Albania Albania

New Documents

UK, Albania Commit to Strengthening Cooperation on Combating Financial Crime

The governments of the U.K. and Albania issued a joint statement that reinforces their commitment to enhancing bilateral cooperation on Home Affairs, particularly in the context of combating serious organized crime.

November 29, 2023

Bank of Albania Shares Supervision Report for 2022

The Bank of Albania released its Annual Supervision Report for the year 2022 to 2023, highlighting key efforts to tackle financial crimes, such as money laundering and terrorist financing, and to ensure effective corporate governance.

November 22, 2023

EU Adopts Ten Reports on Efforts of Applicant Nations to Improve AML/CTF, Anti-Corruption Measures

November 8, 2023

Moneyval Re-Rates Albania to Reflect AML/CTF Improvements

June 21, 2023

Albania Adopts Regulation on Supervising Payment Institutions

May 26, 2023

News

Weekly Roundup: Republicans Propose Smaller FinCEN Budget, Austrian Bank Maintains Russia Ties, and More

U.S. lobbies for UAE’s removal from gray list, FATF plans to name and shame AML-lax countries, and more, in the weekly roundup.

June 23, 2023

Midweek Roundup: US Blacklists Chinese Companies Over Balloon Incursion, Another EU Lawmaker Charged in Bribery Probe, and More

U.S. banks criticize “fatally flawed” beneficial-ownership access proposal, U.K. regulator raises alarm over cryptocurrency ATMs, and more, in the midweek roundup.

February 15, 2023

Midweek Roundup: Former US Lawmaker Charged with Fraud, Alleged Mafia Associate ‘Joe Fish’ Faces Money Laundering Trial, and More

August 17, 2022

Weekly Roundup: FinCEN’s AMLA Delays Impact Banks, British Clients of Puerto Rican Bank Under Investigation, and More

July 1, 2022

Weekly Roundup: US Official Threatens Secondary Sanctions, SEC Tags Wells Fargo, and More

May 20, 2022

Enforcement Actions

0 Items Found

Key Documents

Albania Enacts Criminal Code, Defines Money Laundering

January 27, 1995

Albania Releases Amended Law on Money Laundering, Terrorist Financing

March 3, 2011

Albania Enacts Law on Measures Against Financing of Terrorism

July 15, 2004

Bank of Albania Publishes KYC, Suspicious Transaction Reporting Obligations

June 10, 2009

Albania Publishes Indicators of Client Suspicious Activities

February 16, 2009

Important Facts

  • The U.S. State Department identifies Albania as a major money laundering jurisdiction. Albania is at significant risk for money laundering due to corruption, growing organized crime networks and weak legal and government institutions. The country has a large cash economy and informal sector, with significant money inflows from abroad in the form of remittances and diverse investments. Major proceeds-generating crimes in Albania include drug trafficking, tax evasion, and smuggling, arms trafficking and counterfeiting. Real estate, business development projects and gaming are also popular methods for disguising illegal proceeds. Albanian organized crime organizations have links with European and South American networks. In addition, the country has a major black market for smuggled goods facilitated by weak border controls and customs enforcement. Albania has know-your-customer and suspicious transaction reporting requirements.
-Source: 2021 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 6 High : 0
Largely Compliant : 31 Substantial : 2
Partially Compliant : 2 Moderate : 7
Non-Compliant : 0 Low : 2
Not-Applicable : 1

Albania's technical compliance was re-rated in a June 21, 2023 follow-up report

BASEL i

Rank : 72/110
Score : 5.72

TRANSPARENCY INTERNATIONAL i

Rank : 104/180
Score : 36/100

Tax Justice Network i

Rank : N/A
Score : N/A