Albania Fines-Tunes National Strategy to Combat Money Laundering and Terrorist Financing
The Albanian authorities, with support from the European Union (EU) and the Council of Europe, have refined their National Strategy on Prevention of Money Laundering and Terrorist Financing for 2024-2030. This strategic document is in its final stages of drafting, following a roundtable meeting that brought together experts to share feedback and insights.
Strengthening National Security and Risk Mitigation
The Director of Financial Intelligence Agency (FIA), Ervin Koçi, praised the expertise provided by the EU and the Council of Europe in improving the strategic document. He emphasized that the strategy will enhance national security, enable authorities to effectively mitigate risks, and strengthen inter-institutional cooperation through effective measures.
Aligning Albanian Legislation with EU Acquis
Lenka Vitkova, Head of Operations at the European Union Delegation to Albania, highlighted the importance of aligning Albanian legislation with EU acquis and priorities. She noted that the EU has reinforced rules on anti-money laundering and terrorism financing by establishing a new European Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) in Frankfurt.
Council of Europe Assessment and Recommendations
The Council of Europe assessment provided strategic recommendations to bolster Albania’s efforts against money laundering and terrorist financing, including:
- Strengthening the legal and regulatory framework
- Enhancing institutional capacities
- Advancing compliance and supervision
- Leveraging technology and innovation
- Fostering international cooperation
- Promoting public awareness and private sector stakeholders’ engagement
Enhancing Resilience Against Money Laundering and Terrorist Financing
By addressing identified gaps and adopting these recommendations, Albania can significantly enhance its resilience against money laundering and terrorist financing, ensuring a secure and transparent financial environment.
Joint Activity by FIA and the Action against Economic Crime in Albania
The activity was organized jointly by the Inter-Institutional Technical Working Group (ITWG) led by FIA and the Action against Economic Crime in Albania within the framework of the European Union/Council of Europe joint program Horizontal Facility for the Western Balkans and Turkey.