What are the effects of the draft on money laundering? - Expert Zoto: Measures are necessary. We are part of the global transaction system.
A comprehensive legal framework drafted by the Albanian government puts the fight against money laundering in Albania and the financing of terrorism at the center of attention, as phenomena that directly harm the formal economy but also the business climate and the interest of investors.
The latest legal changes provide for additional measures to strengthen the prevention system, also as a test for EU integration. But what innovations do they bring?
Edval Zoto, Certified Economic Crime Expert
Albania is a member of several international institutions regarding money laundering and thus with the improvement of international acts or best practices, Albania is obliged to improve its legal framework. The latest draft law brings some improvements in the framework of preventing money laundering, introduces the concept of preventing funds that have a risk of being used for the prevention of weapons of mass destruction.
But why is the concept of weapons of mass destruction included? Does Albania pose a real risk in this regard?
With the outbreak of conflicts in different countries of the world, certain items that have a dual use, whether civilian or military, have become increasingly sought-after goods to support the military activity of some of the hottest conflicts in the world. So the international community, seeing the risk that the finding, transportation, and entry of these items and materials pose, has put member states in greater motion to improve their legislation. It is the same situation as after the events of September 11, 2001. It is a measure that brings an improvement in the legal framework, but we are not in the main channels of dual-use items, but this does not mean that our country may tangentially have a risk for financing such activities because we are part of the global system, of business transactions, and these are necessary measures to protect and supplement the legal framework.
After the public consultation procedure, legal amendments are discussed in parliamentary committees and then approved in Parliament.
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