Financial Crime World

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Albania Ugrades Rating for Fighting Financial Crimes, MONEYVAL Report Says

Albania has made significant improvements in combating money laundering and terrorist financing, leading to upgraded ratings from the Council of Europe’s anti-money laundering body, MONEYVAL. According to its latest report, Albania has demonstrated good progress in complying with FATF (Financial Action Task Force) standards.

Positive Developments

The report highlights several positive developments, including:

  • Establishment of a beneficial ownership register: A significant step towards ensuring transparency and accountability in financial transactions.
  • Enhanced legislation: New laws have been introduced to ensure accurate information on legal persons, helping to prevent criminal activities.
  • New sanctions for non-compliance: Albania has introduced new penalties for those who fail to comply with registration requirements, increasing the effectiveness of anti-money laundering measures.

MONEYVAL also notes that Albania has:

  • Established necessary mechanisms: To execute foreign confiscation orders and share confiscated assets with foreign countries, strengthening international cooperation against financial crimes.
  • Improved supervision: Taken steps to prevent criminals from holding significant or controlling interests in financial institutions.

Remaining Deficiencies

While Albania has made significant progress, there are still some minor deficiencies in implementing 29 FATF recommendations. Specifically:

  • Targeted financial sanctions: Albania remains partially compliant with four recommendations related to targeted financial sanctions.
  • Supervision of designated non-financial businesses and professions: The country is also partially compliant with these recommendations.

Outlook

MONEYVAL expects Albania to continue strengthening its implementation of anti-money laundering and combating the financing of terrorism measures. A follow-up review will be conducted in two years’ time to assess the country’s continued progress.