Albania

New Documents

The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism published a second follow-up report on Albania’s progress in addressing anti-money laundering and counterterrorist financing deficiencies, resulting in two technical compliance re-ratings.

The Governor of the Bank of Albania presented the regulator’s 2020 annual report to the Parliamentary Committee on Economy and Finance.  

News

Enforcement Actions

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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 : 5 High : 0
Largely Compliant : 27 Substantial : 2
Partially Compliant : 7 Moderate : 7
Non-Compliant : 0 Low : 2
Not-Applicable : 1

Albania's technical compliance was re-rated in a May 25, 2021 follow-up report

BASEL i

Rank : 44/141
Score : 5.69/10

TRANSPARENCY INTERNATIONAL i

Rank : 104/180
Score : 36/100

Tax Justice Network i

Rank : N/A
Score : N/A