Although it’s considered to be one of the sectors with the highest risk for money laundering, the currency exchange market has seen a real boom last year with the opening of 56 new bureaux de change, which takes the total number across the country to 583. However, 2022 also saw a record number of licenses being revoked. According to the country’s central bank, the number of licenses which were revoked last year amounts to 29.
Meanwhile, the number of inspections carried out on these activities has been quite high, as authorities consider the sector to be high-risk as far as money laundering is concerned.
In 2022, the Bank of Albania has inspected 70 bureaux de change, while the country’s Financial Intelligence Unity has carried out 17 inspections on these outlets, which have a legal obligation to report suspicious cases of money laundering. (Source: Scan TV)