EU helps Albania fight against money laundering

TIRANA, Sep 29 – A 27 month-long project in support of Albania’s fight against Money Laundering, funded by the European Commission with 1.3 million Euros, was completed Tuesday.
Albania’s Financial Intelligence Unit is now working with other public authorities and private companies including banks and notaries to identify suspicious financial transactions.
By identifying such transactions, authorities will be able to better prosecute individuals and organizations involved in criminal activities and to seize their assets.
The project has strengthened the capacities of the Financial Intelligence Unit (FIU) of Albania to gather, process and disseminate information on suspicious currency transactions; to cooperate with other Albanian institutions, including banks and other law enforcement authorities; and to further its international cooperation in the fight against money laundering.
Key issues addressed by experts from Germany and other EU Member States include the prevention of corruption, and cooperation between Customs, Police, the Tax Authority and the Security Service. Special attention was given to joint training sessions with representatives from banks, notaries and public financial institutions, to raise awareness and improve reporting standards.
Head of the EC Delegation to Tirana Ambassador Helmuth Lohan said, “I am pleased to see that this project has contributed to modernizing and enhancing the capacities of Albanian institutions to prevent money laundering. The lessons learnt and the experience gained must be maintained so that a clear message can be sent to criminals: Crime does not pay.”
As a Twinning arrangement between the German Federal Police (BKA – Bundeskriminalamt) and the Albanian Financial Intelligence Unit (GDPML – General Directorate for the Prevention of Money Laundering), the project focused in particular on the transfer of operational knowledge from Germany. “Twinning” is a close partnership between public sector administrations in the beneficiary country and a Member State.
Past EC assistance in the area has included support to FIU infrastructure and hardware, and the development of analytical software (0.3 million Euros) to improve case management and information gathering by the FIU.