Albania did not make any significant progress last year in its fight against money laundering.
Moneyval, the monitoring body of the Council of Europe on money laundering and terrorism, put Albania for the second year in a row among countries in the grey list area for money laundering.
The main reason Albania is considered a high-risk country for money laundering is from the generation of cryptocurrencies.
“The subsequent report on Albania found that the country has not made considerable progress to take measures in the fight against money laundering and funding terrorism, Moneyval decided to keep Albania under supervision”, the report read.
In its assessment, Moneyval notes that the utilization of cryptos boosts the risks for transferring unregistered money, as it dodged bank rules.
The CoE body believes money transfers through virtual assets pose an added risk from organized crime groups and corrupted politicians.
Among the twelve countries under Moneyval’s radar, the only country reported without significant progress were Albania and Poland.
Croatia, the Czech Republic, and Slovenia had made a tangible improvement, followed by Gibraltar which recently adopted rules and set up institutions tasked to oversee cryptocurrencies.
YOU MIGHT ALSO LIKE
