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Albania has remained on the list of countries with increased monitoring, the so-called gray list, of money laundering, even after the last update in March 2022.
The plenary session of the Financial Action Task Force (FAFT), a European Commission mechanism for the prevention of money laundering, left Albania on the list in early March, while removing Zimbabwe from the list of countries with increased monitoring while it was part of it. another country such as the United Arab Emirates.
The gray list includes jurisdictions that have strategic shortcomings in the prevention of money laundering and organized crime and high risk and are under increased monitoring. Albania, Malta and Turkey are the only European countries on the gray list.
Attaching the list of jurisdictions to which our country belongs, FAFT underlined that “jurisdictions under increased monitoring are actively working to address strategic shortcomings in their regimes to combat money laundering, terrorist financing. When the FATF places a jurisdiction under increased monitoring, it means that the country is committed to quickly address the strategic shortcomings identified within the agreed timeframes and is subject to additional controls. “In line with the flexible procedures adopted in February 2021 to allow the FATF to continue its monitoring program in the light of the COVID-19 pandemic, the FATF has updated its statements to the countries under review.”
In February 2020, Albania returned to the gray list of countries that pose a risk of money laundering due to strategic deficiencies found by the Financial Action Task Force.
In the plenary session that lasted several days FAFT focused on some of the strategic initiatives related to money laundering risk by first establishing the rules to follow money laundering from beneficial ownership or otherwise known as shell companies. The Task Force said countries will further tighten rules to prevent money laundering by groups hiding dirty money in corporate structures.
Another element in focus was the increased risk of money laundering and terrorist financing from the illegal entry of immigrants.
The third is a risk-based approach to overseeing the sale and purchase of assets.
“Real estate is a popular and sustainable investment choice. The criminals who want to launder their illicit assets exploit the real estate sector. As a result, real estate professionals have an important role to play in preventing wrongdoers from misusing the real estate sector for money laundering or terrorist financing.
However, currently the real estate sector in general has a poor understanding of the risks to which they are exposed, according to the results of the vast majority of mutual assessments of the fourth round, “said in a statement FAFT.
Inclusion in the gray list
In February 2020, Albania re-entered the gray list of money laundering, from which it emerged in 2015. According to the recommendations of 2020, Albania should work to implement its action plan, including:
(1) conducting additional in-depth analysis to adequately understand money laundering and other risks, and strengthening institutional coordination and cooperation;
(2) improving the timely handling of requests for mutual legal assistance;
(3) establishing effective mechanisms for detecting and preventing criminal infiltration of the economy, including strengthening the powers of the competent authorities to take the necessary action;
(4) ensuring that accurate and up-to-date ownership information is available on a timely basis;
(5) increase the number and sophistication of criminal prosecutions and confiscations for money laundering, especially in cases involving offenses of foreign complainants or money laundering of third parties;
(6) improving the implementation of targeted financial sanctions, in particular through enhanced supervisory action and proactive targeted approach.
These tasks still appear in the description of Albania.
The MONEYVAL Financial Task Force (FATF) is a permanent mechanism of the Council of Europe tasked with assessing the implementation of standards in the fight against money laundering and organized crime. This list includes jurisdictions that have strategic shortcomings in the prevention of money laundering and organized crime and high risk and are under increased monitoring.
The FATF identifies jurisdictions with weak measures to combat money laundering and terrorist financing (AML / CFT) in two public FATF documents published three times a year. The FATF process to publicly list countries with weak AML / CFT regimes has proved effective./N.Maho
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