Albania has earned praise for its efforts to combat money laundering and terrorism financing, with new figures showing impressive progress.
A recent report from the Basel Institute on Governance reveals Albania’s score of 4.35 points out of 10—marking a major improvement compared to previous years. This puts Albania ahead of countries like Germany (4.63), Italy (4.8), and the Netherlands (4.57), as well as global giants like the US (4.81) and Japan (4.77).
The ranking is based on a variety of factors, including the strength of Albania’s legal framework, levels of corruption, and financial transparency. The country’s improvements in recent years, particularly in line with recommendations from international watchdogs like the Financial Action Task Force (FATF) and Moneyval, have made a clear impact.
In fact, Albania’s score this year is a huge leap from past assessments. In 2017, the country was ranked at 5.66, and in 2020, it was at 5.69. This year’s figure shows Albania is heading in the right direction, but there’s still work to be done. Some of the country’s more recent legal reforms haven’t been fully evaluated yet, meaning the ranking could rise even further as they’re reviewed.
Despite the hurdles, Albania’s progress is a sign of its growing commitment to tackling financial crime and terrorism financing—setting the stage for even more improvements in the years to come.
