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Albania removed from money laundering watch list

Xinhua, September 19, 2015 Adjust font size:

Moneyval, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, has removed Albania from its constant monitoring list, Albanian Daily News reported Saturday.

Albania has been monitored since 1997 for the implementation of the recommendations decided by the Committee.

John Ringguth, Executive Secretary of Moneyval said that "since 2011 and to this week, when Albania reported the steps that have been taken so far, we were able to come to the conclusion that the progress reached by Albania was good, equal to the wide compatibility range, as we call it, when we compare it to the levels reached by former evaluations. This means that for us, Albania has really made huge progress in recent years."

Officials from Tirana handed over a report about the implementation of the Moneyval recommendations, including account freezing, seizing of funds, assets and prosecutions.

The decision increases the credibility of the Albanian domestic financial system and creates a more favorable climate for foreign investments.

"This means that Albania is not anymore in the list of countries that are being monitored regularly for money laundering and financing of terrorism," Genti Gazheli, general director of the Money Laundering Prevention. Endi