Financial Crime Risk Assessment Tools in Albania Get Boost from Council of Europe
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The Albanian authorities have received technical assistance from the Council of Europe to support their fourth National Risk Assessment (NRA) on Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT). This collaboration aims to enhance the country’s capacity to prevent and combat financial crime.
Workshop Organized by Action against Economic Crime in Albania
The Action against Economic Crime in Albania, jointly with the Albanian General Directorate of Prevention of Money Laundering, organized a workshop on June 20th. The event brought together 60 participants from supervisory authorities, law enforcement agencies, civil society, and business organizations.
Council of Europe’s Methodological Tools Presented
Two experts from the Council of Europe presented the advantages of their methodological tools for conducting AML/CFT NRAs. They highlighted the relevance of the process, the importance of identifying, assessing, and understanding money laundering and terrorist financing risks.
Risk-Based Approach Crucial for Effective Preventive Measures
The risk-based approach is crucial for implementing effective preventive measures that are proportionate and do not hinder legitimate activities. The Albanian authorities have reiterated their commitment to cooperate effectively in conducting an accurate NRA, acknowledging the comprehensiveness of the Council of Europe’s methodology and the guidance it will provide.
Ongoing Support from the Council of Europe
The Council of Europe will continue supporting the Albanian authorities throughout the process of data gathering and analysis to ensure reliable and timely results. The Action against Economic Crime in Albania is part of the “Horizontal Facility for the Western Balkans and Turkey II”, a joint program between the European Union and Council of Europe aimed at assisting Western Balkan region countries, including Albania, to comply with Council of Europe standards and EU acquis.
Expected Outcomes
The technical assistance provided by the Council of Europe will help strengthen the prevention and fight against money laundering and terrorist financing in Albania. The country’s authorities are expected to:
- Better prioritize their resources
- Allocate them more efficiently
- Take a more effective approach to combating financial crime