Financial Crime World

Title: Fighting Financial Crimes in Albania: An Overview of Key Institutions

Albania’s Commitment to Combating Financial Crimes

The global fight against financial crimes, including money laundering and terrorist financing, is a critical priority for countries worldwide. Albania has established a comprehensive framework to ensure financial sector compliance. In this article, we delve into the key institutions leading Albania’s charge against financial crimes.

The Financial Supervisory Authority (FSA): Albania’s Regulatory Body

  • Independent Public Body: The Financial Supervisory Authority (FSA) is the Albanian body responsible for regulating, licensing, and supervising entities in the insurance, securities, and voluntary pension funds sectors.
  • AML/CFT Compliance: Crucially, the FSA oversees the supervision of these entities’ adherence to Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regulations.

National Policy Maker and Implementer: The Office of Foreign Assets Control (OFAC)

  • Developing and Implementing Policies: The Office of Foreign Assets Control (OFAC) serves as Albania’s primary AML/CFT policy maker and implementer.

Strategic Planning and Direction: The Coordination Committee for the Fight Against Money Laundering (CCFML)

  • Committee Responsibilities: The CCFML plays a strategic role in planning and providing the general direction of AML/CFT policy in Albania.
  • Annual Meetings: It holds annual meetings to discuss significant issues, trends, and potential challenges in the fight against financial crimes.

Law Enforcement Role: Albanian State Police (ASP)

  • Public Order and Border Integrity: The Albanian State Police (ASP) is responsible for maintaining public order and ensuring the country’s border integrity.
  • Collaboration: They work closely with financial institutions and regulatory bodies to investigate and prevent financial crimes.

Criminal Prosecution: General Prosecutor’s Office (GPO)

  • Criminal Charges: The General Prosecutor’s Office (GPO) exercises criminal prosecution in Albania.
  • Collaboration: It collaborates with regulatory bodies to launch charges against suspects and bring trials to conclusion in the name of the state.

Identifying Financial Offenses: General Directorate of Customs (GDC)

  • Customs and Financial Crimes: The General Directorate of Customs (GDC) functions as a critical partner in identifying financial offenses in the customs area.
  • Cooperation: They cooperate with other law enforcement structures and send reports to the prosecutor’s offices.

Central Bank and AML/CFT Compliance: The Bank of Albania (BOA)

  • Central Bank: The Bank of Albania (BOA) serves as the country’s central bank and the primary regulator, licensor, and supervisor of banks in Albania.
  • AML/CFT Compliance: The BOA monitors and ensures that these banks comply with AML/CFT regulations as part of its oversight functions.