Albania between 15 Countries with Higher Risk for Money Laundering
Albanian Daily News
Published August 22, 2017
Albania is listed between the top 15 countries with higher risk in Europe for money laundering. The last report of the Basel Anti-Money Laundering (AML) Index, which has been published by the Basel Institute on Governance (Basel Institute) since 2012, underlines the fact that Albania deteriorated comparing with a year ago.
To date, the Basel AML Index remains the only index issued by an independent, not-for-profit organisation ranking countries according to their risk of money laundering and terrorist financing. The Basel AML Index is used by the private sector as an established AML country risk rating tool for compliance purposes, and in the public sector, by NGOs and academia for research and policy measures.
The Basel AML Index 2017 edition covers 146 countries and provides risk ratings based on the quality of a country’s framework for AML and countering terrorism financing (AML/CFT) and related factors such as perceived levels of corruption, financial sector standards and public transparency.
Albania is ranked on 85 places with an evaluation of 5.75 worse than two years ago on 2015 when was evaluated with 5.56 points.
The Basel AML Index measures the risk of money laundering and terrorist financing of countries based on publicly available sources. A total of 14 indicators dealing with AML/CFT regulations, corruption, financial standards, political disclosure and the rule of law are aggregated into one overall risk score. By combining these various data sources, the overall risk score represents a holistic assessment addressing structural as well as functional elements in the AML/CFT framework. It is important to note and understand that as there are no reliable quantitative data on money laundering available, the Basel AML Index does not measure the actual existence of money laundering activity or amount of illicit financial money within a country but is designed to indicate the risk level, i.e. the vulnerabilities of money laundering and terrorist financing within a country.