The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing Terrorism (MONEYVAL) has published the first Enhanced Follow-up Report where the progress in the effort of Albania to tackle money laundering and terrorist financing is lauded. This prompted the decision to make Albania remain in enhanced follow-up process and it will make Albania report back on further progress to strengthen its implementation of AML/CFT measures. Albania earned the spot for the enhanced follow-up process because of the adoption of the mutual evaluation report that assessed the effectiveness of Albania’s anti-money laundering and counter-terrorist financing measures and their compliance with the Recommendations by FATF.
As a result of this progress, Albania has been re-rated by MONEYVAL on Recommendations 6, 19 8 and 35 tagging them as largely compliant. MONEYAL also examined the implementation of new requirements concerning FATF Recommendations which have changed since the mutual evaluation report was adopted. Recommendation 18 is now rated as largely compliant; Recommendation 21 is re-rated as compliant while Recommendation 2 remains unchanged from the rate of largely compliant. Albania is now compliant on five of the 40 FATF Recommendations and largely compliant on 8 of them. It remains largely compliant o five of them and non-compliant on just one of the 40 FATF Recommendations.