BoA: Four banks in Albania pose a risk for money laundering

BoA: Four banks in Albania pose a risk for money laundering
Four private banks in Albania pose a high risk for money laundering. This is confirmed by the central bank, according to which, not only this phenomenon is present, but it may also harm them. “One of the threats which can harm banks and financial institutions relates to the potential involvement or the fact that they may be exploited for money laundering or financing of terrorism”, the Bank of Albania assesses.

Without providing names, the bank says that four of them pose a high risk due to the fact that they have not reported accurate information. According to experts, this increases the risk of circulating the proceeds of crime. This is the first time that such evaluation is made. Besides the four banks, there are also 18 financial non banking institutions and seven building societies that also pose a high risk for money laundering due to the fact that they have failed to report accurate information. On the other hand, the Bank of Albania says that this phenomenon is favored by the modernization of banking services. “The development of electronic products which enable transactions in distance, may be exploited to commit illegal activities”, experts from the Bank of Albania explain. Let us recall that last year, the country’s Financial Intelligence Unit seized 9 million euros and identified 369 suspicious transfers.

 

 

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