meta_id 3269117

Albania's Financial Intelligence Agency held a consultative meeting with representatives of the Albanian Microfinance Association and microcredit institutions to discuss a new draft law "On the Prevention of Money Laundering and Terrorist Financing." The agency presented the main objectives and key innovations of the draft law during the meeting. The draft law aims to align Albania's legal framework with European Union standards in anti-money laundering and counter-terrorism financing (AML/CFT). Key areas under discussion included a risk-based approach to compliance, strengthening customer due diligence processes, beneficial owner identification, suspicious activity reporting, and the responsibilities of management structures in implementing AML/CFT requirements. Microcredit sector representatives provided feedback on various provisions of the draft law, raising practical implementation concerns regarding the proposed legal requirements. The consultation reflects the Financial Intelligence Agency's commitment to engaging reporting entities and stakeholders in developing an effective and proportionate legal framework that complies with European standards. The agency emphasised the importance of continuous communication between competent authorities and the private sector in strengthening Albania's national AML/CFT system. The Financial Intelligence Agency will continue consultations with different categories of reporting entities and other stakeholders to refine the draft law. The agency aims to develop a legal framework that balances regulatory effectiveness with practical feasibility for regulated entities. Further consultation rounds with additional sectors are expected as the draft law progresses through the legislative process.