EU Ambassador Soreca' s opening speech at the international conference on "Transparency of Beneficial Ownership"

I would first like to thank the Council of Europe for the organisation of this event under the auspices of the Horizontal Facility, co-funded by the European Union.

The EU is actively engaged at international level – G7, G20 and in the Financial Action Task Force - to step-up measures against money laundering and terrorist financing.

The EU had a very strong response to these threats with the adoption of the Fourth Directive on Anti-Money Laundering / Countering Terrorist Financing and with the Funds Transfer Regulation in May 2015. This legislation aimed at implementing the revised Financial Action Task Force recommendations, from 2012, and provides for the introduction of central registers on beneficial ownership information in all Member State. 

A Fifth Directive was adopted in May this year. The changes tackle new means of financing terrorism (e.g. virtual currencies, pre-paid cards) and increase even further the transparency of beneficial ownership to combat money laundering.  

In accordance with the new legislation the European Commission shall also identify high-risk third countries, which present strategic deficiencies in their regimes on anti-money laundering and countering terrorist financing.

The Commission is now carrying out a more autonomous assessment of third countries, which will complement the listing on the basis of the Financial Action Task Force lists. The list is expected by the end of 2018.

Moreover, the Commission has strengthened its support to third countries in complying with the legal requirements of United Nations Security Council Resolutions and Financial Action Task Force recommendations on anti-money laundering / countering terrorist financing.

EU assistance projects are ongoing in most of the countries you are representing here today. The EU is already providing support to authorities, in particular via trainings to the police and Prosecutor Offices.

Turning to all partners from enlargement countries present here today, you know very well that strengthening the fight against organised crime, corruption, and money laundering is a top priority for the EU in its relations with your countries. There was clear reference to that priority in the Western Balkans Strategy adopted by the Commission last February. It was also clearly stated by Heads of States at the Sofia Summit held in May.

Building a stronger track-record of investigations, prosecutions and final convictions on these crimes is a key condition for you to make decisive progress on your respective EU accession path.

This is why the EU is calling on you to make particular efforts to achieve an early alignment of your legislation with the EU legislation, no matter where you stand on your EU accession paths.   

Turning now more specifically to Albania, the last Moneyval report clearly urges Albania to swiftly implement all the Financial Action Task Force recommendations, since a number of strategic deficiencies were noted.

Let me welcome the adoption of an Action Plan by the Albanian Government in September which aims at coordinating the full implementation of the Moneyval recommendations, with clear deadlines for each service involved.

All actors should strictly adhere to this Action Plan and meet the deadlines set. Albania has to deliver now to avoid a "grey listing" by the Financial Action Task Force in early 2020.

I wish you fruitful exchanges during these two days. It is essential that experts and policy makers get together to exchange experience and share best practices on this difficult issue of beneficial ownership. I am very glad that the Horizontal Facility financed by the EU and the Council of Europe is making it happen.