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Albania’s War on Financial Crimes: Key Players in the Fight Against Money Laundering and Terrorist Financing

In an effort to curb financial crimes, including money laundering and terrorist financing, Albania has established a robust framework to ensure compliance in its financial sector. Several key institutions are working together to combat these illicit activities.

Financial Supervisory Authority (FSA)

At the forefront of this fight is the Financial Supervisory Authority (FSA), an independent public body responsible for regulating, licensing, and supervising entities in the insurance, securities, and voluntary pension funds sectors. Crucially, the FSA oversees the supervision of these entities’ adherence to Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regulations.

Office of Foreign Assets Control (OFAC)

The Office of Foreign Assets Control (OFAC), on the other hand, serves as Albania’s primary AML/CFT policy maker and implementer. This national policy maker is responsible for developing and implementing policies aimed at combating financial crimes.

Coordination Committee for the Fight Against Money Laundering (CCFML)

The Coordination Committee for the Fight Against Money Laundering (CCFML) plays a strategic role in planning and providing general direction of AML/CFT policy in Albania. The committee holds annual meetings to discuss significant issues, trends, and potential challenges in the fight against financial crimes.

Albanian State Police (ASP)

Meanwhile, the Albanian State Police (ASP) is responsible for maintaining public order and ensuring the country’s border integrity. Working closely with financial institutions and regulatory bodies, they investigate and prevent financial crimes, bringing those suspected of wrongdoing to justice through criminal prosecution.

General Prosecutor’s Office (GPO)

The General Prosecutor’s Office (GPO) exercises criminal prosecution in Albania, collaborating with regulatory bodies to launch charges against suspects and bring trials to conclusion in the name of the state.

General Directorate of Customs (GDC)

Identifying financial offenses is also crucial in this fight. The General Directorate of Customs (GDC), a critical partner in the effort, functions as a key player in identifying financial offenses in the customs area. Cooperating with other law enforcement structures and sending reports to prosecutor’s offices, they play a vital role in bringing offenders to justice.

Bank of Albania (BOA)

Finally, the Bank of Albania (BOA) serves as the country’s central bank and primary regulator, licensor, and supervisor of banks in Albania. As part of its oversight functions, it monitors and ensures that these banks comply with AML/CFT regulations, further bolstering the country’s efforts to combat financial crimes.

Conclusion

Together, these institutions are working tirelessly to combat financial crimes, ensuring a safer and more secure financial environment for Albanians and international stakeholders alike.