How will financial fraud be tracked? - Strategy/Advanced technologies, cooperation with financial institutions
The fight against financial fraud will be a priority in the coming years, as although Albania has achieved significant progress in the fight against economic and financial crime, as well as in preventing and combating money laundering and corruption, the challenges in these areas remain large and complex.
The National Strategy for the Prevention and Fight against Organized Crime and Serious Crime, 2026-2030, launched for public consultation, will focus on developing the legal and regulatory framework in line with the highest international standards, enabling a faster and more effective response to the phenomena of money laundering and economic crime.
There are many forms of money laundering, one of which is the laundering of funds from crimes related to taxes, such as concealing income and VAT fraud, using resident legal entities, not declaring real balance sheets and invoices, through the registration of legal entities that do not carry out real activity in Albania (shell companies), through the use of the formal financial system, investments in real estate, etc.
For this reason, the draft foresees the intensification of the use of advanced technologies and analytical tools to monitor suspicious financial movements and to detect the use of financial systems for criminal activities. Particular importance will be given to building the capacities of staff through specialized training, which will strengthen the ability for in-depth investigations and effective criminal prosecution.
To achieve sustainable results, the strategy envisages deepening cooperation with the private sector and financial institutions, including banks, electronic payment institutions and other financial entities, to improve reporting and verification mechanisms for suspicious transactions.
For this purpose, among the measures that will be taken is the crackdown on money laundering led by intelligence (proactive investigations, risk analysis and special investigation methods); Identification of cases of non-implementation of legal requirements for money laundering by private operators (banks, foreign exchange offices, non-bank financial institutions, pension funds, notaries, lawyers, construction firms, gambling, casinos, statutory auditors, approved accountants, real estate agents, etc.) and the relevant sanctions taken; Conducting risk-based inspections; Conducting risk analysis in cooperation with all responsible institutions on criminal activities related to or leading to money laundering and the administration of their data; Crackdown through proactive investigations in the field of economic crime and financial fraud as well as ensuring access and online interaction of databases in the function of supervision and investigation in the economic-financial field.
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