Terrorist Financing Methods in Albania Raise Concerns

Albania has made progress in implementing anti-money laundering (AML) measures, but there is still room for improvement to prevent terrorist financing. International experts have identified several areas where the country can strengthen its laws and regulations.

Lack of Transparency in Party Funding

One area of concern is the lack of transparency in party funding in Albania. Experts recommend that the central electoral commission monitor party financing more closely to prevent illicit activities. This includes:

• Monitoring suspicious transactions: Regularly reviewing financial records to detect unusual patterns or activity.
• Freezing assets linked to terrorist organizations: Quickly identifying and freezing assets suspected of being linked to terrorist groups.

Weakened Laws on Immunities for Elected Officials

Experts also suggest that Albania’s laws on immunities for elected officials be reviewed to ensure they do not create opportunities for corruption. This includes:

• Strengthening anti-corruption measures: Implementing policies and procedures to prevent corrupt practices among government officials.
• Increasing transparency in public finance: Regularly publishing financial information to promote accountability and transparency.

Need for Stronger Cooperation with International Organizations

The report emphasizes the importance of stronger cooperation between Albanian authorities and international organizations to combat terrorist financing. Experts recommend that Albania implement recommendations from the Financial Action Task Force (FATF), a global body that sets standards for AML and combating the financing of terrorism (CFT).

Addressing Concerns through Strengthened Laws and Regulations

To address these concerns, Albanian authorities have taken steps to strengthen their AML/CFT framework. In 2011, the government passed a law amending the prevention of money laundering and terrorist financing act, which included provisions for stricter regulations on suspicious transactions.

However, more needs to be done to ensure that Albania’s laws and regulations are effective in preventing terrorist financing. Experts recommend that the country conduct regular assessments of its AML/CFT framework and implement recommendations from international organizations to strengthen its efforts.

Conclusion

Combating terrorist financing requires a concerted effort from all stakeholders, including governments, financial institutions, and civil society organizations. By working together, Albania can strengthen its efforts to prevent terrorist financing and ensure that its laws and regulations are effective in protecting the country’s citizens and national security.