Albania’s Declaration and Audit of Assets: A Call for Improvement

The National Bureau of Investigation (NBI) has expressed concerns over Albania’s lackluster performance in declaring and auditing assets, as well as its conflict of interest policies. In a recent report, the NBI highlighted several areas that require immediate attention.

Declaration and Audit of Assets

According to the report, Albania’s investigation, prosecution, and conviction rates for money laundering and high-level corruption cases are alarmingly low. Moreover, financial investigations need significant improvement. The country’s asset seizure statistics do not appear to be proportional to the level of criminality in the country.

• Investigation, prosecution, and conviction rates for money laundering and high-level corruption cases are low.
• Financial investigations require significant improvement.
• Asset seizure statistics do not reflect the level of criminality in the country.

The NBI also pointed out that the non-conviction confiscation regime under the Anti-Mafia Law is often applied more frequently than the mandatory criminal confiscation regime. This has resulted in a lack of actual confiscations, despite an increase in 2022.

Conflict of Interest

Albania’s conflict of interest policies have been criticized for lacking clarity and transparency. The report highlighted that law enforcement agencies rarely initiate standalone money laundering investigations, often treating it as an adjunct to criminal cases. This has led to a lack of robust circumstantial evidence in domestic cases.

• Law enforcement agencies rarely initiate standalone money laundering investigations.
• Conflict of interest policies lack clarity and transparency.
• Lack of trained personnel and adequate equipment hampers the General Prosecutor’s Office.

Recommendations

To address these concerns, the NBI recommends that policymakers:

• Review the reasons behind poor performance in money laundering cases and address shortcomings identified in the investigative process.
• Enhance analysis of money laundering and terrorist financing risks to implement appropriate mitigation measures.
• Pursue more indictments in money laundering cases involving foreign proceeds.
• Ensure adequate efforts are made to identify criminal proceeds located abroad and take appropriate actions for their confiscation.
• Implement high standards by supervisory authorities to prevent criminal infiltration of financial institutions.

The NBI’s report has sparked a call for improvement from both domestic and international stakeholders. Albania must take immediate action to strengthen its declaration and audit of assets, as well as its conflict of interest policies, to ensure transparency and accountability in the country’s financial sector.