Financial Crime World

Albania Strengthens Anti-Money Laundering Laws, Regulators Say

Improved Measures to Combat Money Laundering and Terrorist Financing

In a recent report, MONEYVAL (Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism) concluded that Albania has made significant progress in strengthening its anti-money laundering (AML) and combating the financing of terrorism (CFT) system. The country’s efforts have resulted in an upgrade from Partially Compliant to Largely Compliant on two key recommendations.

Key Improvements

  • Subjecting Trustees to AML/CFT Requirements: Albania has introduced measures to ensure that trustees are subject to AML/CFT requirements, strengthening the country’s ability to combat money laundering and terrorist financing.
  • Streamlining Access to Beneficial Ownership Information: The country has streamlined access to beneficial ownership information for competent authorities, making it easier to identify and track suspicious transactions.

Regulatory Enhancements

  • Improved Regulation of Notaries: Albania’s licensing authority for notaries is now empowered to revoke licenses for infringement of AML/CFT legislation.
  • Risk-Based Supervision of Real Estate Agents: Risk-based supervision has been introduced over real estate agents, ensuring that high-risk activities are closely monitored and regulated.

Progress Report

Albania’s progress in addressing technical compliance shortcomings identified in its 2018 Mutual Evaluation Report is notable. Out of the 40 Recommendations:

  • 6 rated Compliant
  • 31 rated Largely Compliant
  • 2 Partially Compliant
  • 1 Not Applicable

MONEYVAL Evaluation

The MONEYVAL evaluation highlights Albania’s efforts to strengthen transparency of legal arrangements and improve regulation and supervision of non-financial institutions. The country’s progress demonstrates its commitment to combating financial crimes and protecting the integrity of its financial system.

Next Steps

Albania is expected to report back in two years on further progress made towards strengthening its AML/CFT system, demonstrating its ongoing commitment to combating financial crimes and protecting the integrity of its financial system.