Financial Crime World

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Albania Strengthens AML/CFT Regulations, Improves Compliance with International Standards

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Albania has taken significant steps to strengthen its anti-money laundering and combating the financing of terrorism (AML/CFT) regulations, according to a recent report by MONEYVAL. The country has improved its compliance with Financial Action Task Force’s Recommendations 25 and 28, moving from Partially Compliant to Largely Compliant.

Recent Developments

Since June 2022, Albania has implemented additional measures aimed at addressing shortcomings in the transparency of legal arrangements and regulation and supervision of non-financial institutions. Specifically:

  • Trustees are now subject to AML/CFT requirements.
  • Competent authorities have streamlined access to beneficial ownership information.

Strengthened Regulatory Framework

Albania has also strengthened its regulatory framework for notaries and real estate agents. The licensing authority for notaries can now revoke licenses for infringement of AML/CFT legislation, while risk-based supervision has been introduced for real estate agents.

Progress Made

As a result of these improvements, Albania has made significant progress in addressing technical compliance shortcomings identified in its 2018 Mutual Evaluation Report. Of the 40 Recommendations evaluated, Albania currently meets:

  • 6 Recommendations
  • Is Largely Compliant with 31 Recommendations
  • Partially Compliant with 2 Recommendations
  • Has one Recommendation that is Not Applicable

Next Steps

The country is expected to report back to MONEYVAL in two years on further progress made towards strengthening its AML/CFT system.

About MONEYVAL

MONEYVAL, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, is a monitoring body of the Council of Europe that assesses compliance with international standards to counter money laundering, terrorism financing, and proliferation of weapons of mass destruction.