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Combating Money Laundering in Albania

Overview

The Albanian government has been actively working to combat money laundering (ML) and terrorism financing (TF). This effort involves various institutions that work together to prevent and investigate illicit financial activities.

Key Institutions Involved in AML/CFT Efforts

• Bank of Albania: As the country’s central bank, it plays a crucial role in implementing anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations.
• Albanian Financial Intelligence Authority (AFIA): This institution is responsible for collecting and analyzing financial intelligence to identify potential ML/TF cases.
• Prosecutor’s Office: It works closely with AFIA to investigate and prosecute individuals involved in ML/TF activities.

Challenges Faced by Albania in Combating Money Laundering

Despite the efforts of these institutions, Albania still faces challenges in combating money laundering:

• Limited resources and capacity within law enforcement agencies and regulatory bodies.
• Corruption and lack of transparency in certain sectors.
• Insufficient international cooperation and information sharing.

Conclusion

Albania’s AML/CFT efforts are ongoing, with various institutions working together to combat money laundering and terrorism financing. However, the country still faces challenges that need to be addressed to effectively prevent and investigate illicit financial activities.