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Drug trafficking dominates as €9 mln seized in suspected money laundering

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8 years ago
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TIRANA, April 4 – Albanian law enforcement authorities seized about €9 million in suspected money laundering transfers and bank accounts in 2017 with the majority of identified cases originating from drug trafficking and cultivation, according to an annual report by the country’s Financial Intelligence Unit. The amount temporarily seized by courts and prosecutors until a final decision on their possible confiscation is slightly higher compared to €8.1 million in 2016 and a record high of about €14 million in 2014. The Financial Intelligence Unit can temporarily block transactions or assets for 72 hours in case of suspicion that criminal proceeds…

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Story Highlights

  • While the origin of the alleged criminal proceeds remains unknown for about two-thirds of the 401 cases reported to police and prosecution authorities in 2017, financial intelligence officers say they identified 43 suspected cases where the origin of the proceeds is drug trafficking, 31 cases of financial fraud and tax evasion, 15 cases linked to abuse of office and 10 cases involving people with criminal records or suspected terrorism financing

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Prof. Dr. Alaa Garad is President and Founding Partner of the Stirling Centre for Strategic Learning and Innovation, University of Stirling Innovation Park, Scotland. He is actively engaged in health tourism, higher education and organisational learning across the Western Balkans, including the Global Health Tourism Leadership Programme in Albania.

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