On 9 August, FATF published the MONEYVAL follow-up report on the country’s AML/CFT assessment.  It says that, overall, Albania has made some progress in addressing the technical compliance deficiencies identified in its 5th Round MER, and FATF Recommendation 7, initially rated Non-Compliant in the Mutual Evaluation is re-rated Partially Compliant.  It also says that measures taken by the Albanian authorities with respect to virtual assets and VASP are not sufficiently in compliance with the revised requirements of Recommendation 15. Therefore, Albania has been re-rated as Partially Compliant.  Albania will remain in enhanced follow-up and will continue to report back to MONEYVAL on progress to strengthen its implementation of AML/CFT measures, and is expected to report back to the Plenary within 1 year.


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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

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