The fight against money laundering

Publication date: 23.09.2002


The terms " money laundering" and "the fight against money laundering" became known and more used after the year 90s for the majority of Eastern and Central European countries, including Albania. The opening of these countries toward the movements of capital and people, the efforts to be integrated with the other part of the world, apart of positive aspects, caused higher exposition toward of such phenomena as the traffics and money laundering of illegal activities origin.

IMF assesses that the quality of dirty money that is laundered through financing system is too high. Between USD 500 billion and 1.5 trillion per year or equal to 5 per cent of the general world production ("The Economist" 29 September 2001). It is already known money laundering is performed in different forms not only through financial system of a country. The different found ways to perform money laundering require a group of institutions to be
included in the fight against this activity. These issues are resolved by the law no. 8610, date 17.05.02 " On the prevention of money laundering" by deciding the establishment of " a Responsible Authority" where report a range of institutions being determined by the law. This authority verifies the reported data by requesting added data. This authority is " The agency of the fight co-ordination against money laundering" near the Ministry of Finances.

Bank of Albania, as any other subject of this law and on behalf of the supervisory authority of the subject being licensed from it, has the duty to inform the Responsible Authority in case that during the performance of its institutional activity identifies elements of money laundering in order to prevent them. In this framework is designed and is under the process the assignment of an interinstitutional collaboration agreement among Bank of Albania, the Ministry of Finances, Ministry of Public Order, SHISH (Albanian Intelligence Service) and Public Prosecutor's Office. This document will have a
useful impact in organising an effective fight against money laundering.

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