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Strengthening the capacities in Albania to implement Targeted Financial Sanctions

Webinar 17 JULY 2020
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Strengthening the capacities in Albania to implement Targeted Financial Sanctions

A webinar on “Targeted Financial Sanctions related to the financing of terrorism and proliferation financing” was organised via videoconferencing in Tirana, Albania, on 17 July 2020 in the framework of the CoE/EU Horizontal facility II Action against Economic Crime in Albania. The objective of the webinar was to increase awareness among obliged entities and supervisors on international sanctions framework and practices to prevent the financing of terrorism and proliferation financing.

More than 20 participants from the Bank of Albania, Albanian Financial Supervisory Authority, Albanian Banking Association and commercial banks, had the opportunity to discuss various topics covering the United Nations Security Council resolutions and recent developments, as well as the Financial Action Task Force standards and best practices.

The webinar focused on achieving synergies between the application by the financial institutions of measures to prevent money laundering and the financing of terrorism, on the one hand, and sanctions, on the other hand, in view of establishing and maintaining integrated internal controls in the most efficient manner and in line with the level of risks..

The participants through explanation of the standards and practical case examples learned about the most important risks and mechanisms for avoiding sanctions and the implementation of effective mitigating measures. The participants highlighted the importance of reflecting the risks of proliferation financing as Albania is in the process of updating its National Risk Assessment.

The webinar built upon the Guidance on financial sanctions related to terrorism, financing of terrorism and financing of weapons of mass destruction that was prepared by the General Directorate for the Prevention of Money Laundering with the support of the HF II- Action against Economic Crime in Albania. The Guidance was disseminated during the webinar and is expected that it will improve the understanding of obliged entities and coordination between all stakeholders to monitor and report proliferation financing.


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