ALBANIA MAKES PROGRESS IN COMBATING FINANCIAL CRIME, UPGRADES RATINGS IN MONEYVAL REPORT

Albania’s Substantial Improvements in Combating Money Laundering and Terrorist Financing

TIRANA, ALBANIA - In a significant development, Albania has made substantial improvements in its measures to combat money laundering and terrorist financing. According to the Council of Europe’s anti-money laundering body MONEYVAL, the positive steps taken by the authorities have led to upgraded ratings for the country, demonstrating good progress in the level of compliance with the Financial Action Task Force (FATF) standards.

Key Areas of Improvement

• Transparency and Beneficial Ownership: Albania has established a beneficial ownership register, ensuring accurate and up-to-date information is kept on the register. The country has also enhanced its legislation to guarantee the accuracy of basic information submitted to the Commercial register.
• Regulation and Supervision of Financial Institutions: Albania has introduced new sanctions for non-compliance with registration requirements and strengthened its licensing process for non-banking financial institutions, aimed at preventing criminals from holding significant or controlling interests or management functions.
• Mutual Legal Assistance: The country has established mechanisms to execute foreign confiscation orders, share confiscated assets with foreign countries, and provide assistance for non-conviction-based confiscation.

Progress in Addressing Technical Compliance Deficiencies

Albania has made notable progress in addressing technical compliance deficiencies, meeting MONEYVAL’s expectations within three years after the adoption of the mutual evaluation report. The jurisdiction has achieved full compliance with seven out of 40 FATF Recommendations constituting the international anti-money laundering/combating financing of terrorism (AML/CFT) standard.

Remaining Areas for Improvement

• Targeted Financial Sanctions on Proliferation Financing: Albania remains “partially compliant” in this area.
• New Technologies: The country is also facing minor deficiencies in implementing FATF Recommendations related to new technologies, transparency and beneficial ownership of legal arrangements, and supervision of designated non-financial businesses and professions.

Albania will remain under MONEYVAL’s enhanced follow-up and is expected to report back on progress to strengthen its implementation of AML/CFT measures in two years’ time.