ALBANIA: MONEYVAL AML/CFT ASSESSMENT FOLLOW-UP REPORT

On 22 January, MoNEYVAL published a follow-up report following the mutual evaluation report of June 2018, and has re-rated the country on 5 FATF Recommendations originally rated as “partially compliant” and 1 Recommendation originally rated as “largely compliant”.  Albania was placed in an enhanced follow-up process following the original report.  The follow-up addresses developments, but does not adjust the effectiveness ratings given in the 2018 report.  MONEYVAL has re-rated Albania on –

  • Recommendations 6 (targeted financial sanctions related to terrorism and terrorist financing);
  • Recommendation 19 (higher risk countries) as “compliant”; and
  • Recommendations 8 (non-profit organisations) and 35 (sanctions) as “largely compliant”.

The follow-up report also looks at progress made in the implementation of new requirements relating to FATF Recommendations which have changed since Albania’s mutual evaluation report was adopted (notably Recommendations 2, 18 and 21), with re-ratings for –

  • Recommendation 18 (internal controls and foreign branches and subsidiaries) as “largely compliant”;
  • Recommendation 21 (tipping-off and confidentiality) as “compliant”; and
  • Recommendation 2 (national cooperation and coordination, rated as “largely compliant”) remains unchanged.

Albania is now “compliant” on five of the 40 FATF Recommendations and “largely compliant” on 28 of them. It remains “partially compliant” on five and “non-compliant” on one of the 40 FATF Recommendations. Albania will remain in enhanced follow-up and will continue to report back to MONEYVAL on further progress.

albania

https://rm.coe.int/anti-money-laundering-and-counter-terrorist-financing-measures-albania/16809988c0

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s