TIRANA, Dec 3 /ATA/ – Albania has achieved significant result in the annual money laundering and terrorist financing risk score.
According to the latest report by the Basel Institute, Albania ranks 36th globally, with a total rating of 4.35, showing progress in the fight against money laundering and terrorist financing.
Albania has outperformed most of the European Union member states, including Germany, Italy, the Netherlands, Hungary, Croatia, Bulgaria, Romania, or other countries like the United States of America, Canada and Japan.
The Report highlights Albania’s improvements especially in addressing the FATF and Moneyval recommendations, which account for 65% of the data-based ranking and risk assessment tool for money laundering and related financial crime risks. Albania has also improved ranking for strengthening the legal and regulatory framework through assistance of international experts.
Basel AML Index is released annually since 2012 and it measures the risk of money laundering and terrorist financing (ML/TF) in jurisdictions around the world. It is based on a composite methodology, with 18 indicators categorized into five domains in line with the five key factors considered to contribute to a high risk of ML/TF.
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