Albania has not shown a significant improvement in measures to combat money laundering and terrorist financing in line with the recommendations of the Financial Action Task Force (FATF). This is the conclusion reached by a report published today by the Committee of Experts on the Evaluation of Anti-Money Laundering and Terrorist Financing Measures, known as MONEYVAL, a permanent monitoring body of the Council of Europe, which has been entrusted with the task of assessment of compliance with key international standards to combat money laundering and terrorist financing and the effectiveness of their implementation, as well as the task of making recommendations to national authorities regarding necessary improvements to their systems
An assessment made in 2018, then led to the inclusion of Albania, in February 2020, in the list of countries under increased monitoring, or as it is otherwise known in the “gray list”. “Deficiencies in technical compliance were identified in relation to targeted financial sanctions, transparency of legal arrangements, oversight of financial institutions and non-financial businesses and professions“, Explains MONEYVAL. At that time the Albanian authorities stated that “the country has drafted an action plan to meet the recommendationsWithin 2020.
For the new report, it is emphasized that “MONYEVAL has examined a number of legislative, regulatory and institutional measures implemented by Albania to address these shortcomings. He found that only a few positive steps had been taken by the authorities in relation to the targeted financial sanctions”. Consequently, the evaluation of one of the FTAF recommendations changed from “incompatible”In“partially compatible“.
The report also included the implementation of new international requirements for virtual assets, including, inter alia, the most prominent virtual currencies (Bitcoin, Ethereum, etc.), and their providers. “Albania’s assessment of the implementation of this Recommendation has been reduced from “largely compliant” to “partially compliant”. Other estimates remain unchanged“, Announces MONEYVAL, announcing that it has decided thatAlbania needs to remain under increased monitoring and report on further progress in strengthening the implementation of measures, on an annual basis”.