Albania: Anti-money laundering measures include rules regarding beneficial owners, enhanced due diligence measures

Legislation with provisions addressing money laundering was passed by parliament

Legislation with provisions addressing money laundering was passed by parliament

The parliament in December 2021 passed legislation (Law no. 120/2021) with provisions addressing money laundering, the definition of beneficial owner, and certain categories of professionals (such as lawyers and notaries) and others are considered under the anti-money laundering rules.

In compliance with an EU Directive, the rules require certain entities to apply enhanced due diligence measures in relation to business relationships or transactions that include high-risk countries as part of their assessment of the risk level.

Read a January 2022 report prepared by the KPMG member firm in Albania

 

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