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Guidance for supervisors and non-financial institutions to prevent money laundering and financing of terrorism in Albania

Vlora, Albania 1 July 2021
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Guidance for supervisors and non-financial institutions to prevent money laundering and financing of terrorism in Albania

A workshop dedicated to preventing money laundry and financing of terrorism took place in Vlora with key representatives of the Ministry of Justice, Public Oversight Body, National Chamber of Notaries, National Chamber of Advocates, the General Directorate for the Prevention of Money Laundering, Albanian Financial Supervisory Authority, Bank of Albania, lawyers, notaries, and accountants. 

The Workshop titled “Good Supervisory Practices for the implementation of Risk Based Approach for High Risk Designated Non-Financial Businesses and Professions (DNFBP)” gathered over 50 participants to present the practical Guidance developed by a Council of Europe expert which will be used as a toolkit for analysis by supervisors. The toolkit aims to assist the Albanian authorities in achieving effective implementation and efficient allocation of resources and selection of priorities for further work with regard to the supervision of DNFBPs. It is expected that the checklist provided in the tool will enable the competent authorities to perform comprehensive supervisory activities, on a risk-sensitive basis in line with international standards. The procedure will also allow the identification of any vulnerabilities and target remedial action.

A representative from the Ministry of Justice presented the main changes to the law on the notary service in Albania supported with recommendations by the Action against Economic Crime in Albania. Representatives from the Albanian Financial Intelligence Unit shared their experience and good practices in conducting risk-based supervision and discussed with participants some of the main risks identified in the Risk Analysis completed recently.

This event will be followed by further outreach to the reporting entities on implementation of anti-money laundering and countering the financing of terrorism requirements.

The workshop was organised by the Action against Economic Crime in Albania, within the joint European Union/Council of Europe programme “Horizontal Facility for the Western Balkans and Turkey 2019-2022".

 

 

 


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