Published on: 10 June 2014

Collaboration agreement between Bank of Albania and the General Directorate of Prevention of Money Laundering

On  date 10/06/2014, in the premises of Bank of Albania, a cooperation agreement was signed between the Bank of Albania and the General Directorate of Prevention of Money Laundering (GDPML), regarding prevention actions of money laundering and financing terrorism.

The agreement was signed by the Governor of the Bank of Albania, Mr. Ardian Fullani and the General Director of the Prevention of Money Laundering, Mr. Genti Gazheli.

The common agreement with GDPML was prepared in accordance with the defined requirements of the law, specifically in the article no. 9917, dated 19.05.2008 "On prevention of money laundering and financing of terrorism", as amended, and pursuant to the recommendations of the FSAP mission of the World Bank and the International Monetary Fund.

The purpose of this agreement is to increase the cooperation between the two institutions, in the context of facilitating the exchange of information, aiming the strengthening of the approach of the risk-based supervision, in terms of preventing money laundering and terrorist financing.

After signing, the Governer Fullani and Mr. Gazheli said that this agreement has a special importance and comes as a result of successful cooperation between the two institutions. It aims to enhance the supervisory role, strengthen the preventive system in place and reduce the possibilities of using the financial systems for money laundering and terrorist financing.

Also, the agreement will serve to increase the effectiveness of both institutions through inspections and the undertaking of joint activities, by improving the utilization of human resources and simultaneously reducing financial costs.

On the other hand, the Governor emphasized the important role of the implementation of this cooperation agreement with the banking sector and the public. "... We must have as more educated public as possible, which understands the law and is willing to cooperate with banks, in order to achieve the right results in this challenge."

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