Albanian authorities make progress in updating its AML/CFT National Risk Assessment

Tirana, Albania 24 April 2019
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© Council of Europe

© Council of Europe

Representatives of the public and private sector participated in the initial workshop to discuss the updating of the Anti-Money Laundering/Counter Financing of terrorism National Risk Assessment (NRA) of Albania which took place on 24 April 2019 in Tirana, Albania.

Building on the lessons learnt from the previous NRA process, participants discussed with the Council of Europe expert the reassessment of national and sectoral threats, vulnerabilities and consequences, including risks related to corruption, financing of terrorism, misuse of legal persons and legal arrangements.

The workshop benefited from high level representation by Albanian authorities, who confirmed full commitment to the implementation of MONEYVAL recommendations

The workshop developed a clear roadmap for the collection and analysis of relevant data and the subsequent production of sectorial and thematic reports, taking into account the shortcomings identified in MONEYVAL’s latest Mutual Evaluation Report of Albania and good comparative practices.

The results of the NRA are expected to assist Albanian authorities in improving and strengthening their anti-money laundering/countering financing of terrorism (AML/CFT) regime. At the same time, it provided useful information for financial institutions and designated non-financial business and professions in the conduct of their own risk assessments.

The workshop was organised within the framework of the EU/CoE Horizontal Facility Action against Economic Crime in Albania (AEC-AL).