Albania’s efforts against money laundering and terrorism financing recognized as Moneyval raises rating

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Albania’s commitment to combat money laundering and terrorist financing has yielded positive results, as highlighted in the latest MONEYVAL report released on Wednesday.

The report acknowledges that Albania has made significant improvements in aligning its legal regulations with transparency standards and enhancing the oversight and regulation of non-financial institutions.

Specifically, the report indicates that Albania has demonstrated greater compliance with the Financial Action Task Force recommendations provided by MONEYVAL, particularly in areas related to transparency, as well as the regulation and supervision of businesses.

As a result of these advancements, Albania’s rating has been elevated from “Partially Compliant” to “Generally Compliant” in accordance with the assessment.

MONEYVAL further highlights that since June of the previous year, Albania has implemented additional measures that effectively address major deficiencies pertaining to trustees subject to anti-money laundering and counter-terrorist financing requirements.

This positive evaluation reflects Albania’s ongoing efforts and commitment to combat illicit financial activities and reinforce its legal and regulatory frameworks to safeguard against money laundering and the financing of terrorism.