Financial Crime World

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Global Standards for Anti-Money Laundering in Albania Come Under Scrutiny

A recent report by a global watchdog has rated Albania’s efforts to implement international standards on anti-money laundering (AML) and combating the financing of terrorism (CFT). The assessment reveals areas where the country needs improvement in order to meet the expectations of the Financial Action Task Force (FATF), an intergovernmental organization that sets global AML/CFT standards.

Ratings Indicate Need for Improvement

The FATF has assigned ratings to Albania’s progress in implementing the 40 recommendations on AML/CFT. The country scored:

Compliant Aspects

  • Targeted Financial Sanctions Related to Proliferation: Albania scored well in this aspect.
  • Non-Profit Organizations: Albania demonstrated compliance with international standards in this area.
  • Customer Due Diligence: The country implemented effective measures for customer due diligence.
  • Record Keeping: Albania ensured that financial institutions maintain accurate records.

Largely Compliant Aspects

  • Assessing Risk and Applying a Risk-Based Approach: Albania has made significant progress in assessing risk and applying a risk-based approach.
  • National Cooperation and Coordination: The country demonstrated good cooperation and coordination among its authorities.
  • Money Laundering Offense: Albania has implemented effective laws to combat money laundering offenses.
  • Confiscation and Provisional Measures: The country ensured that financial institutions confiscate and freeze assets accordingly.

Areas Requiring Improvement

  • Targeted Financial Sanctions Related to Terrorism and Terrorist Financing: Albania needs to strengthen its targeted financial sanctions related to terrorism and terrorist financing.
  • Regulation and Supervision of Financial Institutions: The country must improve its regulation and supervision of financial institutions.
  • Powers of Supervisors: Albania requires strengthening its powers of supervisors.
  • Mutual Legal Assistance: Freezing and Confiscation: The country needs to enhance its mutual legal assistance mechanisms.

Action Required

By implementing these reforms, Albania can enhance its reputation as a trusted partner in the global fight against money laundering and terrorist financing.