Albania has started a comprehensive process to align its legislation with the European Union’s new framework against money laundering and terrorist financing.

Finance Minister Petrit Malaj announced that Albania has become the first Western Balkan country to take this step.

The government approved the draft law “On the Prevention of Money Laundering and Terrorist Financing”, which aims to strengthen the country’s financial system and improve transparency standards.

The new measures will increase transparency on beneficial ownership, improve the quality of financial and criminal investigation reports, strengthen mechanisms to freeze and block funds and assets, and expand cooperation between national and international institutions.

Furthermore, Minister Malaj said that aligning with the new European standards represents an important step toward protecting Albania’s economy from activities that threaten financial integrity.

According to Malaj, the reform will help create a safer, more transparent and more resilient financial system while supporting Albania’s progress toward European integration.

/a.c/