Stronger controls on suspicious money - New rules for banks, businesses and transparency of company owners
The inclusion of the financing of weapons of mass destruction in law for the first time, stronger control over the beneficial owners of companies, and more focused supervision for high-risk non-profit organizations are some of the changes envisaged in the law on the prevention of money laundering and terrorist financing.
These changes come through a draft law that aims to strengthen control mechanisms in the financial system and align Albanian legislation with international anti-money laundering standards.
One of the main innovations is the introduction into the law of a definition of “financing of weapons of mass destruction.” This term includes the provision of funds or financial services that can be used for the production, development, transport or use of chemical, biological, radiological or nuclear weapons.
The bill also provides clearer rules for cases where a person holds shares in a company on behalf of another person. This change aims to avoid the use of intermediaries to hide the true owners of companies, a practice often used to disguise the origin of money.
Another important change relates to the reporting of suspicious transactions. Financial institutions and other law enforcement entities will be required to report any suspected cases of money laundering, terrorist financing or weapons of mass destruction financing, even when the amounts do not exceed the usual reporting thresholds.
The draft law also strengthens the obligation for banks and financial institutions to assess the risks associated with customers, countries, financial products or types of transactions, requiring more detailed analysis and continuous monitoring.
The changes also affect non-profit organizations. The law provides that controls will focus primarily on those organizations considered to be at higher risk for possible use in illegal financing.
According to the explanatory report, these changes aim to increase transparency in the financial system, strengthen the fight against financial crime, and avoid the risks of Albania being included in international lists of countries with deficiencies in the fight against money laundering.
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