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Council of Europe supports the capacities and awareness of supervisors on risk-based approach to money laundering and financing of terrorism

Tirana 19 September 2017
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Council of Europe supports the capacities and awareness of supervisors on risk-based approach to money laundering and financing of terrorism

On 18-19 September, the Council of Europe "Action against Economic Crime in Albania (AEC-AL)" organized a seminar on "Enhancing the capacities and awareness of supervisors on risk-based approach to supervision" with the view to assisting Albanian supervisory authorities to strengthen the supervisory system by providing tools to take action against financial crime.

About 30 representatives from the General Directorate for the Prevention of Money Laundering (GDPML), Albanian Financial Supervisory Authority, Ministry of Justice, Second level banks and Council of Europe experts exchanged on topics pertaining to the allocation of AML/CFT supervisory resources based on the risk assessment, the review of the current models based on a risk-based approach to supervision, effective supervisory practices used by the Central Bank of Albania and good  European best practices regarding the supervision of Designated Non-Financial Business or Profession (DNFBPs). 

The experts presented the recommendations on the development and strengthening of the guidelines to risk-based approach to supervision aligned with the ML/FT risks identified in the National Risk Assessment.

The"Action against Economic Crime in Albania (AEC-AL)"is implemented within the frame of the joint EU-CoE Horizontal Facility for SEE and Turkey.