Legal Framework for the Prevention
Legal Framework for the Prevention
Albania’s decision to do a foreign business is an interesting one, the enthusiasm for the dynamics of Albania’s liveliness, so it challenges in another time. Albania has an additional favorable geographical position that bridges the south-eastern Balkans and Western Europe. Natural resources above the Earth’s surface are no more than the Mediterranean climate with long sandy and rocky coastline to the south. The country’s north is facilitated by those who cannot create micro climates in an area just before 28,748 km2.
Albania has an economy that tends to develop continuously but is still fragile. Domestic policies encourage and facilitate fiscal procedures and legislation on foreign investment and the opening of business trade. New business needs and initiatives with choice, revitalization and economic life are welcome in the Albanian market.
From this perspective, I would be interested in foreign and Albanian business, knowing the consumer’s needs, lack of local products and products for opening new markets, establishing new sales businesses, or opening branches of foreign companies in Albania.
Our country seeks to pursue politics to achieve healthy social, economic, and political health. If you can fill the gaps of a hitherto “messy for control and regulation” environment with the goodwill of joining the European Community, adapting to European directives and standards online. Standard and regulations are translators of laws, guidelines, and local orders to implement all subjects and rules. Albania’s legal, regulatory package for business activity is the legal framework for preventing Money Laundering and Terrorist Financing (PPP and FT).
With the conclusion of the master cycle and with the choice of the topic of diplomacy, you will practice in a way to gather the legal requirements and documentation required by the rules of PPP and FT, which are mandatory to complete the business before deciding to do banks and second-tier, or with other institutions operating in the ton. This paper can serve as a preliminary basis for a company to get acquainted reasonably with the conditions and requirements that must be met to act by the Albanian regulatory framework for PPP and Terrorist Financing.
The Arm Regulator for the PPP and FT regulator should shed light on liabilities, and financial institutions operate with international standardization to minimize tax evasion by their citizens. The obligation to perform the task by the United States Force, FATCA, and the OECD directive on exchanging fiancé information between other states must be enforced.
Non-Profit Organizations (NGOs)
The NGO is characterized by being part of a country’s economy and social life engine. Because organizations are often encouraged to carry out their mission to help alleviate society’s problems.
In assessing the FATF recommendations, these organizations are monitored. They should be exercised by lecturing and improvement, not for the fact that it carries out “non-profit” activity, but for the possibility of using the terrorist organization to raise funds and finance terrorism. . In the sense of the NGO in an objection that creates my banks and other financial institutions should provide:
-Vocabulary information and sufficient to understand the source of their funding
– Nature of activity
. The way it has administered the funds and transactions performed
Qartë identify donors
Regarding the above, the NGO is part of the group of clients that require continuous monitoring and should be ready to be used in banking information for the information and documentation mentioned above in point 8 e).
Non-Resident Businesses
Financial institutions use a sales law and European directives on PPP and FT and define high-risk non-resident businesses. The main factor that increases the risk of non-resident entities is mainly the country of origin. High-risk countries or geographical areas, according to the FATF assessment, valid values that do not apply to PPP / FT, seek to lower their taxes to claim “Fiscal Paradise” or “Offshore”; Countries with sanctions or embargoes like Iran; North Korea; Syria, etc .; Countries that have been identified with corruption and high crime rates.
In determining the residence (fiscal residence), the Albanian tax legislation is being done in the following criteria:
a) For legal entities (companies):
– The place where the headquarters is located or the right place or incorporation, i.e., the site according to the legislation of which the company is established and registered.
b) For individuals:
– The place where the individual has a permanent residence at his disposal;
– The place where his vital interests are most closely related (where he has family and economic interests);
– The place where he stays physically for most of the year (more than 183 days), etc.
Individuals or legal entities that seek to conduct business must enter into a business relationship with a bank or other financial institution must have sufficient arguments and reasons before accepting them as a customer. The information submitted to the bank must be entirely based on reliable source documents, translated and notarized in Albanian. Their activity is subject to enhanced vigilance and monitoring by banks and supervisory authorities such as GDPML.
Liabilities of Banks and Businesses to PPP and FT
In addition to customer identification obligations, financial institutions are required to:
. Identify any bank customer (with at least one product) or any passing customer who performs a cash transaction for ALL 100,000 and the equivalent of this value in other currencies.
. Identify any customer seeking to make a transfer within or outside the country or a transaction in an amount equal to or greater than 100,000 (one hundred thousand) ALL or its equivalent in foreign currencies.
. Report each transaction in cash that reaches the threshold of 1,000,000 ALL as a single transaction or as the sum of aggregate transactions within 24 hours and the equivalent of this value in foreign currency.
– Require clients to accompany border and cross-border transfers with accurate data on the purpose of the transaction, the source of funds, the name of the beneficiary of the funds, the title of the beneficiary bank, and the destination (beneficiary state).
. Based on the assessment of the transfer’s value, the beneficiary of the funds, the bank, and the host country, the bank has the right to request proof documents for the information provided.
– Report indiscriminately the suspicious transactions or behaviors of customers who do not have a sound economic or legal logic, regardless of the value of the marketing or transactions performed.
