TIRANA, Oct. 29 – Albania’s recent removal from the Financial Action Task Force (FATF) gray list of countries grappling with money laundering deficiencies has garnered cautious optimism, with financial experts emphasizing the need for continued vigilance.
The decision, made by FATF, an intergovernmental organization created through a G7 initiative, has positive implications for Albania’s image and financial transaction costs, according to Finance Minister Ervin Mete, who made the news public at a press conference last week.
Albania was placed on the watchdog’s gray list back in 2020, a situation that prompted concerns about the nation’s efforts in combating money laundering and associated ills such as organized crime and corruption.
Mete attributed the positive move to the country’s ongoing commitment to adhere to the FATF’s recommendations, adding Albania would fulfill its international commitments in this area.
“This decision has a number of positive outcomes, both in terms of image and in easing the costs of financial transactions in the banking system at home and abroad,” Mete said. “It is encouraging and motivating news for us to continue strengthening the fight against money laundering.”
Experts have noted that the Albanian government’s decision to withdraw from the tax amnesty initiative played a pivotal role in FATF’s decision.
“We will not undertake any measure that contradicts the principles in this area, the recommendations of the FATF, or that contradicts similar practices undertaken in other countries,” Mete said.
Moreover, justice system reform and renewed investigations in this area are also helping, experts say.
Gent Sejko, the governor of Albania’s central bank, also weighed in at the press briefing with Mete and International Monetary Fund mission representatives.
“This is extremely positive news, tied to the further positive progress of the financial and banking system and the entire economy, and it will be reflected not only in the business climate but also in the ability of the financial system to support businesses with investments and financing small, medium and large,” Sejko said.
