TIRANA, June 16 – Albania law enforcement institutions seized around 15 million euros in 2014 in transfers suspected of money laundering, according to a report by the Albanian Financial Intelligence Unit.
The watchdog said it reported 463 cases of suspected money laundering cases to the state police and the prosecutor’s offices after being notified by banks and money transfer agencies.
The origin of the proceeds remains unknown for the majority of the cases, but officials said they identified 50 cases where the origin of the proceeds is trafficking of narcotics, compared to 40 cases of tax evasion, 15 cases of people with criminal records, and 9 cases of trafficking of human beings and prostitution.
The report mentions two cases involving large amounts which were seized on suspicion of money laundering. One case involved a politically exposed person who had 1 million euro transferred to his bank account as a donation from the Middle East.
Albania seized a total of around 3 billion lek (Euro 21 mln) in suspected money laundering transfers during the 2009-2014 period, of which the majority around 2 billion lek in 2014.
In its latest assessment report on Albania’s financial system, the IMF suggests increasing the capacity of the financial intelligence unit (FIU) to deal with money laundering. “Staff has been increased, data management has been improved and the reporting of suspicious transactions has become more focused. The analytical function of the FIU has been strengthened, but staffing for on-site and off-site inspections remains inadequate.”
Illicit financial outflows from Albania during the past decade are estimated at more than 1.2 billion dollars, according to a study published by Global Financial Integrity, a US-based research and advocacy organization.
The report shows some USD 63 million flowed out of Albania in crime, corruption and tax evasion in 2012, the lowest level in the past four years.
Total financial outflows from 2003 to 2012 are estimated at around 1.27 billion dollars, says the report.
