Directorate of Combating Money Laundering
National efforts in the fight against money laundering are coordinated by the National Committee, which is directed by the Prime Minister of the country.
Attorneys, notaries, and representatives with power of attorney are covered by Money Laundering Legislation.
The Albanian Government is presently preparing a new draft law for anti money laundering.
No information available.
According to article 5 of the Law, the subjects of this Law (attorneys, notaries, and representatives with power of attorney) shall record all customers’ transactions in cash of amounts greater than 2.000.000 (two million) Lek or the counter value in foreign currencies.
After recording the transaction, if rational suspicion for money laundering arises as defined under this Law (Article 2, item 1), the subject shall report to the Responsible Authority no later than 48 hours.
The subjects of this Law shall report to the Responsible Authority all transactions in cash and or transfers of funds for amounts greater than 70.000.000 (seventy million) Lek or the counter value in foreign currencies.
The subjects of this Law shall report to the “Responsible Authority” all customers’ transactions exceeding the amount of 2.000.000 (two million) Lek or the counter value in foreign currencies in cases when they discern:
The Subjects of this Law should notify the Responsible Authority when they come into possession of information that either confirms or denies the suspicion.
Information to the Responsible Authority is given only by the Administrators, officials, or authorised personnel of the subjects.
For the purpose of this Law and other by-laws, the Responsible Authority will determine the form and procedure of investigating and reporting the information.
In addition to those obligations arising under Articles 3, 4, 5 & 12 of the Law:
Article 7
In order to support and implement this Law and other bylaws, the subjects of this Law shall:
In case the number of staff of the subjects of this law is less than 3 (three), the requirements determined in Article 7 item 1, as above, shall be carried out by the administrator himself or the authorized person, employee of the subject.
Article 14: Administrative Infringement
When the performance of the operations or non-operations by high level directors of the authorised subjects according to the Article 7 item 1 of this law do not constitute penal offence, they are administrative infringement and fines are imposed on the subjects from 50 000 (fifty thousand) Lek up to 100 000 (one hundred thousand) Lek.
(The Prevention of Money Laundering Law; Article 7; Article 14, item 2.)
Article :4 Identification Procedures
All the subjects of this Law should identify the customers before making a transaction over the amounts defined in Article 5 of this Law.
Customer identification by the subjects, is performed by registering and recording the following information in a special file:
For the purpose of this Law and other by-laws, the “Responsible Authority” will determine the form and procedure of recording the data.
Identification documentation of all the customers should be in original and is valid within the term of its legal validity. If the amount is not declared at the time the transaction is performed, the above subjects have to identify the customer, as soon as the amount is declared. All the customers requiring to make a transaction of an amount greater than the one defined in Article 5 of this Law, shall provide a declaration on the final beneficiaries of the fruit of ownership, the source, nature and the income benefited from currency circulation, excluding payments made with respect to social security.
No information available.