Council of Ministers Issues Decision on Designated Persons

The Council of Ministers has issued a decision on designated persons, delegating the implementation to subordinated institutions and entities that license or supervise them.

Implementation Requirements

• Subordinated institutions or obliged entities must verify and report to the responsible authority regarding funds and other properties held directly or indirectly, as well as other interests or rights within 10 days from notification.
• If it is not possible to identify the funds and other properties within the given timeframe, reporting will be done immediately after identification.
• The responsible authorities are required to send a written report to the General Directorate for Prevention of Money Laundering, providing data on interests and rights over the funds and other properties of designated persons, within three days from notification by subordinated institutions or obliged entities.

Seizing Order

• The Minister of Finance will issue a seizing order for funds and other properties, as proposed by the General Directorate for Prevention of Money Laundering, within five days.
• The order becomes effective immediately and is communicated to the designated person, in accordance with the Code of Administrative Procedures.
• Upon execution of seizure, the Agency for Administration of Seized and Confiscated Assets exercises all rights of control over seized funds and other properties, including possession, administration, and other necessary actions.

Allowed Expenses from Seized Funds

• The Minister of Finance may authorize payments from seized assets and other properties to be used for:
  • Medical expenses
  • Family or living expenses
  • Legal fees
• Authorization is granted upon request by the designated person, after verifying that the expenses are justified and in accordance with the law.

Review and Revocation of Designations

• The Council of Ministers may review and revoke designations if new circumstances or facts arise that make further implementation unnecessary.
• Revocation of designations may be done based on decisions issued by:
  • International organizations
  • European Union
  • International agreements Albania is party to

Criminal and Patrimonial Proceedings

• Notwithstanding the implementation of this law, criminal and patrimonial proceedings may proceed with seizure and confiscation of funds and other properties, frozen temporarily or seized in implementation of this law.

Conclusion

The Council of Ministers’ decision aims to ensure effective implementation of international obligations related to combating terrorism financing and money laundering. The decision is expected to contribute to the fight against organized crime and corruption in Albania.