Representatives from the General Directorate for the Prevention of Money Laundering Albanian Financial Supervisory Authority, Central Bank of Albania, Ministry of Justice, Second level banks and Council of Europe expert discussed the implementation of a risk-based approach in the course of their monitoring function in a Workshop on “The Risk based approach to supervision as an effective supervision and enforcement of the financial sector by AML/CFT supervisors”. This activity is organised by the European Union and Council of Europe Horizontal Facility Project “Action against Economic Crime in Albania (AEC-AL)”.

A Council of Europe expert presented guidelines on the strengthening of a Risk based approach to supervision aligned with Money Laundering and Terrorist Financing risks. The workshop served as a venue to exchange views on principal challenges encountered, supervision applied to non-bank financial institutions and Designated Non-Financial Business or Profession, the exchange of information between the public and private sectors for a fully-fledged Risk based approach to supervision.

The aim of this activity is to strengthen the capacities of AML/CFT supervisors in undertaking effective implementation of a Risk based approach to supervision.