ALBANIA’S REMOVAL FROM FATF GREY LIST BRINGS REPUTATION BOOST AND ECONOMIC OPPORTUNITIES

Background

TIRANA, ALBANIA - OCTOBER 2023

Albania’s Finance Minister Ervin Mete hailed the decision by the Financial Action Task Force (FATF) to remove the country from its list of jurisdictions under increased monitoring as a significant step forward for Albania’s reputation and economy.

Key Facts

• Timeline: Albania was placed on the FATF grey list in February 2020 and remained on it until October 2023.
• Progress Made: The country made significant progress in implementing Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) reforms, including:
  • Conducting additional in-depth analysis to understand money laundering risks
  • Formalizing the economy
  • Introducing registration of property ownership information
• Risk Score: Albania’s risk score in the Basel AML Index Public Edition is 4.75 out of 10, placing it in the medium-risk category.

Economic Impact

The removal from the FATF grey list is expected to have a positive impact on Albania’s economy, with increased foreign investment and improved banking transactions being major benefits. The country’s Finance Minister Ervin Mete stated that the decision will create favourable conditions for further foreign investments, facilitate banking transactions domestically and internationally, and reduce the costs of debt.

Challenges Ahead

While the removal from the FATF grey list is a significant achievement, Albania still faces challenges related to systemic corruption. The country needs to continue its efforts to reform its judicial system and improve the rule of law to ensure long-term economic growth and stability.

Conclusion

In conclusion, Albania’s removal from the FATF grey list marks an important milestone for the country’s economy and reputation. With continued efforts to address corruption and implement AML/CFT reforms, Albania is well-positioned for future economic growth and development.