Albania Strengthens AML/CFT Policies and Procedures, Says Moneyval Report

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Albania has made significant progress in tackling money laundering and terrorist financing (AML/CFT), according to a follow-up report released by MONEYVAL. The country has improved its compliance with the Financial Action Task Force’s Recommendations 25 and 28, which relate to transparency and beneficial ownership of legal arrangements and regulation and supervision of designated non-financial businesses and professions.

Improved Compliance

As a result, Albania has been re-rated on these two recommendations from Partially Compliant to Largely Compliant. The country has taken additional measures to address important shortcomings, including:

• Making trustees subject to AML/CFT requirements
• Streamlining access to beneficial ownership information for competent authorities

Enhanced Regulation and Supervision

Albania has also improved its measures for regulating and supervising notaries and real estate agents. Key developments include:

• The licensing authority for notaries is now empowered to revoke licenses for the infringement of AML/CFT legislation
• Risk-based supervision has been introduced over real estate agents

Overall Progress

Overall, Albania has made significant progress in addressing most of the technical compliance shortcomings identified in its 2018 Mutual Evaluation Report. Currently:

• Six Recommendations are Compliant
• 31 Recommendations are Largely Compliant
• Two Recommendations are Partially Compliant, with one being Not Applicable

Next Steps

Albania is expected to report back to MONEYVAL in two years on further progress made towards strengthening its AML/CFT system.