Financial Crime World

Albania Makes Progress in Fighting Financial Crime, Experts Say

Tirana - In a major boost to its anti-money laundering and counter-terrorist financing efforts, Albania has made significant progress in implementing reforms aimed at strengthening its financial system, according to a recent assessment by the Financial Action Task Force (FATF).

Implementing Reforms

Since February 2020, the Albanian government has been working closely with FATF’s Moneyval body to draft and implement an action plan designed to improve the country’s compliance with international standards. The efforts have yielded tangible results, including:

  • Sector Analyses: Albania has concluded six sector analyses for high-risk sectors such as real estate, legal services, and accounting.
  • Supervision of Reporting Entities: Authorities have stepped up supervision through on-site and remote inspections, covering notaries, lawyers, auditors, accountants, construction companies, and foreign exchange offices.

Legislative Initiatives

Key legislative initiatives aimed at combating money laundering and terrorist financing are already being implemented, including:

  • Law on the Register of Beneficiary Owners: A law that requires companies to disclose their beneficial owners.
  • Register of Bank Accounts: A register that tracks bank accounts and ensures transparency.

Response to COVID-19 Pandemic

In response to the COVID-19 pandemic, Albania has extended the deadline for entrepreneurs and citizens to make full declarations without penalties, giving them more time to comply with regulations. This measure has been hailed as an effective tool in enhancing the effectiveness of law enforcement institutions in tracking and preventing financial crimes.

Assessment and Outlook

The FATF’s recent plenary session in February 2021 assessed Albania’s progress and deemed it on track to fulfill its obligations under the action plan within agreed deadlines. Experts believe that if the country continues to make progress, it will likely be removed from the gray list in the coming months, a development that would have significant implications for its international reputation and economic prospects.

Conclusion

Albania’s progress in implementing reforms and combating financial crime is a major step forward in strengthening its financial system. With continued efforts, the country may soon be removed from the gray list, paving the way for improved international relations and economic prospects.