Albania Tightens Grip on Terrorism Financing Laws, Introduces New Regulation

Strengthening Anti-Terrorism Efforts

Tirana, Albania - In a significant move to combat terrorism financing, the Albanian Supervisory Council has approved Regulation No. 44, aimed at preventing money laundering and terrorism financing.

Key Provisions of the Regulation

• Sets out procedures for identifying customers
• Requires accurate records of transactions
• Preserves data related to customer identification and transaction records
• Mandates reporting suspicious activities to relevant authorities

The new regulation comes into effect from January 8, 2020, and is designed to prevent the use of financial institutions and other entities for money laundering and/or terrorism financing.

Enhancing Transparency and Accountability

Under the new regulation, financial institutions and affected entities will be required to:

• Implement robust customer identification procedures
• Maintain accurate records of transactions
• Report any suspicious activities to the responsible authority

The Supervisory Council has published the regulation in the Official Journal on December 24, 2019, making it mandatory for all relevant parties to comply with its provisions.

Impact and Expectations

The introduction of this regulation is expected to enhance transparency and accountability in Albania’s financial sector, while also reducing the risk of terrorist financing. The move is seen as a significant step towards strengthening Albania’s anti-terrorism efforts and bringing its laws in line with international standards.