat counterfeiting. Prepared with the expertise of the Croatian National Bank and aligned with EU standards, this legislation aims to establish national centers for the analysis, research, and documentation of counterfeit currency. Additionally, the law provides for the creation of a centralized information management system to coordinate the efforts of all responsible institutions.

One of the key elements of this system will be the establishment of a National Center for Counterfeit Prevention, which will further enhance Kosovo’s capacity to uphold international best practices and standards in the fight against counterfeit money. Complementing these domestic initiatives, the CBK is also collaborating with the Ministry of Foreign Affairs and Diaspora to advance Kosovo’s ratification of the International Convention for the Suppression of Counterfeit Currency (Geneva Convention, April 20, 1929). This step will strengthen Kosovo’s international cooperation and align its efforts with global partners, recognizing that the fight against counterfeiting requires coordinated action across borders.

Through these combined efforts, the CBK and its partners are reinforcing the integrity of Kosovo’s financial system through establishing a systematic and continuous approach in line with the objectives for the integration in EU and its institutions.