Financial Crime World

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ALBANIA BOOSTS FIGHT AGAINST MONEY LAUNDERING AND TERRORIST FINANCING WITH LATEST REGULATORY UPDATES

Tirana, Albania - Albania has made significant strides in implementing the technical requirements of the Financial Action Task Force (FATF) Recommendations, as reflected in its latest Follow-Up Report 2023. The report assesses Albania’s progress in combating money laundering and terrorist financing.

Compliance with FATF Recommendations

Albania is largely compliant with FATF Recommendation R.1 on assessing risk and applying a risk-based approach, demonstrating its ability to identify and mitigate the risks of money laundering and terrorist financing.

The country has also made notable improvements in implementing FATF Recommendations R.2 on national cooperation and coordination, as well as R.3 on money laundering offences, ensuring that it has a robust legal framework in place to combat these crimes.

Assets Confiscation and Freezing

Albania’s efforts to confiscate and freeze assets related to money laundering and terrorist financing, as outlined in FATF Recommendation R.4, have also been deemed largely compliant by the report.

Terrorist Financing Offences

In addition, the country has made significant progress in implementing FATF Recommendations R.5 on terrorist financing offences, ensuring that it has a comprehensive legal framework to combat this type of crime.

Other Areas of Compliance

Other areas where Albania has demonstrated compliance include:

  • Implementation of FATF Recommendation R.10 on customer due diligence
  • Implementation of FATF Recommendation R.11 on record keeping
  • Implementation of FATF Recommendation R.12 on politically exposed persons

Areas for Improvement

However, the report notes that there are still some areas where Albania needs to improve, including:

  • Partial compliance with FATF Recommendation R.6 on targeted financial sanctions related to terrorism and terrorist financing
  • Non-compliance with FATF Recommendation R.39 on extradition

Commitment to Strengthening Anti-Money Laundering and Counter-Terrorist Financing Regime

The Albanian government has committed to continuing its efforts to strengthen its anti-money laundering and counter-terrorist financing regime, and the country’s progress will be closely monitored by the international community.

Conclusion

The latest Follow-Up Report 2023 is a significant step forward for Albania in demonstrating its commitment to combating money laundering and terrorist financing, and it highlights the country’s ongoing efforts to strengthen its financial system and protect its citizens from these serious crimes.