12th June 2026, Skopje - Ministry of Finance is working on modifications and amendments to the Law on Financial Companies, with the aim of strengthening the regulatory framework, enhancing the citizens’ protection, and increasing both transparency and stability in the operations of these entities.
These legal amendments aim to introduce mandatory internal bodies in every financial company, such as an internal audit committee, credit risk management committee, supervisory board, and similar. In addition, stronger inspections are being introduced for the opening of new business premises, requiring prior approval from the Ministry of Finance, based on set criteria on the operating conditions.
These amendments stipulate an increase in the share capital of financial companies, as well as abolition of cash payments, whereby loan funds will be paid exclusively through a bank account. The purpose is to enhance the traceability of financial flows and reduce the risk of misuse.
Minister of Finance, Gordana Dimitrieska-Kochoska, said in an interview for Telma TV that the amendments stem from the strengthened inspections and the identified irregularities in the operations of certain financial companies.
“Legal amendments are under preparation, which will be introduced in the coming period. Following the inspections, certain weaknesses and ambiguities were identified in the existing regulations, leaving room for different interpretations and practices. Therefore, the criteria are being tightened and stronger supervision is being introduced, including mandatory internal bodies and restrictions on cash payments, all to end of ensuring greater protection of citizens and stable operations of the financial sector, the Minister said.
As she explained, previous inspections have revealed certain irregularities, and in some cases, measures such as license revocation have been undertaken. Some of the procedures were also initiated following reports from citizens, who, as the Minister stressed, play a significant role in detecting irregularities.
According to Dimitrieska-Kochoska, these amendments are expected to significantly strengthen supervision and raise the operating standards for financial companies in the country.
