Financial Crime World

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Albania Enhances Financial Institution Compliance Policies to Combat Money Laundering and Terrorist Financing

Strengthened Measures Against Money Laundering and Terrorist Financing

Albania has taken significant steps to improve its measures against money laundering and terrorist financing (AML/CFT), according to a recent report by MONEYVAL. The country has strengthened its compliance with the Financial Action Task Force’s Recommendations 25 and 28, which relate to transparency in legal arrangements and regulation and supervision of non-financial institutions.

Key Measures Taken

Since June 2022, Albania has taken additional steps to address shortcomings identified in its AML/CFT system. These measures include:

  • Subjecting trustees to AML/CFT requirements
  • Streamlining access to beneficial ownership information for competent authorities
  • Improving the regulatory framework for notaries and real estate agents, empowering the licensing authority to revoke licenses for non-compliance with AML/CFT legislation

Progress Made

As a result of these efforts, Albania has made significant progress in addressing technical compliance shortcomings identified in its 2018 Mutual Evaluation Report. According to MONEYVAL’s latest report, Albania is now rated as:

  • Largely Compliant on 31 out of the 40 Recommendations
  • Fully compliant with six recommendations
  • Partially compliant with two recommendations

Future Plans and Expectations

The Albanian government is expected to report back to MONEYVAL in two years’ time on further progress made towards strengthening its AML/CFT system. The country’s improved compliance with international standards is seen as a major achievement, highlighting Albania’s commitment to combating money laundering and terrorist financing.

About MONEYVAL

MONEYVAL is a monitoring body of the Council of Europe that evaluates the anti-money laundering and counter-terrorism financing systems of 33 states and territories worldwide. The organization makes recommendations to national authorities on necessary improvements to their AML/CFT systems.