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Albania Takes a Step Forward in Fighting Financial Crime with EU and Council of Europe Support
Tirana, Albania - Significant Progress Made in Finetuning National Strategy on Prevention of Money Laundering and Terrorist Financing
The Albanian authorities have made significant progress in refining the National Strategy on Prevention of Money Launderling and Terrorist Financing for the period 2024-2030, with the support of the European Union and the Council of Europe.
Review by Expert Team from Council of Europe
A team of experts from the Council of Europe reviewed the strategy, providing feedback and insights to representatives of responsible public authorities, key stakeholders, and international partners. The review aimed at refining the strategy and aligning it with best practices in the field of anti-money laundering and combating terrorist financing.
Quotes from Key Stakeholders
“The drafting of this National Strategy marks an important milestone after finalising the fourth National Risk Assessment based on the Council of Europe methodology,” said Olsi Dekovi, Deputy Head of the Council of Europe office in Tirana. “It is crucial that we strengthen our efforts to prevent money laundering and terrorist financing.”
Ervin Koçi, Director of Financial Intelligence Agency, appreciated the expertise provided by the European Union and the Council of Europe in improving the strategic document. He emphasized that the strategy will enhance national safety, enable competent authorities to understand and mitigate risks effectively, and strengthen inter-institutional cooperation through effective measures.
EU Support and Expertise
Lenka Vitkova, Head of Operations at the European Union Delegation to Albania, stressed the importance of aligning Albanian legislation with EU acquis and priorities. She highlighted that the EU has reinforced rules on anti-money laundering and terrorism financing by setting up a new European Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) in Frankfurt.
Recommendations from Council of Europe Assessment
The Council of Europe assessment provided a comprehensive set of strategic recommendations to bolster Albania’s efforts against money laundering and terrorist financing. The recommendations aim to:
- Strengthen the legal and regulatory framework
- Enhance institutional capacities
- Advance compliance and supervision
- Leverage technology and innovation
- Foster international cooperation
- Promote public awareness and private sector stakeholders’ engagement
Consequences of Addressing Gaps and Adopting Recommendations
By addressing the identified gaps and adopting these recommendations, Albania can significantly enhance its resilience against money laundering and terrorist financing, ensuring a secure and transparent financial environment. The activity was organized jointly by the Inter-Institutional Technical Working Group (ITWG) led by Financial Intelligence Agency (FIA) and the Action against Economic Crime in Albania, within the framework of the European Union/ Council of Europe joint programme Horizontal Facility for the Western Balkans and Türkiye.