ALBANIA IMPROVES MEASURES TO COMBAT MONEY LAUNDERING AND TERRORIST FINANCING, SAYS MONEYVAL REPORT
Albania’s Progress in Combating Money Laundering and Terrorist Financing
Albania has made significant improvements in its efforts to combat money laundering and terrorist financing, with the country’s ratings upgraded by the Council of Europe’s anti-money laundering body MONEYVAL. According to a new follow-up report published today, Albania has improved measures in several areas, including transparency and beneficial ownership (BO) of legal persons, regulation and supervision of financial institutions, and mutual legal assistance (MLA).
Key Improvements
- Beneficial Ownership: Albania has upgraded from “partially compliant” to “largely compliant” in two areas related to BO. The country has also adopted the Law “On the BO register”, which has established the necessary mechanism to obtain and keep accurate and up-to-date BO information.
- Regulation and Supervision of Financial Institutions: Albania has upgraded from “partially compliant” to “largely compliant” in this area, with improvements in licensing of non-banking financial institutions to prevent criminals and their associates from holding or being beneficial owners of a significant or controlling interest or holding a management function.
- Mutual Legal Assistance (MLA): Albania has upgraded from “partially compliant” to “compliant” in the area of MLA regarding freezing of assets and confiscation. The country has established mechanisms to execute foreign confiscation orders, share confiscated assets with foreign countries, and provide assistance to non-conviction-based confiscation.
Future Progress
Albania remains under MONEYVAL’s enhanced follow-up and is expected to report back on progress to strengthen its implementation of AML/CFT measures in two years’ time. The country will continue to work towards achieving full compliance with all 40 FATF Recommendations constituting the international AML/CFT standard.
Conclusion
Albania’s efforts to combat money laundering and terrorist financing have led to significant improvements, with upgrades in several key areas. While there is still room for improvement, Albania remains committed to strengthening its implementation of AML/CFT measures and will continue to work towards achieving full compliance with international standards.