The Law on the Prevention of Money Laundering and Financing of Terrorism (“Official Gazette”, No. 151/22, 208/24) regulates the measures, actions and procedures that entities and competent authorities and bodies undertake for the purpose of detecting and preventing money laundering, related criminal offences and financing of terrorism.
Article 58 of the Law on the Prevention of Money Laundering and Financing of Terrorism regulates the prohibitions relating to:
- Payment with cash for goods and services in the form of one or more obviously related transactions, which is not carried out through a bank, savings bank or through an account in another institution that provides payment services.
- Obligations for entities that are authorized by law to register securities, other property or legal matters or to report or perform transfers of money, securities or other property.
- Obligations in relation to organizers of games of chance.
- Transactions related to the exchange of virtual assets for money that are carried out with cash in an amount exceeding 500 euros in denar equivalent according to the middle exchange rate of the National Bank of the Republic of North Macedonia on the day of the transaction, in the form of one or more obviously related transactions, which is not carried out through a bank, savings bank or through an account in another institution that provides payment services.
As of January 1st 2025, in accordance with Article 204 of the Law on Prevention of Money Laundering and Financing of Terrorism, it is PROHIBITED to pay with cash for goods and services in an amount exceeding 1,000 euros (in denar equivalent) in the form of one or more obviously related transactions, which is not carried out through a bank, savings bank or through an account in another institution that provides payment services, unless otherwise regulated by another law.
The previous prohibition does not apply to organizers of games of chance.
Amounts higher than the allowed limit (1,000 euros in denar equivalent for 2025) for payment (collection) will be paid through a bank, savings bank, or institution that provides payment services.