Albania FIA Annual Report 2024: AML, CFT Enforcement, SARs & Asset Freezes

Albania Financial Intelligence Agency Annual Report 2024: Key AML, CFT and Financial Crime Insights

The Financial Intelligence Agency (FIA) of Albania has released its Annual Report 2024, outlining the country’s progress, challenges, and enforcement outcomes in combating money laundering (ML), terrorist financing (TF), and proliferation financing. The report provides a comprehensive overview of Albania’s preventive AML/CFT framework, supervisory actions, inter-institutional coordination, and readiness for the upcoming MONEYVAL 6th round mutual evaluation

Overview of Albania’s AML/CFT Landscape in 2024

In 2024, Albania’s AML/CFT regime focused on:

• Strengthening risk-based supervision
• Enhancing financial intelligence analysis
• Expanding public-private partnerships
• Aligning national measures with FATF and MONEYVAL standards

The FIA played a central coordinating role, leading both national and international cooperation efforts while upgrading its analytical, supervisory, and IT capabilities.

Suspicious Activity Reporting Trends

During 2024, 1,632 Suspicious Activity Reports (SARs) were submitted to the FIA, reflecting a moderately high reporting volume across the financial and non-financial sectors.

Key reporting trends include:

• Banks remained the largest contributors, followed by notaries and money transfer companies
• Significant growth in SARs from electronic payment companies and motor vehicle dealers
• Declines observed in SAR submissions from banks and notaries, highlighting evolving reporting behaviors

Notably, 93% of disseminated cases originated from SARs, underlining the effectiveness of Albania’s reporting ecosystem in triggering financial intelligence analysis.

Financial Intelligence Analysis and Law Enforcement Dissemination

In 2024, the FIA disseminated 234 cases to law enforcement and prosecutorial authorities.

• 167 cases were sent to the State Police
• 67 cases were forwarded to the Prosecutor’s Office, with over half handled by SPACAK (Special Prosecution Against Corruption and Organized Crime)

The most common predicate offences linked to money laundering included:

• Narcotics trafficking
• Fraud and cybercrime
• Corruption and abuse of office
• Prior criminal proceedings

Where predicate offences could not be conclusively identified, cases were still disseminated under the “follow the money” principle, ensuring investigative continuity.

Temporary Freezing Orders and Asset Seizures

The FIA issued 11 temporary freezing orders in 2024, covering transactions worth €10.75 million.

• 97% of frozen assets were subsequently seized following prosecutorial or judicial decisions
• This marks the highest annual freezing value recorded in the past five years

These figures demonstrate improved coordination between financial intelligence and judicial authorities in preserving potentially illicit assets.

Supervision, Inspections, and Compliance

FIA conducted 70 on-site and off-site inspections in 2024, focusing primarily on medium- and high-risk sectors such as:

• Banks and non-bank financial institutions
• Currency exchange offices
• Construction companies
• Notaries and law firms

Compliance supervision emphasized:

• Risk assessment obligations
• Customer due diligence (CDD and EDD)
• Beneficial ownership verification
• Sanctions screening and reporting

Administrative Sanctions and Enforcement Outcomes

In 2024:

• 27 administrative cases were reviewed
• 12 fines and 13 warnings were imposed
• Total fines amounted to ALL 4.6 million

The most frequent violations related to:

• Failure to conduct ML/TF risk assessments
• Non-reporting of threshold transactions
• Weak internal AML systems

Courts upheld FIA’s decisions in the majority of legal challenges, reinforcing regulatory credibility.

National and International Cooperation

National Coordination

Key milestones included:

• Adoption of the National AML/CFT Strategy 2024–2030
• Active operation of the Inter-Institutional Technical Working Group (ITWG)
• Monitoring of the National Risk Assessment (NRA) action plan

International Engagement

In 2024, FIA:

• Exchanged information with Egmont Group FIUs
• Increased outgoing FIU requests by 23% year-on-year
• Participated in MONEYVAL plenaries, Egmont meetings, and EU-supported programs

These efforts support Albania’s positioning as a cooperative and compliant jurisdiction in global AML/CFT frameworks.

Technology, Budget, and Capacity Building

• FIA’s 2024 expenditure reached ALL 124 million, with increased investment in IT infrastructure and cybersecurity
• The agency underwent institutional restructuring, adding new staff and enhancing analytical capacity
• 80% of FIA personnel participated in advanced AML/CFT training, including virtual assets, darknet investigations, and FATF standards

Objectives for 2025

Looking ahead, FIA priorities include:

• Preparing for the MONEYVAL 6th round evaluation
• Strengthening risk-based supervision
• Expanding digital intelligence tools
• Deepening public-private cooperation
• Enhancing enforcement against emerging ML/TF risks

Why the FIA Annual Report 2024 Matters

For banks, fintechs, DNFBPs, compliance officers, regulators, and policy makers, the FIA Annual Report 2024 provides:

• Clear insight into regulatory expectations
• Practical intelligence on money laundering typologies
• Benchmarks for compliance effectiveness
• Signals on enforcement and supervisory priorities

As Albania enters a critical evaluation phase, the report highlights a maturing AML/CFT regime focused on risk, coordination, and measurable outcomes.