Prevention of money laundering and terrorism financing

What is Money Laundering?
Money laundering is the process by which proceeds from criminal activities are transformed into “legitimate” money or other assets.

What is the terrorism financing?
Terrorism financing is securing funds to support terrorist activities.

Money laundering and terrorism financing may also involve financial institutions such as banks, non-bank financial institutions and foreign exchange bureaus through money, payment or credit transfer channels.

Involvement, even when unaware, in these processes can seriously jeopardise the reputation of an institution, its regulatory body, the financial system and the country in general.

What is the role of the Bank of Albania in combating money laundering and terrorist financing?
The Bank of Albania, pursuant to the Law "On the prevention of money laundering and terrorism financing", and the Law "On banks in the Republic of Albania" supervises the activity of the institutions it licenses and assesses the applicability of legal and regulatory acts on the prevention of money laundering and terrorism financing.

 

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