The project Countering Money Laundering in Albania supports Albanian authorities in preventing and combating money laundering and terrorist financing (ML/TF) through a strategic, risk-based approach. It provides expert advice and capacity building for financial and non-financial sectors, while addressing emerging financial crime risks.

As part of this initiative, the project reviewed ML/TF risk-based supervision methodologies developed by the Ministry of Justice for notarial activities and real estate intermediaries, as well as those used by the Gambling Supervisory Authority in the gambling sector. Recommendations were made to ensure alignment with international standards and Albanian anti-money laundering legislation.

To support practical implementation, supervision manuals and toolkits were developed in close coordination with the authorities. These resources offer templates and guidance for inspections, risk profiling, reporting, mitigation action plans, and sector-specific risk indicators and typologies.

Building on this work, the project delivered two training sessions on risk-based for representatives of the Ministry of Justice, the Financial Intelligence Agency, and the Gambling Supervisory Authority. Based on the new supervision manuals, the sessions provided practical instruction, addressed proposed amendments to existing supervision methodologies, while also aiming to promote inter-institutional cooperation. Participants gained hands-on experience with European standards for ML/TF risk identification and management, risk-based supervision practices, strategies to enhance the detection of suspicious activities, and mechanisms for conducting effective inspections.

Overall, this support has strengthened the capacities of Albanian supervisory authorities to apply consistent, risk-based approaches, improving their ability to identify and mitigate ML/TF risks. It has promoted a more unified and proactive supervisory framework, enhancing the integrity of non-financial sectors and reducing their vulnerability to misuse for illicit purposes.

Going forward, the project aims to extend support to reporting entities - such as notaries, real estate agents, and casinos - by enhancing their awareness and understanding of ML/TF risks.

This support was rendered in the framework of the project Countering Money Laundering in Albania co-financed by the Swiss State Secretariat for Economic Affairs (SECO) and the Council of Europe and implemented by the Council of Europe.