Financial Crime World

Albania Takes a Step Forward in Fighting Financial Crime with Council of Europe’s Assistance

Albania has taken a significant step towards improving its National Strategy on Prevention of Money Laundering and Terrorist Financing for the period 2024-2030, thanks to the assistance of the European Union and Council of Europe. The country joined forces with these international organizations to combat financial crime through a consultative roundtable.

Combating Financial Crime: A Collaborative Effort

The roundtable, organized by the Inter-Institutional Working Group on Prevention of Money Launderling and Terrorist Financing, brought together key stakeholders from responsible public authorities, international partners, and the Financial Intelligence Agency. The aim of the gathering was to gather feedback and insights from experts to refine the strategic document and address the main challenges Albania faces in combating money laundering and terrorist financing.

Strengthening National Security

The Director of Financial Intelligence Agency, Ervin Koçi, praised the expertise provided by the European Union and Council of Europe, stating that the improved strategy will enhance national security, enable competent authorities to understand and mitigate risks effectively, and strengthen inter-institutional cooperation.

Aligning Legislation with EU Acquis

Lenka Vitkova, Head of Operations in the EU Delegation to Albania, emphasized the importance of aligning Albanian legislation with the EU acquis and priorities. She highlighted the significance of this initiative, particularly given the recent establishment of a new European Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) in Frankfurt.

International Collaboration

The activity was organized jointly by the Inter-Institutional Technical Working Group (ITWG) led by Financial Intelligence Agency (FIA) and Action against Economic Crime in Albania, within the framework of the European Union/Council of Europe joint Programme Horizontal Facility for the Western Balkans and Türkiye (Horizontal Facility III).

Key Takeaways

  • Albania has joined forces with the European Union and Council of Europe to combat financial crime
  • The consultative roundtable aimed to refine the strategic document on prevention of money laundering and terrorist financing
  • The improved strategy will enhance national security, enable competent authorities to understand and mitigate risks effectively, and strengthen inter-institutional cooperation
  • Albania is aligning its legislation with the EU acquis and priorities
  • International collaboration is key in combating financial crime