Financial Crime World

Albania Boosts Efforts to Combat Financial Crimes, Secures Upgraded Ratings

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Albania has made significant improvements in its fight against money laundering and terrorist financing, leading to upgraded ratings from the Council of Europe’s anti-money laundering body, MONEYVAL. The country’s efforts have demonstrated good progress in complying with the Financial Action Task Force (FATF) standards.

Progress in Compliance

According to MONEYVAL’s latest follow-up report, Albania has been upgraded from “partially compliant” to “largely compliant” in two areas:

  • Transparency and beneficial ownership of legal persons: Albania has established a beneficial ownership register, introduced market entry requirements for financial institutions, and enhanced its legislation to ensure accuracy of basic information submitted to the Commercial register.
  • Regulation and supervision of financial institutions: The country has implemented measures to license non-banking financial institutions to prevent criminals from holding significant or controlling interests or management functions.

Additionally, Albania has moved from “partially compliant” to “compliant” in the area of:

  • Mutual legal assistance regarding freezing of assets and confiscation: The country has established mechanisms to execute foreign confiscation orders, share confiscated assets with foreign countries, and provide assistance for non-conviction-based confiscation.

Outstanding Deficiencies

While Albania has made significant progress, there are still some minor deficiencies in implementing 29 of the 40 FATF Recommendations. Specifically, the country remains:

  • Partially compliant with four recommendations relating to:
    • Targeted financial sanctions on proliferation financing
    • New technologies
    • Transparency and beneficial ownership of legal arrangements
    • Supervision of designated non-financial businesses and professions

Future Expectations

Albania will remain under MONEYVAL’s enhanced follow-up and is expected to report back on its progress in strengthening its implementation of anti-money laundering and combating the financing of terrorism measures in two years’ time.