Following a request from the Albanian authorities to provide technical assistance for the fourth National Risk Assessment (NRA) on Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) in the application of the Council of Europe´s NRA methodology, the Action against Economic Crime in Albania will support and guide the relevant Albanian institutions in this process.

The Action, jointly with the Albanian General Directorate of Prevention of Money Laundering of the Ministry of Finance (Albanian Financial Intelligence Unit). organized a workshop on 20 June 2022 in order to present the Council of Europe’s methodological tools to conduct the AML/CFT National Risk Assessment, provide practical examples for their application, discuss the challenges in implementation and raise awareness of all stakeholders about the process and their expected contribution. A total of 60 participants from the competent supervisory authorities in the country, law enforcement agencies, and representatives of civil society and business organisations came together to contribute to the workshop.

Two Council of Europe experts, both of whom with thorough experience on the Council of Europe´s NRA methodology - presented and discussed with participants the advantages of the tool, the relevance of the process, and the importance of clearly identifying, assessing, and understanding the money laundering and terrorist financing risks. The adjustment of the risk-based approach as a result of the expected updated understanding of ML/FT risk, is key for the effective implementation of the Financial Action Task Force (FATF) Recommendations and will enable Albania to better prioritise its resources and allocate them more efficiently. This approach is crucial for the implementation of effective preventive measures, which are proportionate and do not create undue impediments to legitimate activities.

During the training, the Albanian General Directorate of Prevention of Money Laundering of the Ministry of Finance, as the leading institution of the NRA process, reiterated the commitment of the Albanian authorities to effectively cooperate for an accurate NRA. Referring to the comprehensiveness of this methodology and the guidance that the Council of Europe will provide, the Albanian FIU acknowledged that this assistance would serve to strengthen the prevention and fight against money laundering and terrorist financing in Albania.

The Council of Europe will continue supporting the Albanian authorities throughout the process of data gathering and analysis of the relevant information in view of ensuring reliable and timely results of the national risk assessment.

The Action against Economic Crime in Albania is part of the “Horizontal Facility for the Western Balkans and Turkey II”, a joint programme of the European Union and Council of Europe, which aims at assisting beneficiaries in the Western Balkans region and Turkey to comply with the Council of Europe standards and European Union acquis in the framework of the enlargement process.