All property transactions worth more than 6 million lek will be reported to the Financial Intelligence Agency, in order to be subject to a money laundering assessment. The government approved a decision at its last meeting, which obliges the State Cadastre Agency to report any property transaction worth more than 6 million lek, within 72 hours to the AIF according to a standard form.
"The State Cadastre Agency reports to the responsible authority, the Financial Intelligence Agency, within 72 (seventy-two) hours, the registration of the property alienation contract, with a value equal to or greater than 6 million lek or its equivalent in other foreign currencies, according to the relevant form," the decision of the Council of Ministers states.
In implementation of this decision, the Director General of the State Cadastre Agency is obliged to appoint a person in the general directorate to serve as a contact person for the Financial Intelligence Agency. In parallel, he is obliged to appoint a person responsible for the prevention of money laundering and terrorist financing, at the administrative or management level in the general directorate and in each of its local directorates, where all employees of the State Cadastre Agency report any fact that may constitute a suspicion of money laundering or terrorist financing.
When the Financial Intelligence Agency has blocked or is preparing to block a transaction for 72 hours, according to the provisions of the law, or in urgent cases when there are reasonable grounds for money laundering or terrorist financing and there is an urgent need for information from the State Cadastre Agency, it officially addresses the Cadastre in writing. The latter is obliged to respond in a short time.
"The State Cadastre Agency makes the requested information or documentation available to the responsible authority, within 48 hours of submitting the request, or through the inspection of the information at the premises of the State Cadastre Agency by authorized persons of the responsible authority," the decision specifies.
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