Albania strengthens measures against money laundering - Draft law/Innovations according to FATF standards, higher control over financing
The government has strengthened measures against the phenomenon of money laundering in Albania and the financing of terrorism.
Referring to the draft law drafted by the Ministry of Finance and published for public consultation, the amendments to the 2008 law aim to provide greater protection for the financial system and the economy as a whole from the threats of money laundering and terrorist financing, strengthening the integrity of the preventive system in the country and contributing to security and the fulfillment of international obligations in the field.
Specifically, it aims to reduce the risks of money laundering and terrorist financing through policies, coordination and cooperation; prevent the entry of proceeds of crime or criminal activity, as well as funds in support of terrorism into the financial sector or other sectors or their detection and reporting; detect and counter money laundering/terrorist financing threats.
The legal amendments were made in order to align with the standards of the FATF (Financial Action Task Force), including as a concept "financing of weapons of mass destruction". Financing of weapons of mass destruction is the provision of funds or financial services that are used for the production, acquisition, possession, development, export, brokering, transportation, transfer, stockpiling or use of nuclear, chemical or biological weapons, their means of delivery and related materials. In this regard, the legal amendments aim to prevent and identify such financing, if it exists.
On the other hand, the draft places emphasis on risk assessment and the implementation of a risk-based approach, avoiding the formal or general application of measures and enabling more effective supervision.
Special regulation for non-profit organizations, according to FATF recommendations, aiming to prevent their use for illegal financing, without compromising their social and community mission.
As well as strengthening obligations for customer knowledge (KYC – Know Your Customer), data storage and management, adding security to commercial and financial relationships.
This draft adapts the system to international standards, increasing Albania's credibility in the cooperation relationship with strategic partners and increasing transparency and security in the financial and non-profit sector.
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