Financial Crime World

Albania’s Financial Regulators: A Shield Against Money Laundering and Terrorist Financing

In an unwavering commitment to combat money laundering and terrorist financing in Albania, several pivotal financial regulatory bodies uphold the country’s anti-money laundering/countering the financing of terrorism (AML/CFT) compliance framework.

Key Financial Regulatory Bodies in Albania

1. The Financial Supervisory Authority (FSA)

  • Independent public institution
  • Regulators, licensors, and supervisors of entities in insurance, securities, and voluntary pension funds sectors
  • Ensures AML/CFT regulations’ adherence as part of supervisory functions

2. The General Directorate for the Prevention of Money Laundering (GDPML)

  • Oversees AML/CFT policy-making and implementation
  • Crucial entity in Albania’s financial regulatory community
  • Formerly known as the Office of Foreign Assets Control (OFAC)

3. The Coordination Committee for the Fight Against Money Laundering (CCFML)

  • Sets strategic AML/CFT policy directions and plans
  • Comprised of top officials from regulatory bodies and law enforcement agencies
  • Meets annually to discuss and align efforts to combat financial crimes

4. The Albanian State Police (ASP)

  • Responsible for maintaining public order
  • Combats crime and identifies potential money laundering activities
  • Collaborates with other regulatory bodies to secure Albania’s financial system

5. The General Prosecutor’s Office (GPO)

  • Exercises power to prosecute criminal offenses in the name of the state
  • Collaborates with regulatory bodies and law enforcement agencies
  • Brings charges to trial related to financial crimes

6. The General Directorate of Customs (GDC)

  • Shares valuable information related to financial transactions and potential money laundering activities
  • Works alongside law enforcement structures
  • Pooling resources and expertise to uphold AML/CFT compliance

7. The Bank of Albania (BOA)

  • Albania’s central bank, regulator, licensor, and supervisor of banks
  • Monitors and ensures banking institutions’ compliance with AML/CFT requirements
  • Safeguards the integrity of Albania’s financial sector from potential illicit activities

Together, these financial regulatory bodies form a robust shield against money laundering and terrorist financing in Albania, ensuring the security of the country’s financial system.