Financial Crime World

Albania’s Progress in Financial Regulation Compliance: MONEYVAL’s Enhanced Follow-up Report

Assessing Improvements in Anti-Money Laundering and Counter-Terrorist Financing Measures

Albania’s journey towards improved financial regulation compliance in the areas of anti-money laundering (AML) and counter-terrorist financing (CTF) has been under close scrutiny by the international community. The Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has released its 1st Enhanced Follow-up Report on Albania. This report assesses the country’s progress in addressing the technical compliance deficiencies and implementing new requirements.

Contents of the Report

The report is divided into three main sections:

  1. Introduction

    • Expectations from countries to address most, if not all, technical compliance deficiencies by the end of the third year.

  2. Findings from the MER

    • Albania’s rating in several areas, including Recommendations 6 and 8.

  3. Progress in Improving Technical Compliance

    • Albania’s steps to rectify technical compliance deficiencies.

Addressing Technical Compliance Deficiencies

Since the publication of the Initial Mutual Evaluation Report (MER) in 2018, Albania has made significant progress in addressing technical compliance deficiencies:

Recommendation 6

Albania amended its Law on Measures Against Terrorism Financing to address shortcomings related to:

  • Listing criteria
  • Evidentiary standards
  • Procedures for proposing designations to UNSC Committees

Other Deficiencies

Albania has made progress on addressing deficiencies related to:

  • Targeted financial sanctions
  • Asset freezing
  • Return of seized funds

Recommendation 8

Albania has been re-rated from ‘partially compliant’ to ’largely compliant’ due to improvements including:

  • Conducting a second round of revision of the National Risk Assessment
  • Adopting new instructions for supervision of non-profit organizations
  • Introducing new measures to promote accountability, integrity, and public confidence in the administration and management of non-profit organizations

Moving Forward

The Enhanced Follow-up Report emphasizes Albania’s dedication to enhancing its financial regulatory framework and further improving its AML and CTF measures. Future assessments will focus on the country’s progress in implementing recommendations related to effectiveness.

Key Takeaways

  • The report highlights Albania’s progress in addressing technical compliance deficiencies.
  • Future assessments will focus on the country’s progress in implementing recommendations related to effectiveness.
  • This ongoing dialogue aims to strengthen Albania’s capacity to fight money laundering and terrorist financing more effectively.