Financial Crime World

Albania’s Efforts to Combat Illicit Financial Flows (IFFs)

Overview

The country profile for Albania in relation to illicit financial flows (IFFs) highlights several areas of concern that require attention and action from the government and relevant agencies.

Areas of Concern

Poor Prosecution of Money Laundering Cases

  • The number and type of money laundering cases do not reflect the level of underlying criminality, suggesting that law enforcement agencies are struggling to effectively investigate and prosecute these crimes.
  • This may be due to a lack of trained personnel and adequate equipment, hindering the General Prosecutor’s Office’s ability to build strong cases against suspects.

Lack of Robust Circumstantial Evidence

  • Foreign predicate money laundering cases rely heavily on evidence from foreign counterparts, while domestic cases lack robust circumstantial evidence.
  • This makes it challenging to build strong cases against suspects and highlights the need for improved analysis of money laundering and terrorist financing risks.

Insufficient Training and Equipment

  • The General Prosecutor’s Office is hampered by a lack of trained personnel and adequate equipment, hindering its ability to effectively investigate and prosecute money laundering cases.
  • This shortage can be addressed by providing regular feedback to reporting entities on specific suspicious activity report filings.

Recommendations

  1. Reviewing the reasons behind poor performance in money laundering prosecutions
  2. Enhancing analysis of money laundering and terrorist financing risks to implement appropriate mitigation measures
  3. Pursuing more indictments in money laundering cases involving foreign proceeds
  4. Ensuring adequate efforts are made to identify criminal proceeds located abroad and take appropriate actions for their confiscation
  5. Strengthening the FIA’s resources for supervising private entities

Conclusion

The country profile highlights the need for Albania to strengthen its capacity to investigate and prosecute money laundering cases, improve asset recovery efforts, and enhance its understanding of terrorist financing risks.

By addressing these concerns, Albania can effectively combat illicit financial flows (IFFs) and maintain a stable and secure financial system.