  WORLD TRADE  
ORGANIZATION  S/C/N/266 
2 February 2004 
 (04-0380) 
Council for Trade in Services Original:   English 
 
 
 
NOTIFICATION PURSUANT TO ARTICLE III:3 OF THE  
GENERAL AGREEMENT ON TRADE IN SERVICES  
  
 The following notification, dated 12 January 2004, from the delegation of the Republic of 
Macedonia is being circulated to the Member s of the Council for Trade in Services.  
 
____________ 
 
 
1. Member notifying: 
 Republic of Macedonia 
 
2. Notification under: 
 Article III, paragraph 3 of the General Agreement on Trade in Services 
 
3. Date of entry into force: 
 Law on prompt money transfer, entry into force from 3 December 2003 
  Duration: 
 Indefinite 
 
4. Agency responsible for implementation  and enforcement of the measure: 
 National Bank of the Republic of Macedonia 
 Ministry of Finance  
 
5. Complete description of the measure
* indicating the modes of supply covered, the effect 
on trade in services (e.g., restrictions/libera lization measures) and the impact of the 
measure on commitments in the Member's schedule and Article II (MFN) exemption 
list, if relevant: 
 Full text English translation of the Law on prom pt money transfer is attached.  The English 
translation is for reference only and M acedonian version shall be authentic.   
 
6. Members specifically affected, if any: 
 None 
 
                                                      
* Including international agreements, recognition measures or other types. S/C/N/266 
Page 2  
 
7. The texts are available from: 
 Ministry of Finance 
Dame Gruev 14 1000 Skopje Republic of Macedonia 
Tel:  + 389 2 311 60 12 
Fax:  + 389 2 311 7280 www.finance.gov.mk 
  
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  S/C/N/266 
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LAW ON PROMPT MONEY TRANSFER  
  
I. GENERAL PROVISIONS 
Article 1 
 This Law shall regulate the manner and the term s and conditions on transfer of money in the 
Republic of Macedonia.   The provisions of this Law shall not apply to the banks that have obtained from the National Bank of the Republic of Macedonia (hereinafter:  National Bank) special approval for performing 
payment operations with abroad. 
Article  2 
Certain terms used in this Law shall have the following meaning: 
1. "Fast money transfer" shall mean electronic transfer of money by a physical person from one 
country to another physical person in anot her country within 1 hour from the payment, 
irrespective of whether the transfer is from or to the Republic of Macedonia, whereby the 
inflow and outflow is performed via a bank; 
2. "Provider of the service fast money transfer" shall be a company registered in the Republic of 
Macedonia that has obtained from the National Ba nk a licence to perform fast money transfer 
in accordance with this Law; 
3. "Subagent" shall be a company registered in  the Republic of Macedonia with which the 
provider of the service fast money transfer ha s concluded contract on conducting the service of 
fast money transfer;  and  
4. "Global electronic money transfer system" shall be a legal entity that, on the basis of the 
regulations in the country in which it is regist ered, conducts electronic money transfer and is 
functional in at least 100 countries. 
Article 3 
 
 Providers of the service fast money transfer can conduct the service fast money transfer in the 
Republic of Macedonia on their behalf and for thei r account, as well as the subagents on their behalf, 
but for the account of the provider of the service fast money transfer.   
Article 4 
 
 The provider of the service fast money transfer  shall be responsible for his/her and for the 
obligations of the subagents on the basi s of conducted fast money transfer.  
 
Article  5 
 
 Legal entities not having obtained licence from the National Bank of the Republic of 
Macedonia to conduct the service fast money transf er or not having concluded contract with the 
provider of the service fast money transfer for c onducting the service fast money transfer as subagent 
and physical persons that are not em ployed at the providers of the servi ce fast money transfer or at the 
subagents shall not be allowed to conduct the service fast money transfer. S/C/N/266 
Page 4  
 
 
II. TERMS AND CONDITIONS FOR CONDUCTING THE SERVICE OF FAST 
MONEY TRANSFER 
1. Providers of the service fast money transfer 
Article 6 
 
 A company, in order to obtain licence from th e Governor of the National Bank to conduct the 
service fast money transfer, shall mandatory fulfill the following terms and conditions:   
1. Be registered in the company register fo r conducting auxiliary activities in financial 
intermediation; 
2. To have available appropriate business premises,  technical equipment and information system; 
3. To provide appropriate protection and secu ring of the funds, property and employees; 
4. No bankruptcy or liquidation procedure to be initiated; 
5. No security measure - prohibition to perform profe ssion, activity or duty to be declared against 
the responsible person and the employees that w ill conduct the services of fast money transfer, 
as well as no legal court verdict to be declared agai nst criminal act in the area of finance;  and  
6. To have authorization in a form of contract from authorized global electronic money transfer 
system. 
 
Article 7 
 
 The companies shall submit written request to the National Bank for the purpose of obtaining 
licence for conducting the service of fast money transfer.  
The following shall be mandato ry attached to the request: 
 
1. Documents, i.e. information confirming the fulf illment of the terms and conditions referred to 
in Article 6 of this Law; 
2. Acts on the manner of operations and pr ogram on money laundering prevention; 
3. Proof of acquired registration and tax number; 
4. Head office of the company and address of th e place where it will conduct the service of fast 
money transfer; 
5. Certification by a competent institution that there are no outstanding liabilities on the basis of 
public duties; 
6. Regarding the companies operating longer than 6 months, a positive opinion on the solvency 
by the Central Registry; 
7. Data on the identity (place and address of bi rth, place and address of living, personal 
registration number of the citizen and ID numbe r), education and experience of the responsible 
person and of the employees in the company that will conduct the services of money transfer; 
8. Certification of the stay and working licence in  the Republic of Macedonia for foreign physical 
persons that will be responsible persons at the providers of the service of fast money transfer 
or that will conduct the services of fast money transfer; 
9. Audit reports for the last two years on the authorized global electronic money transfer system, 
prepared by an internationally recognized audit company;  and  
10. Proof that the global electronic money transfer system with which it has concluded a contract 
is a legal entity that performs electronic money transfer pursuant to the regulations of the 
country in which it is registered, and is functional in at least 100 countries. 
  S/C/N/266 
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Article 8 
 
 The National Bank shall, with a decision, mo re closely stipulate the terms and conditions 
referred to in Article 6 items 2 and 3 of this Law,  as well as the procedures referred to in Article 7 
item 2 of this Law. 
 
 The National Bank shall, with a decision, stipulate the type and the manner of submission of the documentation, the information and the data refe rred to in Article 7 of this Law, as well as the 
procedure for their evaluation and control.  
Article 9 
 
 The request referred to in Article 7 of this Law not containing the stipulated documentation 
shall be rejected with a decision by the Governor of the National Bank.  
The Governor of the National Bank shall r each a decision for issuance of a licence for 
conducting the services of fast money transfer, or for refusal of the request, upon the request referred 
to in Article 7 of this Law, within 30 days from the day the complete request is submitted to the 
National Bank.  
 
 The Governor of the National Bank shall reject th e request referred to in Article 7 of this Law 
should: 
 
1. the request contain incorrect or false data; 
2. the company fail to meet the terms and conditi ons referred to in Article 6 of this Law; 
3. the operating procedures be contrary to the decisi on referred to in Article 8 paragraph 1 of this 
Law;  and  
4. during the procedure of assessment and control of  the documentation, the information and the 
data, be determined that they are contrary to th e decision referred to in Article 8 paragraph 2 of 
this Law. 
  
 Complaint can be lodged against the decision refe rred to in paragraphs 1 and 2 within 8 days 
from the date the decision is received. The Coun cil of the National Bank shall decide upon the 
complaint, without the participation of the Gove rnor and the Vice Governors of the National Bank. 
 
Article 10 
 
 The licence for conducting the service of fast  money transfer referred to in Article 9 
paragraph 2 of this Law shall mandatory contain the following:  
1. title, head office and address of the provider of the service fast money transfer; 
2. address of the premises provider of the service fast money transfer; 
3. data on the responsible person with the provider of the service of fast money transfer;  and 
4. other data stipulated by the National Bank. 
 
Article 11 
 
 The provider of the service of fast money tran sfer shall be obliged to inform the National 
Bank in writing on each change in the documentation, the information and the data referred to in 
Article 7 items 1, 2, 3, 4, 5, 6,  7, 8 and 10 of this Law on the basis of which the licence for conducting 
services of fast money transfer is issued. S/C/N/266 
Page 6  
 
 
2. Subagents  
Article 12 
 
 A company, in order to conclude contract with the provider of the service Fast money 
transfer, for the purpose of conducting the service of fast money transfer as a subagent, shall 
mandatory:  
1. meet the terms and conditions referred to in  Article 6 items 1 to 5 of this Law; 
2. have act on the manner of operations and program on money laundering prevention; 
3. have proof that it has no outstanding liabilities on the basis of public duties;  and  
4. have certification of the stay and working li cence in the Republic of Macedonia for foreign 
physical persons that will be responsible pe rsons or that will conduct the services of fast 
money transfer. 
 
Article 13 
 
 The provider of the services of fast money transfer shall not be allowed to conclude contract 
with a company that does not meet the terms and c onditions and does not have the documents referred 
to in Article 12 of this Law to  conduct the service as a subagent. 
 
Article 14 
 
 The data referred to in Article 7 items 3, 4 and 7  of this Law shall be mandatory listed in the 
contract concluded between the provider of the service of fast money transfer and the subagent. 
 
 The subagent shall be obliged to inform the pr ovider of the services of fast money transfer on 
each change of the terms and conditions referred to in Article 12 items 1, 2 and 4 of this Law, as well 
as the data referred to in pa ragraph 1 of this Law.  
  The provider of the service of fast money transf er shall be obliged to terminate the contract 
with the subagent who has stopped meeting the terms and conditions referred to in Article 12 of this 
Law or has made changes with respect to the ma ndatory data contained in the contract.    
 
3. Register of the Prompt Money Transfer  
 Service Provider  
Article 15 
 
 The National Bank shall keep Registry of prompt money transfer service providers.   The Registry of prompt money transfer ser vice providers shall also contain data on the 
subagents with which the prompt money transfer  service providers have concluded contracts. 
 
 The Governor of the National Bank of the Re public of Macedonia shall stipulate the forma, 
the contents and the manner of keeping the Registry of prompt money transfer service providers.   
III. TERMS AND CONDITIONS FOR CONDUCTING PROMPT MONEY TRANSFER 
Article 16 
 
 The prompt money transfer service providers shall conduct the money transfer exclusively in 
the premises indicated in the licence referred to in Article 10 item 2 of this Law, while the subagents  S/C/N/266 
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shall conduct it exclusively in the premises indicat ed in the contract referred to in Article 14 
paragraph 1 of this Law.   
Article 17 
  Prompt money transfer service, pursuant to th e provisions of this Law can be conducted for 
domestic and foreign physical persons.  
Article 18 
 
 The prompt money transfer service provider sh all be obliged to execute both the inflow and 
outflow of funds for the prompt money transfer vi a a special account opened with a domestic bank 
authorized for payment operations with abroad.   When opening the account referred to in para graph 1 of this Article, the prompt money 
transfer service provider shall be obliged to present to the bank, as well as submit a copy of the 
licence for conducting prompt money transfer service, issued by the National Bank.   
Article 19 
 
 The money transfer shall mandatory be execute d in foreign currency cash, subject to sale and 
purchase on the foreign exchange market in the Republic of Macedonia. 
 
Article 20  
 
 Payments on the basis of prompt money transfer from the Republic of Macedonia shall not 
exceed EUR 2,500 monthly per physical person, while the payments on the basis of prompt money 
transfer in the Republic of Macedonia shall not  exceed EUR 5,000 daily per physical person. 
 
 Prompt money transfer service provider and the subagents shall be obliged to adhere to the 
limits referred to in paragraph 1 of this Article.   
Article 21 
 
 Written document - certification shall be issued  for each payment in and out of foreign 
currency cash, pursuant to the standards of the global electronic money transfer system.  
 
 The National Bank shall give consent on the form  and the contents of the certification referred 
to in paragraph 1 of this Article.   Prompt money transfer service provider and the subagent shall be obliged to keep single records for each transaction of prompt money transfer.  
 The National Bank shall stipulate the manner of k eeping the records referred to in paragraph 3 
of this Article.  
Article 22 
 
 Prompt money transfer service provider and the subagents shall charge fee for the service of 
transfer of foreign currency cash exclusiv ely in Denars, upon determined tariff.  
  The prompt money transfer service provider a nd the subagents shall be obliged to place the 
tariff referred to in paragraph 1 of this Article a nd the limits referred to in Article 20 paragraph 1 of 
this Law on a prominent place in the premises wh ere the prompt money transfer is conducted.  
 S/C/N/266 
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IV. NOTIFICATION 
Article 23 
 
 Prompt money transfer service provider shall be obliged to inform the National Bank on the 
following: 
 
1. conclusion or termination of the contract for conducting prompt money transfer services with 
separate subagents; 
2. all changes of the data at the subagent, referred to in Article 12 items 1, 2 and 4 and Article 14 
paragraph 1 of this Law;  and 
3. the title and the head office of the bank at wh ich the account is opened, referred to in Article 
18 paragraph 1 of this Law. 
  Prompt money transfer service provider shall be obliged to submit the notification to the 
National Bank within 5 business days from the date the activity referred to in paragraph 1 of this 
Article occurred.   
  Copy of the contract shall be mandatory attach ed to the notification referred to in paragraph 1 
item 1 of this Law.    
Article 24  
 
 Prompt money transfer service provider shall be obliged to submit to the National Bank 
monthly reports on separate transactions of money transfer within 5 business days following the 
expiry of the reporting period, also including th e data on the money transfer conducted via the 
subagents. 
 
 The Governor of the National Bank shall stipul ate the type and the manner of submission and 
the contents of the reports referred to  in paragraph 1 of this Article.  
 
Article 25 
 
 Regarding the issuance and revoking of the licence for conducting prompt money transfer 
services, as well as the concluded contracts with the subagents, the National Bank shall inform the 
Ministry of Finance in writing within 5 business da ys from the date of issuance and revoking of the 
licence, i.e. from the date of receipt of the notifi cation for the concluded cont racts with the subagents. 
 
 Notification referred to in paragra ph 1 of this Article shall contain: 
 
1. title, head office and address of the provider of the service fast money transfer;  
2. data on the responsible person with the provi der of the service of fast money transfer; 
3. date of the issuance, i.e. abolishment of the li cence of the provider of the service of fast money 
transfer; 
4. reasons for abolishing the licence of the provi der of the service of fast money transfer; 
5. title, head office and address of the subagent and address of the premises in which the service 
of fast money transfer will be carried out; 
6. data on the responsible pe rson with the subagent; 
7. date on concluding, i.e. terminating th e contract with the subagent;  and  
8. reasons for termination of the contract with the subagent. 
  S/C/N/266 
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V. ACCOUNTING AND AUDITING 
Article 26 
 
 The provider of the  service of fast money transfer and the subagents shall be obliged to keep 
their business books in orderly an d updated manner. The business books and the financial reports on 
the service of prompt money transfer shall be kept separately of the other activities, and shall be 
compiled in accordance with the regulations  on accounting and accounting standards.  
  The provider of the service of prompt money transfer shall be obliged, upon obtaining the licence, to designate auditing company,  informing the National Bank thereof. 
 
 The financial reports and the business books sh all be checked and assessed by a chartered 
auditor, who shall prepare an audit report in accordance with the auditing regulations. 
 
VI. PROTECTION AGAINST MONEY LAUNDERING  
Article 27 
 
 The provider of the service of fast money tr ansfer and the subagents shall be obliged to 
prepare and implement program on money launde ring prevention and to act pursuant to the 
regulations governing the money laundering prevention.  VII. SURVEILLANCE AND MEASURES  
Article 28 
 
 The National Bank shall perform surveillance over the implementation of this Law and the 
regulations adopted on the basis thereof, as well as over the operations of the provider of the service 
of fast money transfer and the subagents.  
 
Article 29 
 
 The National Bank shall perform direct and i ndirect surveillance over the operations of the 
provider of the service of prompt money transfer and the subagents recorded in the Register of 
Providers of the Service of Fast Money Transfer kept by the National Bank. 
 
Article 30 
 
 The National Bank shall perform direct surveilla nce over the operations of the provider of the 
service of fast money transfer, as well as over the subagents on the basis of the received reports 
pursuant to the provisions of Article 24 of this Law.  
Article 31 
 
 During indirect surveillance, the providers of  the service of fast money transfer and the 
subagents shall be obliged to enable the authorized  person to smoothly carry out the surveillance, the 
insight in the operations, and, at its request, to make available all necessary documentation, information and data.  
Article 32 
 
 The authorized person with the National Bank shall compile agreed minutes for the 
undertaken activities in the surveillance procedure. 
 S/C/N/266 
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 The providers of the services of fast money tr ansfer and the subagents shall be entitled to 
lodge a complaint to the agreed minutes for the carri ed out surveillance to the National Bank within 8 
days from the date of receipt.  
Article 33 
 
 The National Bank can undertake the following measures against the providers of the services of fast money transfer, as well as against, for which it shall determine that they have not operated in 
compliance with the provisions of this Law and the regulations adopted thereof: 
 
1. submit written warning or written recommendation; 
2. issue written order and determine a deadline for harmonization of the operations and the acts 
with the provisions of this Law and the re gulations of the National Bank governing the 
carrying out of the service of fast money transfer;   
3. impose termination of the agreemen t with the subagent;  and   
4. repeal the licence for provision of the service of fast money transfer. 
 
Article 34 
 
 A complaint can be lodged against the d ecision by the Governor of the National Bank 
stipulating the measures in Article 33, items 2, 3 and 4 of this Law to the National Bank Council 
within 8 days from the day of receiving the decision. 
  The Council of the National Bank shall decide upon the complaint, with out participation of 
the Governor and the Vice Governor of the National Bank.  
Article 35 
 
 Inspection surveillance over legal entities not havi ng licence to carry out fast money transfer 
from the National Bank or not having agreement to ca rry out fast money transfer as subagent, and fast 
money transfer service providers, subagents and physical persons carrying out fast money transfer 
outside the premises referred to in Article 16 of th is Law, the Ministry of Finance - State Foreign 
Exchange Inspectorate shall perform    
 
 The State Foreign Exchange Inspectorate sha ll reach decision for prohibition to perform the 
activity against the legal entities referred to in para graph 1 of this Article, and shall require deletion 
from the Registry in which they are registered. 
 
 A complaint can be lodged against the decision refe rred to in paragraph 2 of this Article to the 
Ministry of Finance within 8 days from the day of receiving the decision.   The complaint referred to in paragraph 3 of this Article shall not defer the effectiveness of the decision. 
 Should the State Foreign Exchange Inspectorat e be aware or should during the surveillance 
determine that the fast money transfer service provi ders, subagents and physical  persons carry out fast 
money transfer outside the premises referred to in Ar ticle 16 of this Law, it shall be obliged to inform 
the National Bank thereof.  
 Should the National Bank be aware that certa in legal entities or physical persons are not 
registered in the Registry referred to in Article 15 of this Law carry out the service of fast money 
transfer, it shall be obliged to inform the Ministry of Finance - State Foreign Exchange Inspectorate as 
competent surveillance body.   S/C/N/266 
 Page 11 
 
 
VIII.  PENALTY PROVISIONS 
Criminal deeds 
Article 36 
 
 The responsible person with the legal entity and the physical person referred to in Article 5 of 
this Law for the carried out services of fast money tran sfer shall be sentenced to one to three years of 
imprisonment.    When determining the sentence referred to in pa ragraph 1 of this Law, the level of damage 
caused by the activities and the number of dama ged entities shall be of especial significance. 
 
Offences 
Article 37 
 
 Provider of the service of fast money transfer, having obtained licence from the Governor of the National Bank shall be fined Denar 250,000 to Denar 300,000 if:  
 
1. it fails to inform the National Bank on each change  in the documents, i.e. the information and 
the data referred to in Article 11 of this Law; 
2. it concludes agreement with the subagent that does not meet the requirements referred to in 
Article 12 of this Law (Article 13);  
3. it fails to indicate, in the contract with the subagent, the data refe rred to in Article 14 
paragraph 1 of this Law; 
4. it fails to terminate the agreement with the suba gent that has stopped meeting the requirements 
referred to in Article 14 paragraph 3; 
5. it carries out service of fast money transfer contrary to the manner and the terms and 
conditions for carrying out fast money transfer (Articles 16, 17, 18 paragraphs 1, 19, 20, 21 
and 22);  
6. it fails to inform or informs the National Bank non-timely and fails to attach agreement 
(Article 23); 
7. it fails to submit monthly reports to the National Bank (Article 24); 
8. it fails to keep accounting and audit purs uant to this Law (Article 26);  and 
9. it fails to prepare and to implement progr am for money laundering prevention, and acts 
contrary to the regulations governing the money laundering prevention (Article 27).  
  The responsible person with the provider of the service of fast money transfer shall be fined 
Denar 40.000 to Denar 50.000 for offence refe rred to in Article 1 of this Law. 
Article 38 
 
 Subagent shall be fined Denar 250, 000 to Denar 300,000 for an offence if: 
 
1. it fails to inform the provider of the service of  fast money transfer for each changes of the 
terms and conditions referred to in Article 14 2 of this Law; 
2. it carries out service of fast money transfer contrary to the manner and the terms and 
conditions for carrying out fast money transf er (Articles 16, 17, 18, 19, 20, 21 and 22); 
3. it fails to keep accounting and audit purs uant to this Law (Article 26);  and 
4. it fails to prepare and to implement progr am for money laundering prevention, and acts 
contrary to the regulations governing the money laundering prevention (Article 27). 
 
 The responsible person with the subagent sh all be fined Denar 40,000 to Denar 50,000 for 
offence referred to in Article 1 of this Law. S/C/N/266 
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IX. TRANSITIONAL AND FINAL PROVISIONS 
Article 39 
 The National Bank shall adopt the bylaws envisag ed by this Law within 60 days from the date 
this Law enters into force.  
Article 40 
 This Law shall enter into force on the eight da y it is published in the "Official Gazette of the 
Republic of Macedonia".  
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