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Albania’s Compliance with Financial Action Task Force Recommendations

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The report on Albania’s compliance with Financial Action Task Force (FATF) recommendations highlights several areas where Albania needs to improve its legislative and institutional framework to meet the FATF standards.

Key Areas for Improvement

Here are the key points outlined in the report:

1. Legislative Framework

Enhancing the Criminal Code

• The report suggests that Albania should enhance its Criminal Code (CC) to ensure it covers all required actions under international treaties, including those related to terrorism financing and money laundering.

2. Confiscation of Proceeds

Improving Asset Recovery Framework

• It recommends improving the framework for recovering criminal assets, including establishing a national registry of bank accounts and making fuller use of provisions in the CC and Civil Procedure Code (CPC).

3. Freezing of Funds

Enhancing Supervisory Review

• The report advises revising the Special Financial Transactions Law to provide a clear legal basis for designating entities under UNSCR 1373 and enhancing supervisory review of institutions for compliance with UNSCR obligations.

4. Financial Intelligence Unit (FIU)

Expanding Authority and Capacity

• It suggests expanding the FIU’s authority to request non-financial information, clarifying its authority to exchange information, and enhancing its strategic analytical capacity.

Compliance Status

The report categorizes Albania’s compliance as “Partially Compliant” (PC) for these areas, indicating that while some progress has been made, further improvements are necessary to meet the FATF standards.