Money laundering, progress is not enough

“Albania has made considerable progress in improving the money laundering regime and possibilities for financing of terrorism since 2006. However, money laundering risks remain high. Albania has a history of organized crime, based on clans and hierarchically organized networks, which are involved in drug traffic”, the report states.

“The relative scale of the informal economy, based on cash transactions, eases the money laundering process and the integration of money that originates from crime. The number of sectors identified in illegal practices, including illegal gambling and currency exchange offices, and also weaknesses in terms of international transportation of the currency, put Albania at risk for money laundering activities”, the report continues.

The report notes that the grey market easily avoids preventive laws and expresses its concern on the possibilities for the financing of terrorism.

“Despite the efforts of the Albanian authorities for minimizing the usage of cash, the money usage in an informal market remains a big problem in Albania. The informal economy has an impact in the general efficiency of preventive measures, since the transactions that are easily enabled through these channels avoid preventive measures set by the authorities. Albania remains also at risk regarding a possible financing of terrorist activities”, the report underlines.
 
The report concludes with 49 recommendations that help fulfilling the standards for the war against money laundering and financing of terrorism.

This is the fourth report on Albania, and it shows the progress of our country since the third report published in 2006.

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