Albania Boosts Banking Regulations Compliance, Enhances Transparency and Supervision of Non-Financial Institutions

A recent follow-up report by MONEYVAL has concluded that Albania has made significant improvements in its measures to combat money laundering and terrorist financing (AML/CFT). The country’s compliance with Financial Action Task Force (FATF) Recommendations 25 and 28 has been upgraded from Partially Compliant to Largely Compliant.

Key Improvements

Since June 2022, Albania has taken additional steps to address shortcomings in the transparency of legal arrangements and regulation of non-financial institutions. These measures have included:

• Subjecting trustees to AML/CFT requirements
• Streamlining access to beneficial ownership information for competent authorities
• Strengthening supervision over notaries and real estate agents

Enhanced Supervision

The licensing authority for notaries now has the power to revoke licenses for violations of AML/CFT legislation, while risk-based supervision has been introduced for real estate agents. Albania’s progress in addressing technical compliance shortcomings identified in its 2018 Mutual Evaluation Report is notable, with significant improvements made in most areas.

Ratings and Next Steps

As of June 2023, Albania’s ratings are as follows:

• Six Recommendations Compliant
• 31 Largely Compliant
• Two Partially Compliant
• One Not Applicable

The country will be required to report back to MONEYVAL in two years on further progress towards strengthening its AML/CFT system.

About MONEYVAL

MONEYVAL is a monitoring body of the Council of Europe responsible for assessing compliance with international standards to combat money laundering, terrorist financing, and proliferation financing. The organization evaluates 33 states and territories and provides recommendations to national authorities to improve their anti-money laundering and counter-terrorist financing systems.