MONEYVAL gives positive evaluation for Albania, but places it in "enhanced follow-up"

Tirana Times
By Tirana Times January 22, 2020 20:34

MONEYVAL gives positive evaluation for Albania, but places it in

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  • Nonetheless, Albania was placed in an enhanced follow-up process and as such, the country will continue to report back to MONEYVAL on further progress to strengthen its implementation of the measures.

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TIRANA, Jan. 22 - MONEYVAL, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, published its follow-up report on Albania, stating that the country has made progress towards strengthening its framework to tackle money laundering and terrorist financing since its last report in July of 2018. The report re-rated the country from the previous "partially compliant" to "largely compliant". 

Nonetheless, Albania was placed in an enhanced follow-up process and as such, the country will continue to report back to MONEYVAL on further progress to strengthen its implementation of the measures.

After the country reported back to MONEYVAL in 2019, the Committee re-rated Albania on Recommendations 6 (targeted financial sanctions related to terrorism and terrorist financing) and 19 (higher risk countries) as "compliant" and Recommendations 8 (non-profit organisations) and 35 (sanctions) as "largely compliant". Moreover, the implementation of the new Financial Action Task Force requirements was also observed and the report found that some improvements were made on the part of the Albanian authorities.

"Recommendation 18 (internal controls and foreign branches and subsidiaries) was re-rated as "largely compliant" and Recommendation 21 (tipping-off and confidentiality) was re-rated as ''compliant". Recommendation 2 (national cooperation and coordination, rated as "largely compliant") remains unchanged," MONEYVAL stated. 

In 2019 measures were taken to improve the legal framework by aligning it with the above-mentioned directives as well as by anticipating the risk of money laundering at all levels. In this context, changes were made in the Bank of Albania's regulatory framework, the Financial Supervisory Authority, the Money Laundering Prevention Directorate, specifically related to shareholders of companies in tax havens, non-profit organizations activities and reporting methodologies.

 

Tirana Times
By Tirana Times January 22, 2020 20:34