Financial Crime World

Albania Tightens Grip on Money Laundering and Financial Crimes

Multi-Agency Approach to Combat Money Laundering and Terrorist Financing

In an effort to crack down on money laundering and terrorist financing, Albania has established a robust anti-money laundering and combating the financing of terrorism (AML/CFT) framework involving multiple regulatory bodies and law enforcement agencies.

Key Players in the AML/CFT Framework

Financial Supervisory Authority (FSA)

  • Independent public institution responsible for regulating, licensing, and supervising entities in the insurance, securities, and voluntary pension funds sectors
  • Plays a crucial role in ensuring AML/CFT compliance among supervised entities

General Directorate for the Prevention of Money Laundering (GDPML)

  • Operates at the national level and is responsible for developing and implementing AML/CFT policies
  • Works closely with other agencies to ensure effective implementation on the ground

Coordination Committee for the Fight Against Money Laundering (CCFML)

  • Brings together various stakeholders, including law enforcement agencies, regulatory bodies, and financial institutions
  • Plans and directs AML/CFT efforts; meets at least once a year to review progress and identify areas for improvement

Albanian State Police (ASP)

  • Responsible for fighting crime and maintaining public order
  • Plays a vital role in identifying and investigating suspicious transactions

General Prosecutor’s Office (GPO)

  • Exercises criminal prosecution and brings charges against individuals suspected of AML/CFT-related crimes

General Directorate of Customs (GDC)

  • Cooperates with other law enforcement agencies and reports criminal offenses detected during customs operations to the prosecutor’s offices

Bank of Albania (BOA)

  • Ensures that supervised financial institutions comply with AML/CFT requirements as part of its supervisory functions
  • Regulator of banks, responsible for implementing anti-money laundering measures in the banking sector

Effective Collaboration and Results

The combined efforts of these agencies have created a robust AML/CFT framework in Albania, designed to detect and prevent money laundering and terrorist financing. This multi-agency approach has strengthened the country’s ability to combat financial crimes and protect its financial system.