Albania Sets Sights on Financial Crime Risk Management Framework
Strengthening the Fight Against Money Laundering and Terrorist Financing
Tirana, Albania - The Albanian authorities have launched a review of the draft National Risk Assessment report, a crucial step in strengthening their fight against money laundering and terrorist financing. The joint European Union and Council of Europe Action against Economic Crime in Albania has been working closely with key stakeholders to identify, assess, and address risks in the country’s financial sector.
Focus Group Meetings Provide Valuable Insights
Representatives from law enforcement agencies and supervisors from public and private institutions participated in focus group meetings to provide valuable insights into the draft report. The input received will ensure that the final document is comprehensive, accurate, and supported by all relevant parties.
National Risk Assessment Report: A Key Tool for Authorities
The National Risk Assessment report is expected to serve as a key tool for authorities to develop a 3-year action plan on combating money laundering and terrorist financing. This report will help identify areas of vulnerability in the financial sector and provide a roadmap for addressing them.
Part of a Larger Initiative
The Action against Economic Crime in Albania is part of the Horizontal Facility for the Western Balkans and Turkey III, a joint programme aimed at helping countries in the region comply with Council of Europe standards and EU acquis. This initiative is designed to help countries strengthen their financial crime risk management frameworks and improve cooperation between law enforcement agencies and financial institutions.
Strengthening Albania’s Financial Crime Risk Management Framework
The review process comes as authorities seek to strengthen Albania’s financial crime risk management framework. The country has been working to address its vulnerabilities in this area, including improving cooperation between law enforcement agencies and financial institutions. By strengthening its framework, Albania can better prevent and detect financial crimes, protecting its economy and financial stability.
Key Objectives
- Develop a comprehensive National Risk Assessment report
- Identify areas of vulnerability in the financial sector
- Improve cooperation between law enforcement agencies and financial institutions
- Strengthen Albania’s financial crime risk management framework
- Comply with Council of Europe standards and EU acquis