The European Union asks Albania to set a ceiling for cash payments. This border will fight money laundering and evasion by people or businesses.

Cash payments are dominant in the Albanian economy, although in recent years there has been an increase in bank card payments. The high use of physical money in economic transactions favors informality and financial crime, including money laundering from criminal activities. For this reason, the European Commission recommends to Albania the establishment of a ceiling amount for physical cash payments.

In the latest report, the EC assesses that Albania is partially in line with the European Union’s framework in terms of investigating money laundering

A similar request for setting a ceiling for cash payments has been expressed for years by the Albanian Association of Banks.

According to it, setting a ceiling for individuals’ cash payments would help reduce fiscal evasion and help fight money laundering and financial crime in general.

According to data from the Bank of Albania, in the middle of this year the number of active bank cards reached 1.4 million, increasing by 2% since the beginning of the year.