New rules: Loans of more than 10,000 euros will be certified by a notary
Any loan between individuals that is greater than 10,000 euros will have to be certified by a notary, provided for by the amendments to the Law on Public Notaries, whose proposal was adopted by the Government of Serbia.
The limit was set, the amount of 10,000 euros, because that is the limit beyond which all cash payments, according to the Law on Prevention of Money Laundering, must go through a bank account.
“In our legal system, there is no obligation to draw up a loan agreement in the form of a notarial document. Most of these transactions between natural persons are invisible to the money flow control apparatus, so this kind of obligation is established for the sake of financial discipline and legal security. “Notaries public as holders of public authority will convert private documents into public documents by confirming (solemnizing) these contracts, while a register of such contracts will be set up for the purpose of real-time control and inspection by the Directorate for the Prevention of Money Laundering,” the explanation of the law states.
The relevant situation is such that knowledge is obtained indirectly about the justification of certain flows of money and capital, i.e. property through loans, especially when it comes to citizens, the explanation added.
“This kind of justification can be oral or contained in witness statements. This is because the legal framework does not require a special form in which the loan agreement is drawn up. It can be oral as well as written, but without certification of any kind,” explained the proposed legal amendment.
Register of loan agreements
It is recalled that, according to the Law on Prevention of Money Laundering and Financing of Terrorism, the limit for cash transactions is 10,000 euros.
The register of loan contracts will be maintained within the same software solution as for real estate contracts.
“The Ministry of Justice is developing a special module (loan contract register) with fields for entry (lender, borrower, loan amount, repayment term and currency) within the already existing application for recording real estate contracts,” the bill explains.
According to the new regulation, the public notary confirms (solemnizes) the loan agreement between natural persons in the amount of 10,000 euros and more at the middle exchange rate of the National Bank of Serbia on the day of confirmation (solemnization).
“The notary public who confirmed (solemnized) the loan agreement is obliged to immediately submit a certified copy of the agreement to the Directorate for the Prevention of Money Laundering through the registry developed and maintained by the Ministry of Justice. In the register of money loan agreements, the public notary is obliged to enter identification data about the lender and the borrower (name and surname, unique citizen registration number, address of residence or stay), as well as data about the amount of the loan, the repayment period and the currency of the money. in the bill.
Source: Politics
Photo: Freepik
Source: bizlife.rs
