Albania Pushes Forward with Beneficial Ownership Transparency Registry
International Experts Gather to Discuss Establishing a Registry
Representatives from Albanian institutions recently gathered in Tirana to discuss the establishment of a registry of beneficial ownership with Council of Europe experts, as part of a roundtable on “Transparency of Beneficial Ownership in Albania”. The event was organized at the request of the Ministry of Finance and Economy of Albania and aims to develop a roadmap for establishing such a registry.
Identifying Technical and Operational Issues
Over two days, participants delved into international requirements for transparency of beneficial ownership, shortcomings identified by MONEYVAL, and good comparative practices regarding due diligence and central registries. The meeting highlighted several technical and operational issues that need to be addressed in order to establish the beneficial owner registry.
Key Challenges
- Lack of a definition of the beneficial owner in Albanian legislation
- No address system in Albania, making it difficult to determine the registered office address
- Insufficient capacity and resources for reporting entities to comply with transparency obligations
Next Steps
The roundtable provided a platform for mapping out next steps in developing and implementing a roadmap for establishing the registry. The event was organized under the auspices of the EU/CoE Horizontal Facility for Western Balkans and Turkey “Action against Economic Crime in Albania” and will be followed by subsequent activities aimed at strengthening the capacities of Albanian authorities and reporting entities to establish and implement transparency of beneficial ownership obligations.
Legislative Revisions Underway
In related news, the Ministry of Finance is set to revise its legislation to provide a definition of the beneficial owner, while also addressing the issue of lack of address system in Albania. The development of a registry of beneficial ownership is expected to increase transparency and help combat money laundering and terrorist financing in the country.
Conclusion
The establishment of a beneficial ownership registry is an important step towards increasing transparency and combating economic crime in Albania. With international expertise and support, the country is poised to make significant progress in this area.