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Albania Boosts Anti-Money Laundering Efforts, Earns Upgraded Ratings
A recent report by MONEYVAL, the Council of Europe’s anti-money laundering body, has praised Albania for its significant progress in combating money laundering and terrorist financing. The country has made substantial improvements in several key areas, resulting in upgraded ratings from “partially compliant” to “largely compliant” or even “compliant”.
Key Areas of Improvement
Transparency and Beneficial Ownership
- Albania has established a beneficial ownership register
- Market entry requirements for financial institutions have been enhanced
- MLA concerning confiscation has been upgraded
Regulation and Supervision of Financial Institutions
- Albania has introduced new sanctions for non-compliance with registration requirements (although considered insufficiently proportionate)
- Necessary steps have been taken to prevent criminals and their associates from holding significant or controlling interests in non-banking financial institutions
Mutual Legal Assistance
- Mechanisms have been established to execute foreign confiscation orders
- Confiscated assets can be shared with foreign countries
- Assistance is provided for non-conviction-based confiscation
Remaining Deficiencies
Despite the progress made, Albania remains “partially compliant” with four recommendations relating to:
- Targeted financial sanctions on proliferation financing
- New technologies
- Transparency and beneficial ownership of legal arrangements
- Supervision of designated non-financial businesses and professions
However, Albania has achieved full compliance with seven recommendations and no ratings have been classified as “non-compliant”.
Next Steps
The country will continue to be under MONEYVAL’s enhanced follow-up and is expected to report back on progress in two years’ time.