In the international financial zone in Macedonia, every capital will come from a reliable source. The regulation should be completed in the first quarter next year, and the zone should be initiated in summer 2015. The first companies or financial associations are expected to start working in the Macedonian financial zone in 2016.
This was stated by Deputy Prime Minister and Minister of Finance Zoran Stavreski at the debate program at “Makedonska televizija”.
As Stavreski noted, financial zones are not intended to attract unidentified or unclean capital.
– On the contrary, it is not predicted an offshore zone to be formed. It is envisaged formation of a zone where any capital will come from a reliable source, from a reputable bank in the world and all the rules that apply for checking of funds in order to prevent an influx of capital from unidentified sources will apply here as well. So, the jurisdiction of the Financial Police, the Public Revenue Office, and all those who now have responsibilities in monitoring financial flows, will include the zone as well – said Stavreski.
The Deputy Prime Minister explained that, in the zone, it is important to have a regulation that will be attractive and recognizable to investors because financial associations are particularly sensitive and need something that is recognizable. According to Stavreski in that direction, the best practices in the world will be again put to the test.
– We will take a part of English law, i.e. Anglo-Saxon foundation of basic laws to resolve disputes between firms within the zone and similar, regulation for investment funds from Luxembourg is good, we will upgrade with some other good examples and thus create a unique regulation which will apply to Macedonian financial zone that foreign financial associations can easily recognize and see that it is one that provides protection against non-commercial risks and it provides all the rights they have in the developed countries, but, on the other hand, costs are lower – said Stavreski.
