National strategy for combating money laundering approved
Albania has made a significant step in its fight against money laundering and terrorist financing with the approval of the “National Strategy for the Prevention of Money Laundering and Terrorist Financing 2024-2030”.
Why is this relevant
Addressing money laundering and terrorist financing is crucial to ensure the integrity and stability of the financial system, which is essential for economic growth and investor confidence. Complying with international standards and obtaining a positive assessment from bodies like MONEYVAL can improve Albania’s global standing and facilitate better cooperation with international partners.
Context
The Deputy Prime Minister and Minister of Infrastructure and Energy, Belinda Balluku, emphasized that this comprehensive strategy, developed in collaboration with the private sector, will enable Albania to access a €1.5 million grant from the EU as part of the Growth Plan. The strategy is not only a regulatory framework but also a testament to Albania’s commitment to strengthening its financial integrity.
The “National Strategy for the Prevention of Money Laundering and Terrorist Financing 2024-2030” focuses on six major objectives, all supported by detailed measures in the accompanying Action Plan. The strategy’s creation involved extensive collaboration with various private sector stakeholders, including banks, notaries, auditors, intermediaries, currency exchange offices, and construction associations.
The Deputy Prime Minister also highlighted the establishment of an Inter-Institutional Technical Working Group in December 2023, which includes private sector representatives. This group’s establishment underscores the importance Albania places on strengthening public-private partnerships, making it one of the pioneering countries in the region to adopt such a model.
The strategy’s approval is a critical step in Albania’s reform agenda, aligned with the Western Balkans Growth Plan. It not only facilitates the immediate benefit of a €1.5 million grant but also consolidates the ongoing processes for Albania’s financial sector. Moreover, it prepares the country for the upcoming MONEYVAL assessment in 2025-2026. Successful implementation of the strategy and positive evaluation by MONEYVAL will be pivotal for Albania’s international reputation and financial stability.
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