Financial Crime World

Albania Takes Steps to Improve Anti-Money Laundering and Terrorist Financing Regulations

Strengthening AML/CFT Measures in Albania

In a move to enhance transparency and regulation of legal arrangements, Albania has taken significant steps to improve its anti-money laundering and terrorist financing (AML/CFT) measures. According to a recent report by MONEYVAL, the country has improved its compliance with key international recommendations.

Progress Made

MONEYVAL’s follow-up report, released on Wednesday, found that Albania had addressed important shortcomings in its AML/CFT framework. The country had previously been rated as Partially Compliant with Recommendations 25 and 28, but has now been re-rated as Largely Compliant.

Additional Measures Taken

Since June 2022, Albania took additional measures to tackle money laundering and terrorist financing, including:

  • Bringing trustees under the scope of AML/CFT requirements
  • Streamlining access to beneficial ownership information for competent authorities

Regulatory Improvements

Albania has also improved its regulations and supervision of notaries and real estate agents. The licensing authority for notaries is now empowered to revoke licenses for infringement of AML/CFT legislation, while risk-based supervision has been introduced over real estate agents.

Progress Towards Compliance

The country’s progress in addressing technical compliance shortcomings identified in its 2018 Mutual Evaluation Report has been significant. Out of the 40 Recommendations, Albania currently has:

  • 6 Recommendations rated Compliant
  • 31 Recommendations rated Largely Compliant
  • 2 Recommendations rated Partially Compliant and 1 Not Applicable

Future Progress Expected

Albania is expected to report back to MONEYVAL in two years on further progress made towards strengthening its AML/CFT system.

About MONEYVAL

MONEYVAL, a monitoring body of the Council of Europe, assesses compliance with international standards to counter money laundering, terrorist financing, and proliferation of weapons of mass destruction. The committee evaluates 33 states and territories and makes recommendations for necessary improvements to their anti-money laundering and counter-terrorist financing systems.