The Financial Intelligence Agency held a consultative meeting with representatives of the Albanian Microfinance Association and institutions operating in the microcredit sector regarding the new draft law “On the Prevention of Money Laundering and Terrorist Financing.”
During the meeting, the main objectives and key innovations of the draft law were presented. The draft aims to further align Albania’s legal framework with European Union standards in the field of anti-money laundering and counter-terrorist financing (AML/CFT).
Discussions focused on the proposed changes related to the risk-based approach, the strengthening of customer due diligence processes, the identification of beneficial owners, the reporting of suspicious activities, as well as the responsibilities of management structures in implementing anti-money laundering and counter-terrorist financing (AML/CFT) requirements.
Representatives of the microcredit sector shared their views and comments on various provisions of the draft law, highlighting issues related to the practical implementation of the legal requirements.
The meeting was held in an atmosphere of cooperation and constructive dialogue, underscoring the importance of continuous communication between competent authorities and the private sector in strengthening the national anti-money laundering and counter-terrorist financing system.
The Financial Intelligence Agency will continue the consultation process with different categories of reporting entities and other stakeholders, with the aim of developing an effective, proportionate, and European standards-compliant legal framework.