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Albania’s Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) Framework

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Albania has taken steps to improve its AML/CFT framework, but there are still areas where improvements are needed.

Main Points from the Report

The following points highlight key issues related to Albania’s AML/CFT framework:

• Risk Assessment: There is a lack of understanding of the impact of informal economy and corruption on ML/TF risks.
• Policy Setting: There is no AML/CFT policy document in place, but the country has a proven track record in setting broader strategies and action plans to address economic and organized crime (OC).
• Coordination and Cooperation: Cooperation at operational level and information exchange amongst authorities are generally positive where the General Directorate of Prevention of Money Laundering (GDPML) is involved.
• Efforts Needed: Further efforts are needed to mitigate ML/TF risks, including increasing prosecutions of corruption-related money laundering, stronger controls of cross-border cash movements, measures to prevent the abuse of legal persons, finalization of immovable properties regularisation, and risk-based supervision for all sectors.

Assessment and Recommendations

The report provides a detailed assessment of Albania’s AML/CFT framework, highlighting both progress made and areas where improvements are needed. The authorities have demonstrated a reasonably good understanding of ML risks in the formal economy, but there is still a need to address more complex issues related to corruption, abuse of legal persons, and risk-based supervision.

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