Financial Crime World

Albania Boosts Anti-Money Laundering Efforts, Ratings Upgraded by MONEYVAL

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Albania has made significant strides in combating money laundering and terrorist financing, earning improved ratings from the Council of Europe’s anti-money laundering body, MONEYVAL. According to a new report published today, the country has demonstrated good progress in complying with FATF (Financial Action Task Force) standards.

Progress in Transparency and Beneficial Ownership

The report highlights Albania’s positive steps in two areas:

  • Transparency: The country has shown significant progress in transparency, particularly in regards to beneficial ownership of legal persons.
  • Regulation and Supervision: MONEYVAL has praised Albania for its enhanced legislation on regulation and supervision of financial institutions.

As a result of these efforts, Albania’s ratings have been upgraded from “partially compliant” to “largely compliant”.

Legislative Reforms

MONEYVAL has commended Albania for the following legislative reforms:

  • Beneficial Ownership Registers: The country has established a mechanism to obtain accurate and up-to-date beneficial ownership information.
  • Market Entry Requirements: Albania has introduced new requirements for financial institutions seeking to enter the market.
  • Mutual Legal Assistance: MONEYVAL has praised Albania’s enhanced legislation regarding mutual legal assistance, including the freezing of assets and confiscation.

Procedural Limitations

While procedural limitations prevented MONEYVAL from assessing the effective implementation of measures in practice, the report notes several positive developments:

  • New Sanctions: Albania has introduced new sanctions for non-compliance with registration requirements.
  • Criminal Investigation: The country has taken steps to prevent criminals and their associates from holding significant or controlling interests in non-banking financial institutions.

Compliance Status

Albania has met MONEYVAL’s expectations by addressing most technical compliance deficiencies within three years of the adoption of the mutual evaluation report. The country is:

  • Fully Compliant with 7 FATF Recommendations.
  • Largely Compliant with 29 others.
  • Partially Compliant with 4 recommendations.

Future Monitoring

MONEYVAL will continue to monitor Albania’s progress and expects the country to report back on its implementation of anti-money laundering measures in two years’ time.