Financial Crime World

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Albania Takes Steps to Improve AML/CFT Compliance

Strengthening Anti-Money Laundering and Combating the Financing of Terrorism Framework

Tirana, Albania - In a bid to strengthen its anti-money laundering (AML) and combating the financing of terrorism (CFT) framework, Albania has made significant progress in implementing the Financial Action Task Force (FATF) Recommendations.

Key Areas of Compliance

According to a recent assessment, Albania has achieved compliance with several key areas, including:

  • Implementation of a risk-based approach to AML/CFT
  • National cooperation and coordination
  • Targeted financial sanctions related to terrorism and terrorist financing

The country has also made progress in addressing gaps in its legal framework, particularly in regards to non-profit organizations and beneficial ownership transparency.

Challenges Remain

However, Albania still faces challenges in certain areas, including:

  • Regulation and supervision of designated non-financial businesses and professions (DNFBPs)
  • Reporting of suspicious transactions
  • Powers of law enforcement and investigative authorities

Measures to Address Gaps

To address these gaps, Albania has committed to implementing a range of measures, including:

  • Strengthening its supervisory bodies
  • Improving customer due diligence requirements
  • Enhancing transparency and beneficial ownership disclosure

International Recognition

The country’s efforts have been praised by international organizations, which have noted significant progress in Albania’s AML/CFT regime. “Albania has made important strides in implementing the FATF Recommendations, and we welcome its continued commitment to strengthening its AML/CFT framework,” said a spokesperson for the International Monetary Fund (IMF).

Remaining Challenges

Despite these advances, Albania still faces challenges in implementing effective measures to prevent the misuse of cash couriers and in addressing the transparency and beneficial ownership requirements for legal persons and arrangements.

Prioritizing Implementation

As Albania continues to work towards improving its AML/CFT regime, it is essential that the country prioritizes the implementation of effective measures to address these remaining gaps. By doing so, Albania can further strengthen its position as a reliable and transparent financial hub in the region.