Kosovo authorities have seized assets worth over 2 million euros in connection with a money laundering investigation, according to the Kosovo Special Prosecution. The seizure follows intensive investigations in collaboration with the Financial Investigations Sector, under the operation code-named ‘Mati’. Three individuals were arrested in September of last year.
The assets seized include:
- 21 residential units valued at approximately 1.7 million euros
- Two business premises valued at approximately 335,000 euros
- 17 garages valued at approximately 145,000 euros
- Six storage units valued at approximately 17,000 euros
The total value of the seized assets amounts to 2,286,054 euros, and they are identified under the name of the suspect, Sh.C.. The seizure was authorized with a final detention order from the Pristina Basic Court.
Money laundering is defined as an illegal process through which the origin of illegally obtained wealth is hidden, whether through bank transfers or illegitimate businesses. According to a 2020 report by the Kosovo Financial Intelligence Unit, money laundering in Kosovo is most likely to occur through real estate and construction, NGOs, and artificially inflated invoices.
Penalties for money laundering in Kosovo include up to 10 years in prison and a fine up to three times the value of the laundered assets.
The European Union has previously expressed concerns over Kosovo’s lack of sufficient action in tackling money laundering, stating that the justice system in Kosovo does not adequately address these cases.
