Financial Crime World

Albania Takes Steps to Strengthen Anti-Money Laundering and Combating the Financing of Terrorism Efforts

Institutions and Bodies Responsible for Implementing AML/CFT Measures

As part of its efforts to combat financial crimes, Albania has established a range of institutions and bodies responsible for implementing anti-money laundering (AML) and combating the financing of terrorism (CFT) measures. At the forefront of these efforts is the Financial Supervisory Authority (FSA), an independent public institution tasked with regulating, licensing, and supervising entities operating in the fields of insurance, securities, and voluntary pension funds.

Key Players in AML/CFT Implementation

  • The FSA plays a crucial role in ensuring that financial institutions comply with AML/CFT regulations.
  • The General Directorate for the Prevention of Money Laundering (GDPML) is responsible for developing and implementing national AML/CFT policy.
  • The Coordination Committee for the Fight Against Money Laundering (CCFML) brings together various stakeholders to plan and direct AML/CFT efforts, meeting at least once a year.

Law Enforcement Agencies’ Role in Combating Financial Crimes

Law enforcement agencies also play a vital role in combating financial crimes. These include:

  • Albanian State Police (ASP): responsible for fighting crime and maintaining public order.
  • General Prosecutor’s Office (GPO): exercises criminal prosecution and brings charges against those suspected of financial wrongdoing.
  • General Directorate of Customs (GDC): works closely with other law enforcement agencies to identify and report customs-related offenses.

Bank of Albania’s Role in Ensuring Compliance

The Bank of Albania (BOA), the country’s central bank, also plays a key role in ensuring compliance with AML/CFT requirements as part of its supervisory functions. As Albania continues to strengthen its AML/CFT framework, it is clear that cooperation between these various institutions will be crucial in preventing and combating financial crimes.

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