BANK OF ALBANIA
Cooperation Agreement between the Bank of Albania and the General Directorate for the Prevention of Money Laundering
Publication date: 10.06.2014
Today, on 10.06.2014, at Bank of Albania's premises, a cooperation agreement was signed between the Bank of Albania and the General Directorate for the Prevention of Money Laundering (GDPML), on preventing money laundering and terrorism financing.
The agreement was signed by the Governor of the Bank of Albania, Mr. Ardian Fullani, and the General Director of GDPML, Mr. Genti Gazheli.
The joint agreement with the GDPML was made pursuant to requirements of the Law No. 9917, dated 19.5.2008 'On Prevention of Money Laundering and Terrorism Financing', as amended, and implementing the recommendations of the FSAP mission of the World Bank and the International Monetary Fund.
The purpose of this agreement is to increase cooperation between both institutions on facilitating the information exchange, aiming at strengthening the risk-based supervisory approach to preventing money laundering and terrorism financing.
Following the signing of the agreement, the heads of both institutions stated that the signed agreement was of special importance and an outcome of the successful cooperation between both institutions. It aims at enhancing the supervisory role, in order to foster Albania's preventive system and reduce the possibilities of use of the financial system for money laundering and terrorism financing.
The agreement will also contribute to boosting efficiency in both institutions, by carrying out joint inspections and activities, making a better use of human resources, and at the same time, reducing financial costs not only to both authorities but also to entities themselves.
On the other hand, Governor Fullani emphasized the important role of cooperating with the banking sector and the public in implementing this agreement. '... We should have an educated public that understands the law and is ready to cooperate with banks, in order to better implement the law and achieve appropriate results from this challenge'.