Albania

New Documents

Albania Adopts Regulation on Supervising Payment Institutions

The Bank of Albania released Decision No. 14 which approves amendments to the regulation on Carrying Out of Activity and Supervision of Payment Institutions.

May 26, 2023

GRECO Evaluates Corruption Prevention Measures in Albania

The Council of Europe’s Group of States against Corruption issued a report on the corruption prevention measures of Albania with respect to top executive functions and law enforcement authorities.

March 6, 2023

EU Commission Evaluates Regulatory Reforms in Seven Applicant Countries

October 12, 2022

Moneyval Welcomes AML Improvements by Albania in Follow-Up Report

June 8, 2022

IMF Calls on Albania to Address Tax Evasion, ML Risks

May 24, 2022

News

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

Russian planes stranded in Germany, Albania wants golden passports, and more, in the midweek roundup.

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

Midweek Roundup: BitMex Founder Faces Prison, FATF Praises France, and More

May 18, 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 : 7	High : 0
Largely Compliant : 29	Substantial : 2
Partially Compliant : 4	Moderate : 7
Non-Compliant : 0	Low : 2

Albania's technical compliance was re-rated in a June 8, 2022 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