Albania removed from the list of countries monitored for funding of terrorism and money laundering

Albania removed from the list of countries monitored for funding of terrorism and money laundering

Tirana, March 2, 2015/Independent Balkan News Agency

Republic of Albania will no longer be part of the group of countries constantly monitored for money laundering and funding of terrorism.

This is declared in the conclusions of the ICRG Onsite Team group report. The report has been discussed and approved these days in the ICRG session in Paris.

This report reflects the results of a process which has lasted almost a year.

Albania is the country which has addressed all the weaknesses reported through the years by FATF (Financial Action Task Force), which monitors the implementation of measures against money laundering and financing of terrorism in the world. The member countries of this group have praised the efforts made by Albania in this aspect.

According to the report, Albania has addressed elements relating to the action plan and that “the implementation has started and is being supported by the government”, the representatives of which, according to the same source, “showed a strong commitment for their obligations in the legal and financial sectors, reflecting great knowledge and a strong awareness in meeting tasks”.

The assessment has been made by the International Country Risk Guide and FATF, Task Force for Financial Action, which are both world organizations that analyze countries in this aspect.

Through this decision, Albania will no longer be part of the countries which are under  constant watch for money laundering and financing of terrorism.

The Ministry of Finance considers this a merit for the reforms undertaken in the past two years by the government. “This is a logical result of the reforms undertaken in the past two years, which have offered Albania this positive image, not only in the eyes of international institutions, but also foreign investors”, says minister of Finance, Shkelqim Cani.

Economy experts say that the removal of Albania from this list makes the country more credible for the international opinion. In the future, they are expecting more domestic and foreign investments and higher economic growth and more jobs. /ibna/