MONEYVAL does not see any significant improvement in the fight against money laundering in Albania

Albania has not significantly improved its anti-money laundering and counter-terrorism financing measures in line with FATF recommendations, MONEYVAL finds in its follow-up report published today.

As a result of the assessment carried out in 2018, Albania was requested to report to MONEYVAL as part of its enhanced follow-up process. Technical compliance deficiencies were identified in relation to targeted financial sanctions, transparency of legal regimes, supervision of financial institutions and non-financial companies and professions.

MONEYVAL has examined a range of legislative, regulatory and institutional measures that Albania has taken to address these deficiencies. It emerged that authorities had taken few positive steps on targeted financial sanctions, resulting in the FATF Recommendation 7 rating changing from “non-compliant” to “partially compliant”.

The follow-up report also addressed the application of new international requirements for virtual assets, including, among others, the most well-known virtual currencies (Bitcoin, Ethereum, etc.) and the providers of these assets. Albania’s assessment of the implementation of this recommendation was downgraded from “largely compliant” to “partially compliant”. Other ratings remain unchanged.

MONEYVAL has decided that Albania should remain in the enhanced follow-up process and report annually on further progress in strengthening the implementation of measures to combat money laundering and terrorist financing.

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