DASH: Albania is making progress in the fight against money laundering - Report mentions sectors most at risk from money laundering
'Criminals launder proceeds through real estate purchases, construction projects, virtual assets and business development.'
This is stated in the latest report of the US Department of State, which initially evaluates the work done for legal improvement.
'Albania continues to make progress in improving its anti-money laundering/countering the financing of terrorism regime.
Albania investigates and prosecutes high-level corruption,' the report states. Meanwhile, in listing weaknesses, the report specifies that 'Corruption, organized crime, gaps in its legal and regulatory framework, and obstacles in inter-institutional communication make Albania vulnerable to money laundering.
Albanian criminal organizations cooperate with their counterparts in Europe and South America, and drug trafficking and organized crime are the main sources of laundered funds.
According to the report, 'The majority of money laundering in Albania is linked to drug and human trafficking, government contract fraud, tax evasion and smuggling.
Albania's largely cash-based economy, weak border controls, and weak customs enforcement facilitate a black market for smuggled goods. Remittances and investments from abroad sometimes obscure the sources of funds.
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