In order to assist the process of conducting the fourth National Risk Assessment (NRA) on Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT), the European Union and Council of Europe joint Action against Economic Crime in Albania is providing support and guide to the relevant Albanian institutions in this process.

Following a request from the Albanian authorities to provide technical assistance in the application of the Council of Europe´s NRA methodology on risk assessment, the Action, jointly with the Albanian General Directorate of Prevention of Money Laundering of the Ministry of Finance organised on 20 June a workshop 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, law enforcement agencies, and representatives of civil society and business organisations came together to contribute to the workshop.

Two Council of Europe experts, 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 assessment methodology is key for the effective implementation of the Recommendations and preventive measures from the Financial Action Task Force (FATF) enabling Albania to better prioritise its resources and allocate them more efficiently.

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 co-operate for an accurate NRA, contributing toto 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.