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Starting 1 June 2019, the provisions of the Law on Prevention of Money Laundering and Terrorist Financing (“Official Gazette of the Republic of Macedonia” No.120/18) entered into force, which established a new threshold for the maximum amount for payments in cash.
Pursuant to Article 182, paragraph 2, in conjunction with Article 48 of the Law on prevention of Money Laundering and Terrorist Financing, the prohibition on payments in cash for goods and services refers to cash payments in the amount of 500 euros or more in denar equivalent in one or more obviously related transactions, which is not performed through a bank, savings bank or through an account in another institution which provides payment services.
The entities which are authorized legally to register securities, other property or legal matters, or to register or perform transfer of money, securities or other property may execute such registration or transfer only if the client submits an evidence that the transfer of the money above the amount of 500 euros or more in denar equivalent is performed through a bank, savings bank or through an account in another institution which provides payment services.
The cash is banknotes and coins which in accordance with the law are in circulation in the Republic of Macedonia or abroad.
How can you make a payment of goods and services above the established threshold of 500 euros in denar equivalent?
By using payment cards, by payment in the bank, through savings bank or through an account in another institution which provides payment services.
Who does not the prohibition refer to?
The prohibition on cash payment in the amount of 500 euros or more does not refer only to the organizers of games of chance.
Who supervises in reference to the implementation of the prohibition on cash payments?
The Bureau for Public Revenues in accordance with its responsibilities supervises the legal entities and the natural persons in relation to the implementation of the prohibition on cash payments in the amount of 500 euros or more in denar equivalent.
Which penal provisions are determined by the Law on Prevention of Money Laundering and Terrorist Financing for infringement of the prohibition on cash payments?
The Law on Prevention of Money Laundering and Terrorist Financing foresees a fine of 30,000 euros in denar equivalent for the legal entity i.e. the sole proprietor who shall act contrary to the prohibition established under Article 182, paragraph 2, in conjunction with Article 48 of the same Law.
For an individual who performs public authorisation or a natural person, a fine of 12,000 to 15,000 euros in denar equivalent is foreseen.