The European Union and Council of Europe’s Horizontal Facility II “Action against Economic Crime in Albania” held two workshops dedicated to the effective implementation of risk-based approach measures for the Non-financial Sector in Tirana on 16-17 December 2019.

Over 50 participants from different categories of bodies and professions such as accountants, lawyers, notaries, as well as representatives of the General Directorate for the Prevention of Money Laundering, the National Chamber of Advocates, the National Chamber of Notaries and the Institute of Authorized Chartered Accountants took part in the workshops.

A Council of Europe expert presented guidelines and a methodology on Risk-Based Approach for the Legal and Accounting Professions in the design and implementation of this approach.

The participants shared best practices, challenges and practical information in the implementation of simplified/enhanced Customer Due Diligence (CDD) measures and screening with a risk-based approach. Additionally, the role of accountants, lawyers and notaries in the identification of the beneficial owner was discussed. Participants increased their awareness on the identification of the money laundering and terrorist financing risks associated with certain clients or categories of clients, and certain types of work. This will allow accountants and legal professionals to determine and implement reasonable and proportionate measures and controls to mitigate these risks.