New money laundering law to trace even foreigners

TIRANA, Feb. 1 – New changes to the money-laundering law will also trace foreigners who invest or make transactions in Albania. The decision was made on Tuesday by the parliamentary economy committee who approved some changes to the current “money laundering and terrorism financing” law.
Changes foresee that banks, currency exchange shops and casinos must report personal data of foreigners who make transactions or open bank accounts in Albania at specific amounts.
Under the approved changes, currency exchange shops are obliged to provide data on persons who exchange more than 200,000 lek (2,000 dollars), while banks and other money transfer agencies have to report on every cash transaction bigger than 1.5 million lek or other transaction bigger than 6 million lek.
Last September, government has proposed some changes to the money laundering and terrorism financing law obliging commercial banks and other non-banking financial institutions operating in Albania to declare all their customers’ bank accounts to the Directorate General of Money Laundering Prevention.
Under the new changes all banks will have to periodically report data on their customers to the money laundering directorate despite the amount in their customers’ accounts.
Courts and prosecutor’s offices have also been included in the list of institutions which should report suspected cases along with the existing tax, real estate, customs offices and NGOs.
The changes also foresee the establishment of a special unit to investigate suspected cases of terrorism financing at the money laundering directorate.