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Moneyval: Organized crime, corruption rated top money laundering threats for Albania

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TIRANA, Dec. 18 – Criminal proceeds deriving from trafficking of narcotics, crimes in the customs and tax areas such as smuggling and tax evasion as well as corruption are the main threats of money laundering in Albania, according to a Council of Europe monitoring body. The finding come in a detailed CoE report after Moneyval, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, a monitoring body of the Council of Europe, recently placed Albania into enhanced follow-up, a rating assigned to countries with serious incompliance with standards and which have taken no…

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Story Highlights

  • “The proceeds of crime are circulated and invested in several forms in Albania, e.g. through investment in real estate and commercial companies. The large size of the informal economy in Albania, combined with the still widespread use of cash, constitutes a significant money laundering vulnerability,” says the Council of Europe monitoring body

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