Kosovo

New Documents

The Federal Council of Switzerland issued a press release announcing that the double taxation agreement with Kosovo entered into force on Oct. 10, 2018. The agreement is applicable from Jan. 1, 2019.

The United Nations Development Programme released a report outlining how corrupt politically exposed persons launder their ill-gotten gains. The report includes eight money laundering typology cases involving politically exposed persons in Kosovo.

News

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department labels Kosovo as a jurisdiction of concern. Kosovo is not considered a regional financial or offshore center. Kosovo is a transit point for illicit drugs, but proceeds of drug trafficking do not fund the black market of smuggled and pirated items. Illegal proceeds from domestic and foreign criminal activity are generated from official corruption, tax evasion, human trafficking, customs fraud, organized crime, contraband and other types of financial crime. Specifically, official corruption is believed to be a significant problem. Kosovo has a large informal economy. Most of the proceeds from smuggling activity are believed to be laundered directly into the economy in areas such as construction and real estate, retail and commercial entities, banks, financial services, casinos and trading companies.
  • KYC Covered Entities:  Banks; money exchangers and remitters; securities brokers and service providers, portfolio and fund managers; insurance companies; issuers of traveler’s checks, money orders, e-money, and payment cards; political parties; casinos; attorneys, accountants, notaries, and auditors; real estate agents; high-value goods dealers; nongovernmental organizations (NGOs); microfinance institutions; and construction companies
  • STR Covered Entities:  Banks; money exchangers and remitters; securities brokers and service providers, portfolio and fund managers; insurance companies; issuers of traveler’s checks, money orders, e-money, and payment cards; NGOs; political parties; casinos; attorneys, accountants, notaries, and auditors; real estate agents; and high-value goods dealers
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 32 (Jan. 1 – Nov. 1, 2015); Convictions: 1 (Jan. 1 – Nov. 1, 2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 1 High :
Largely Compliant : 3 Substantial :
Partially Compliant : 12 Moderate :
Non-Compliant : 13 Low :

BASEL i

Rank : 114/162
Score : 5.15/10

TRANSPARENCY INTERNATIONAL i

Rank : 101/180
Score : 36/100

Tax Justice Network i

Rank : N/A
Score : N/A