Financial Crime World

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Financial Crime Risk Assessment Tools in Albania Receive Thorough Review

A comprehensive review of the draft National Risk Assessment report on Money Laundering and Terrorist Financing has been concluded by Albanian authorities, with input from key stakeholders including law enforcement agencies and financial institutions. The review was conducted jointly with the European Union and the Council of Europe Action against Economic Crime in Albania.

Methodology Used

The Financial Intelligence Agency prepared the National Risk Assessment using the Council of Europe methodology, aimed at identifying and addressing Albania’s money laundering and terrorist financing risks in a coordinated manner.

Stakeholder Input

The exercise provided valuable insights from representatives of public and private sector institutions, ensuring that the final report is comprehensive, realistic, and supported by all relevant stakeholders.

Action Plan

The reviewed report will serve as the basis for the three-year Action Plan on fighting Money Laundering and Financing of Terrorism in Albania, a crucial step in addressing financial crime risks in the country. The Action against Economic Crime in Albania is part of the Horizontal Facility for the Western Balkans and Türkiye III, a joint program of the European Union and the Council of Europe aimed at assisting beneficiaries in the region to comply with Council of Europe standards and EU acquis.

Review Process

The review process took place from October 9-11, 2023, in Tirana, Albania. The final report is expected to play a critical role in shaping the country’s efforts to combat financial crime and strengthen its anti-money laundering and counter-terrorism financing framework.

Key Takeaways

  • The National Risk Assessment report provides valuable insights into Albania’s money laundering and terrorist financing risks.
  • The report will serve as the basis for a three-year Action Plan to combat financial crime in Albania.
  • The review process was conducted jointly with the European Union and the Council of Europe Action against Economic Crime in Albania.