Albania Steps Up Efforts to Prevent Banking Fraud with Improved AML/CFT Measures, Says MONEYVAL Report
Albania has strengthened its anti-money laundering and combating the financing of terrorism (AML/CFT) framework, according to a follow-up report released by MONEYVAL.
Improved Compliance with International Standards
The European Council’s monitoring body praised Albania for improving its compliance with key international standards, particularly in regards to transparency and beneficial ownership of legal arrangements. Since June 2022, Albanian authorities have taken concrete steps to address previous shortcomings, including:
- Bringing trustees under the purview of AML/CFT requirements
- Streamlining access to beneficial ownership information for competent authorities
- Introducing measures to regulate and supervise notaries and real estate agents more effectively
Significant Progress in Addressing Technical Compliance Issues
Albania has made significant progress in addressing technical compliance issues identified in its 2018 Mutual Evaluation Report. According to MONEYVAL’s latest assessment, Albania currently meets the majority of international standards, with:
- Six recommendations rated as Compliant
- 31 recommendations rated as Largely Compliant
- Two recommendations rated as Partially Compliant
- One recommendation deemed Not Applicable
Government Commitment to Further Strengthen AML/CFT System
The Albanian government is expected to report back to MONEYVAL in two years on further advancements made towards strengthening its AML/CFT system. With this improved framework in place, Albania aims to solidify its position as a reliable and secure financial destination, providing reassurance to investors and customers alike.
About MONEYVAL
MONEYVAL, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, is responsible for assessing compliance with international standards aimed at combating money laundering, terrorist financing, and proliferation financing. The organization evaluates 33 states and territories, offering recommendations to national authorities to improve their AML/CFT systems.
Access the Full Report
The full report can be accessed online.