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Albania: Declaration and Audit of Assets and Conflict of Interest - A Wake-Up Call for National Bureau of Investigation

TIRANA, ALBANIA

The National Bureau of Investigation (NBI) in Albania has been accused of lacking a clear national strategy and operational procedures to effectively combat money laundering and terrorist financing.

Investigation and Prosecution Efforts

According to a recent report, the NBI’s investigation, prosecution, and conviction of money laundering and high-level corruption cases are low. Moreover, financial investigations need significant improvement, with progress on asset seizures being inconsistent.

  • The available statistics on seized and confiscated assets do not seem to be proportional to the level of criminality in the country.
  • Financial investigations need improvement, with asset seizures being inconsistent and confiscations low.

Asset Confiscation and Reuse

The report highlighted that Albania has legislation allowing for the social reuse of confiscated assets, with a dedicated fund for crime prevention initiatives. However:

  • Details on confiscations remain unclear, with only €16 million in seized assets over the past five years, including €2.4 million in 2022.
  • The non-conviction confiscation regime of the Anti-Mafia Law is applied more often than the mandatory criminal confiscation regime.

Terrorist Financing

Albania has an anti-terrorist financing law in place since 2013, with updates in 2019 to meet UN requirements. However:

  • The country has not proposed any individuals for UNSC designation.
  • Albania’s strengthening of its national currency (lek) since 2014 has raised concerns about the influence of illicit financial flows (IFFs) in the economy.

Recommendations for Policymakers

  • Review reasons behind poor performance in prosecution of money laundering cases
  • Enhance analysis of money laundering and terrorist financing risks
  • Pursue more indictments in money laundering cases involving foreign proceeds
  • Ensure adequate measures are in place to initiate financial investigations
  • Strengthen resources for supervising private entities
  • Provide regular feedback to reporting entities on suspicious activity report filings

Country Profile: Albania

Albania has been working to strengthen its anti-money laundering and counter-terrorist financing framework, but significant challenges remain. The country’s investigative process is hampered by a lack of trained personnel and adequate equipment. Financial investigations need improvement, with asset seizures inconsistent and confiscations low.

  • Albania has an anti-terrorist financing law in place since 2013, with updates in 2019 to meet UN requirements.
  • However, the country has not proposed any individuals for UNSC designation.