Joint statement from the meeting held between the institutions of the Republic of Kosovo regarding the fight against money counterfeiting

07/11/2023

The Central Bank of the Republic of Kosovo, in coordination with the Kosovo Police, the Kosovo Forensic Agency, the Kosovo Customs, the Kosovo Tax Administration, the Financial Intelligence Unit, the Market Inspectorate and the Kosovo Intelligence Agency, recognizing the importance of the supply with cash for the country's economy, the safety and reliability of money and the payment system, pledged to intensify relevant institutional actions in the fight against counterfeiting of money.

In the meeting, the parties discussed the current situation related to the phenomenon of counterfeit money circulating in the Republic of Kosovo, as well as exchanged information on the sources and origin of counterfeit coins and currencies found in the market.

On the basis of these discussions, the parties agreed on an action plan, which foresees the undertaking of preventive and regulatory actions by the institutions according to the areas of responsibility related to the use of coins and the increase of financial protection.

In view of this plan, the revision of the fee for depositing coins in banks by the Central Bank, the advancement of inter-institutional cooperation and the financial sector, as well as the promotion of the use of electronic payment methods, as part of financial education campaigns, are foreseen.

It is recommended that businesses be supplied only by banks with cash that is supplied by the CBK, while the received funds to be subject to verification before they are put back into circulation.

Also, with special emphasis, citizens are instructed to avoid using cash (especially the 2 euro coin) and to use bank cards as much as possible during payments.

Concrete actions are also required from banks and other financial institutions, to raise the internal capacities to address this phenomenon and to communicate as efficiently as possible with the relevant authorities.

The parties agreed to intensify law enforcement activities, increase controls and inspection activities inside and at the border, as well as legally and efficiently persecute such illegal activities, punishable under the legislation in force.

At the conclusion of the meeting, the parties agreed that through the inter-institutional working group, coordinate the activities according to the relevant scope of the institutions, recommend legislative changes and continuously monitor the implementation of this plan.