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MONEYVAL publishes follow-up report on Albania

Strasbourg 22/01/2020
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MONEYVAL publishes follow-up report on Albania

As a result of Albania’s progress in strengthening its framework to tackle money laundering and terrorist financing since its mutual evaluation report in July 2018, MONEYVAL has re-rated the country on five Recommendations originally rated as “partially compliant” and one Recommendation originally rated as “largely compliant”.

Albania was placed in an enhanced follow-up process, following the adoption of its mutual evaluation report, which assessed the effectiveness of Albania’s anti-money laundering and counter-terrorist financing (AML/CFT) measures and their compliance with the Recommendations by the Financial Action Task Force (FATF). In line with MONEYVAL’s rules of procedure, the country has reported back to MONEYVAL on the progress it has made to strengthen its AML/CFT framework.

This follow-up report analyses Albania’s progress in addressing the technical compliance deficiencies identified in the mutual evaluation report.

To reflect this progress, MONEYVAL has re-rated Albania on Recommendations 6 (targeted financial sanctions related to terrorism and terrorist financing) and 19 (higher risk countries) as “compliant” and Recommendations 8 (non-profit organisations) and 35 (sanctions) as “largely compliant”.

The follow-up report also looks at progress made in the implementation of new requirements relating to FATF Recommendations which have changed since Albania’s mutual evaluation report was adopted (notably Recommendations 2, 18 and 21). The rating for Recommendation 18 (internal controls and foreign branches and subsidiaries) was re-rated as “largely compliant” and Recommendation 21 (tipping-off and confidentiality) was re-rated as “compliant”. Recommendation 2 (national cooperation and coordination, rated as “largely compliant”) remains unchanged.

Albania is now “compliant” on five of the 40 FATF Recommendations and “largely compliant” on 28 of them. It remains “partially compliant” on five and “non-compliant” on one of the 40 FATF Recommendations.

MONEYVAL decided that Albania will remain in enhanced follow-up and will continue to report back to MONEYVAL on further progress to strengthen its implementation of AML/CFT measures.