Albania Enhances Compliance Procedures in Banking Industry

Strengthening Anti-Money Laundering (AML) and Combating Terrorism Financing (CFT) Measures

In a bid to fortify its financial system, Albania has implemented a comprehensive framework for compliance procedures within the banking industry. This initiative aims to prevent illicit activities such as money laundering and terrorism financing.

Key Players in AML/CFT Efforts

• Financial Supervisory Authority (FSA): An independent public institution responsible for regulating, licensing, and supervising entities in the fields of insurance, securities, and voluntary pension funds.
• General Directorate for the Prevention of Money Laundering (GDPML): The main authority for AML/CFT policy-making and implementation at the national level.
• Coordination Committee for the Fight Against Money Laundering (CCFML): Responsible for planning and directing AML/CFT policy, meeting regularly to discuss emerging issues.

Collaborative Efforts

Other key players in Albania’s fight against money laundering include:

• Albanian State Police
• General Prosecutor’s Office
• General Directorate of Customs
• Bank of Albania

Benefits of Enhanced AML/CFT Measures

The establishment of this robust framework is a significant step towards strengthening Albania’s financial system. By maintaining high levels of transparency and accountability within its financial institutions, the country can:

• Prevent illicit activities such as money laundering and terrorism financing
• Enhance economic stability and development
• Foster trust among international partners and investors