Financial Crime World

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Albania’s Financial Sanctions Regulations Strengthened, MONEYVAL Reports

In a recent follow-up report, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has concluded that Albania has improved its measures for tackling money laundering and terrorist financing.

Improvement in Money Laundering and Terrorist Financing Measures

Albania took significant steps since June 2022, addressing major shortcomings regarding trustees to anti-money laundering (AML) and combating the financing of terrorism (CFT) requirements. The country:

  • Streamlined access to beneficial ownership information for competent authorities
  • Strengthened regulations and supervision over notaries and real estate agents

Enhancements in Notary and Real Estate Agent Supervision

The licensing authority for notaries is now empowered to revoke licenses in cases of AML/CFT legislation infringement, while risk-based supervision has been introduced for real estate agents.

Progress Made in Addressing Technical Compliance Shortcomings

Albania’s progress has addressed most technical compliance shortcomings identified in its 2018 Mutual Evaluation Report. Out of the 40 recommendations:

  • Albania currently complies with six
  • Largely complies with 31
  • Two recommendations remain partially compliant
  • One is deemed not applicable

Next Steps and Follow-up Report

The country is expected to report back to MONEYVAL in two years on further progress made towards strengthening its AML/CFT system.

About MONEYVAL

MONEYVAL is a monitoring body of the Council of Europe that assesses compliance with international standards to counter money laundering, terrorist financing, and proliferation of weapons of mass destruction. The organization evaluates 33 states and territories and makes recommendations to national authorities for necessary improvements to their anti-money laundering and counter-terrorist financing systems.

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Published: June 21, 2023