ALBANIA TIGHTENS RULES ON REPORTING FINANCIAL CRIMES, SUPPRESSION OF MONEY LAUNDERING AND TERRORISM FINANCING
A Landmark Workshop on Preventing Financial Crimes in Albania
On July 1, 2021, a crucial workshop was held in the coastal city of Vlora, bringing together key stakeholders from the government, finance sector, and legal profession to share best practices in reporting and preventing money laundering and terrorism financing.
Participating Organizations
- Ministry of Justice
- Public Oversight Body
- National Chamber of Notaries
- National Chamber of Advocates
- General Directorate for the Prevention of Money Laundering
- Albanian Financial Supervisory Authority
- Bank of Albania
- Lawyers, notaries, and accountants
A Comprehensive Toolkit for Effective Supervision
The event saw over 50 participants gathered to discuss a practical guidance toolkit developed by a Council of Europe expert aimed at assisting Albanian authorities in implementing effective supervision and risk-based approach in line with international standards. The guidelines include:
- A comprehensive checklist for supervisors
- Identification of vulnerabilities
- Targeted remedial action
Key Updates and Presentations
- A representative from the Ministry of Justice presented an update on changes to the law on notary service, supported by recommendations from the Action against Economic Crime in Albania.
- Officials from the Albanian Financial Intelligence Unit shared their experience and good practices in conducting risk-based supervision, highlighting key risks identified in a recent Risk Analysis report.
Organizing Entity
The workshop was organized by the Action against Economic Crime in Albania as part of the joint European Union/Council of Europe programme “Horizontal Facility for the Western Balkans and Turkey 2019-2022”.
A Broader Effort to Enhance Reporting Procedures
Experts stress that the workshop is just the first step in a broader effort to enhance reporting procedures and prevent financial crimes in Albania. Further outreach activities are planned to ensure that reporting entities understand and implement anti-money laundering and countering terrorism financing requirements.
Supporting Effective Implementation of International Standards
The new guidelines aim to support Albania’s efforts in achieving effective implementation of international standards and efficient allocation of resources for supervision of high-risk DNFBPs.