PRESS RELEASE
Bank of Albania reaction to the article published in today's newspapers alleging that the Bank of Albania is facilitating Money Laundering through

Bank of Albania believes that this allegation is false and irresponsible. This is due to the following reasons:

• Under Albanian Law and Regulations, Bank of Albania is both a reporting entity and a responsible authority; and its responsibilities for Anti-Money Laundering are supported at the highest levels in the Bank of Albania.
• As a reporting entity, the Bank has set in place all procedures in keeping with the law and the best international standards to assure that personnel at Treasury sales windows are knowledgeable of Anti-Money Laundering record keeping and reporting requirements, not only in the Head Office, but also at all five Bank of Albania branch offices.
• The operational aspects surrounding the Treasury activities are audited by the General Inspector Office as part of their regular audit plan. Audits have been conducted, and no exceptions to sound policies and procedures were noted.
• Bank of Albania has coordinated all its activities with the Albanian governmental authority responsible for Anti-Money Laundering and Combating the Financing of Terrorism. Director of the Albanian Financial Intelligence Unit and his Resident Advisor are well informed and keenly aware of activities and controls conducted by the Bank of Albania.
• Bank of Albania has made and is making a significant progress in terms of Anti-Money Laundering. Its staff have been directed involved in implementing operational and control processes for Anti-Money Laundering in keeping with Albanian law and regulations and with best international standards.

Bank of Albania's activities have been reviewed on several occasions by IMF and World Bank specialists and all suggestions have been carefully considered and adopted. Worthy of particular attention, is the fact that within recent months a team of IMF and World Bank experts have conducted a Financial Sector Assessment. Anti-Money Laundering compliance is included in this process, and the team of IMF and World Bank concluded that Bank of Albania's processes regarding Anti-Money Laundering were in keeping with best practices and international standards.

Finally, Bank of Albania wishes to ensure that the Governor, his Deputies, the Supervisory Council and staff are very committed to Albania's efforts to combat money laundering and terrorist financing.