Moneyval (a European Commission mechanism that assesses money laundering risk) published its annual report for 2021 a few days ago focusing, among other things, on the overall performance of countries that are under extensive monitoring. 

Albania is also part of this group and regarding our country Moenyval underlined that the improvement has not been significant. 

"MONEYVAL took into account ten evaluations of the 5th round of monitoring throughout 2021. 

The next monitoring report on Albania concluded that the country has not significantly improved measures to combat money laundering and terrorist financing in line with FATF recommendations. Among other issues, the report examined new international standards applied to virtual assets, including cryptocurrencies and providers of such assets. MONEYVAL decided that Albania should remain expanded monitoring and report further on further progress to strengthen the implementation of money laundering and counter-terrorism measures on an annual basis, ”reads the report dated 4 May 2022. 

Referring to the press release accompanying this report, it is stated that MONEYVAL expects to complete the fifth round of evaluations in 2024. “By the end of 2021, 18 of the 22 jurisdictions evaluated by MONEYVAL in the 5th round of mutual evaluations were subject to extended follow-up procedure for insufficient level of compliance with AML / CFT standards: Albania, Andorra, Croatia, Cyprus, Czech Republic, Georgia, Gibraltar, Hungary, Latvia, Lithuania, Malta, Poland, Republic of Moldova, Serbia, Slovakia, Slovenia, Dependence of the Crown of the United Kingdom of the Isle of Man and Ukraine "underlines the announcement. 

Albania and its history in the "gray" list 

In 2011, Albania was included in Moneyval, the European Commission mechanism that assesses Albania for measures against money laundering and terrorist financing, in the gray list of countries with high risk of money laundering (the report classifies countries with high money laundering potential in black and gray list). Then, in 2015, Albania would be removed from the gray list, an assessment that at that time was quite positive. The country had five years to address the problems to finally get out of the danger zone. 

But in the 2018 report, Albania entered the list of countries that would be subject to extended follow-up or monitoring by Moneyval due to the weaknesses identified in the last report related to measures to prevent cleanup of money and the fight against terrorism. 

It did not take long and on February 21, 2020, our country was included in this list again due to the "strategic weaknesses" that were found in the money laundering prevention regimes, while it continues to remain under extensive monitoring regarding the fulfillment of obligations. to complete the legal framework and necessary measures in accordance with the required standards. 

(Source: Monitor)