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Risk-Based Approach to Financial Crime Takes Centre Stage in Albania

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TIRANA - A high-level meeting was held last week to assess the progress made by key Albanian institutions in countering corruption, money laundering and terrorist financing. The gathering brought together senior representatives from beneficiary institutions of the joint European Union and Council of Europe Action against economic crime in Albania.

Meeting Highlights Key Milestones in EU Accession Process

The meeting saw Deputy Minister of Interior Besfort Lamallari hail the action’s support for the establishment of the Asset Recovery Office in Albania as a major milestone in the country’s EU accession process. The office is seen as crucial in strengthening the fight against economic crime.

Collaboration Key to Successful Risk-Based Approach

Technical advice and guidance provided by the action played a significant role in conducting the 4th National Money Laundering and Terrorist Financing Risk Assessment, according to the Financial Intelligence Agency representative. The assessment report serves as a foundation for implementing a risk-based approach to combat money laundering and terrorist financing through close collaboration between government agencies and private sector actors.

Beneficiaries Express Gratitude for Tailored Support

Beneficiaries expressed their gratitude for the tailored support provided by the action, which catered to their specific needs. They also proposed potential interventions that could be considered during the implementation of the action.

Continued Cooperation Essential in Preventing Economic Crime

The participants reaffirmed the importance of continued cooperation in preventing and combating economic crime as they discussed plans for upcoming activities. The meeting was organized within the framework of the European Union/Council of Europe joint programme “Horizontal Facility for the Western Balkans and Türkiye”.

Action’s Support Key to Albania’s EU Accession Process

The action’s support is crucial in helping Albania meet its EU accession process requirements, particularly in strengthening institutions and promoting good governance.

About the Horizontal Facility

The European Union/Council of Europe joint programme “Horizontal Facility for the Western Balkans and Türkiye” aims to strengthen the capacity of beneficiary countries in preventing and combating economic crime.