On 8 June, MONEYVAL released this third follow-up report, saying that Albania has improved measures to combat money laundering and terrorist financing, demonstrating good progress in the level of compliance with the FATF standards.  The positive steps taken by the authorities resulted in the upgrading of the country’s ratings from “partially compliant” to “largely compliant” in 2 areas related to transparency and beneficial ownership of legal persons, and regulation and supervision of financial institutions; as well as in further upgrading from “partially compliant” to “compliant” in the area of mutual legal assistance (MLA) regarding freezing of assets and confiscation.  Albania has achieved full compliance with 7 of the 40 FATF Recommendations constituting the international AML/CFT standard, but there are still minor deficiencies in the implementation of 29 Recommendations where Albania has been found “largely compliant”.  The country remains “partially compliant” with 4 Recommendations relating to targeted financial sanctions on proliferation financing; new technologies; the transparency and beneficial ownership of legal arrangements; and the supervision of designated non-financial businesses and professions (DNFBP).  Albania has no “non-compliant” ratings.  It will remain under MONEYVAL’s enhanced follow-up and is expected to report back on progress to strengthen its implementation of AML/CFT measures in 2 years’ time.

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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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