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The Prevention of Money Laundering

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The Prevention of Money LaunderingPage 1LAWNo. 8610 dated 17.05.2000OnThe Prevention of Money LaunderingPursuant to Article 78 and Article 83 Section 1 of the Constitutionand with the proposal of the Council of Ministers The Assembly ofthe Republic of AlbaniaDECIDED:Article 1PurposeThe purpose of this Law is to prevent money launderingobtained through criminal activities and to combat thecommitment in financial crime.Article 2DefinitionsUnless otherwise indicated the following terms in this Lawmean:“Money Laundering” means circulating and recycling moneyderived from criminal activities hereafter called “dirty” money.Money laundering includes:a) depositing alienating transferring and/or exchanging of moneywith the purpose of disguising concealing or denying theappurtenance or source of property derived from criminalactivity;Page 2b) acquiring the right of possessing a property when the subject isaware of each kind of property that derives from criminal activityor from the use of dirty money.c) mediating in favour of someone to deposit alienate transferand/or exchange money with the purpose of disguisingconcealing or denying the appurtenance or source of propertyderived from criminal activity;) participating as a partner in the juridical person with the purposeof disguising concealing or denying the appurtenance orsource of property derived from criminal activity;d) collusion in carrying out the above activities by action orinaction either performed or attempted as well as concealingthe consequences of criminal activity. It also includes thecollaboration of the subject with the criminal customercommitting the penal offence of money laundering byobstructing the giving of information from the subjects asdefined in this Law.For the purpose of this Law “Customer” is the natural person(business or nonbusiness individual) and the l ...

Source: www.anti-moneylaundering.org

 

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