Three significant laws for the advancement of the financial sector are adopted – the pathway toward Republic of Kosovo’s SEPA Membership progresses further

The pathway to the Republic of Kosovo’s membership into the Single Euro Payments Area (SEPA) has been paved following the Assembly of the Republic of Kosovo’s approval of three crutial laws for the growth of the country’s financial sector: Law 08/L-304 on Banks, Law 08/L-328 on Payment Services, and Law 08/L-333 on Prevention of Money Laundering and Combating Terrorism.

The three key laws, adopted in accordance with the legislation of the European Union represent an important step towards integration into the EU financial market and advancement of transparency and financial inclusion, and will have a significant impact on the economy of our country, especially for the free movement of capital with the Republic of Kosovo’s largest partner, the European Union, as well as the countries of the region.

The Central Bank of the Republic of Kosovo (CBK) will proceed with the approval of the regulations resulting from these laws and update the pre-application submitted on October 14th to DG FISMA and the European Payments Council (EPC) with additional information, including the new regulations approved.

The approval of these laws and integration into SEPA are expected to bring significant economic and other benefits, including an estimated annual saving of about 55 million euro from international transfers fees, while simultaneously increasing the efficiency and speed of transactions, competition, and inclusion in the payment market, as well as transparency, protection of financial service consumers, and the integrity of the financial system.

The CBK expresses its gratitude to the institutions of the Republic of Kosovo for their support in finalizing its legal initiatives, as well as to European institutions, such as the European Commission, and particularly DG FISMA and DG NEAR, and the World Bank teams for their contribution and support during the process of preparing laws and regulations necessary to meet the criteria for SEPA Membership.