None of the banks operating in Albania is classified as ‘low-risk’ when it comes to money laundering.

According to an assessment of Albania’s 12 banks, seven of them were categorized as ‘high risk’ and 5 as ‘moderate’.

The report showed signs of regression compared to last year when 7 banks were classified as ‘moderate risk’ and 5 as ‘high risk’.

The Bank of Albania audited 2 banks together with the Directorate for the Prevention of Money Laundering.

According to data secured from Euronews Albania, there was one case where the Directorate made a warning for lack of vigilance of transfers with people that are politically exposed and lack of documentation on the sources of income.

Exchange offices were also categorized as high risk when it comes to money laundering. 119 out of 556 were classified as high-level risk.

In addition, the Bank of Albania revoked 12 licenses and fined another 26.

Albania is in the grey list of Moneyval on the risks of money laundering since 2018.