Financial Crime World

Financial Crime Reporting Guidelines in Albania Clarified

The Albanian government has taken a significant step towards strengthening its Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations by clarifying its stance on financial crime reporting. This comprehensive framework outlines the roles and responsibilities of key institutions, enhancing transparency and cooperation in tackling financial crime.

Key Institutions in Albania’s AML/CFT Regime

Financial Supervisory Authority (FSA)

  • The FSA is an independent public institution responsible for regulating, licensing, and supervising entities in the insurance, securities, and pension funds sectors.
  • It ensures that these entities comply with AML/CFT requirements.

General Directorate for the Prevention of Money Laundering (GDPML)

  • The GDPML operates at a national level and plays a crucial role in policy-making and implementation.
  • It coordinates Albania’s efforts against money laundering and terrorism financing.

Coordination Committee for the Fight Against Money Laundering (CCFML)

  • The CCFML meets annually to provide strategic direction for AML/CFT policy.
  • It ensures that all relevant stakeholders are aligned with the country’s goals in preventing financial crime.

Law Enforcement Agencies

  • The Albanian State Police (ASP) is responsible for ensuring public order and border integrity, while also being part of the country’s efforts to combat financial crimes.
  • The General Prosecutor’s Office (GPO) works closely with these agencies to exercise criminal prosecution on behalf of the state.

General Directorate of Customs (GDC)

  • The GDC cooperates with other law enforcement structures and reports any identified criminal offenses in the customs area to the prosecutor’s offices for further action.

Bank of Albania (BOA)

  • The BOA oversees banking operations and ensures compliance with AML/CFT requirements as part of its supervisory functions.
  • It monitors banks to prevent money laundering and terrorism financing activities.

Enhancing Transparency and Cooperation

By clarifying these roles and responsibilities, Albania aims to enhance transparency and cooperation among its institutions in tackling financial crime effectively. This move is also expected to reassure international partners and stakeholders about the country’s commitment to AML/CFT standards.