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Albania Committed to Beneficial Ownership Transparency Reforms

Albania has made significant commitments to implement beneficial ownership transparency reforms, aimed at increasing accountability and reducing corruption.

Background

According to the Open Ownership platform, Albania launched a Register of Beneficiary Owners (RBO) in 2021, which covers the entire economy. However, the RBO is not yet fully comprehensive, with structured data not publicly available and no publication as a Business Overview Data Standard (BODS). Additionally, the register is not accessible via Application Programming Interface (API).

Commitments

Albania’s commitment to beneficial ownership transparency has been made through various platforms. In 2020, the country included a pledge in its Open Government Partnership National Action Plan. The Extractives Industry Transparency Initiative (EITI) also requires Albania to disclose beneficial ownership information for the extractives sector.

In recent years, Albania has reaffirmed its commitment to beneficial ownership transparency. In 2023, it committed to reviewing its legislation and aligning with European best practices in its Open Government Partnership National Action Plan. At the Summit for Democracy held earlier this year, Albania pledged to effectively implement beneficial ownership transparency measures and maintain a registry or alternative mechanism.

Progress

While progress has been made, more work is needed to ensure that beneficial ownership information is fully disclosed and publicly accessible. The Open Ownership platform provides ongoing updates on Albania’s commitments and implementation of beneficial ownership reforms.

Key Takeaways

  • Albania launched the Register of Beneficiary Owners (RBO) in 2021
  • RBO covers the entire economy, but structured data is not publicly available
  • Albania has committed to reviewing its legislation and aligning with European best practices
  • Pledged to effectively implement beneficial ownership transparency measures at the Summit for Democracy