Basel money laundering index Albania at risk higher than region

This position has come with an improvement of just two in proportion to a year ago, but Albania leads as the highest risk country in the region in terms of money laundering. The total of scores collected for the 6 indicators received in the assessment is 4.92.

Kosovo according to the index has a better position with a total score of 4.14, Serbia with 4.87, northern Macedonia with 3.94, Montenegro with 3.99. The index estimates the lowest 0 risk and the highest 10 risk. Other countries close to us like Greece or Italy rank with a better score of 3.71 and 4.55, respectively.

The highest risk money laundering countries referred to the index are the South Sudan, the Republic of Congo, Afghanistan, Haiti, Myanmar, Iran, Mozambique or Guinea, while countries with the lowest risk under the index are Estonia, Finland, Andora, Monaco for the last two have become the footnote that some important unreported data is missing, Sweden or Iceland.

But what are the elements taken into consideration to draw the final point?

First is the legal framework for preventing money laundering where Albania is estimated at 4.6, then comes corruption and bribery, where Albania marks 5.95 being one of the most negative indicators in the assessment, but the chairmanship actually keeps financial transparency at an estimate of 6.14. Public transparency is best presented with a score of 3.4, while at less positive levels political and legal risks appear at 5.54.

Despite these indicators, Albania is named as a country with the average risk of money laundering while against it there are “sanctions” such as accessing the list of third countries at risk from Great Britain or increased monitoring (grG list).

In February 2020, Albania returned to the grey list of countries that pose a risk of money laundering due to strategic deficits found by Task Force for Financial Action.

According to 2020 recommendations, Albania had to work to implement its action plan, including:

(1) Performing an additional deepening analysis to understand enough money laundering and other risks, and strengthening co-ordination and institutional cooperation;

(2) Improve timely treatment of mutual judicial assistance requirements;

(3) Establish effective mechanisms for uncovering and preventing criminal infiltratement of the economy, including strengthening the competencies of competent authorities to take necessary action;

(4) ensuring that accurate and updated property information is available on time;

(5) The increase in the number and improvement of criminal prosecutions and seizures for money laundering, especially in cases involving foreign statements or money laundering of third parties;

(6) Improved implementation of targeted financial sanctions, especially through enhanced supervisory action and objective, active approach. /Monitor. al