Report on the assessment of impact of the Albania beneficial ownership law in the context of the extractive industry

Albania’s EITI beneficial ownership assessment reviews the country’s progress in disclosing the beneficial owners of companies in the extractive sector. It includes an annexe based on National Business Center (QKB) data dedicated to the sector.

Beneficial ownership (BO) transparency is essential in addressing corruption, financial crimes, and fostering economic development. This study evaluates the global significance of BO transparency and its specific implications for Albania, a country navigating challenges in governance and its extractive industry. 

Globally, initiatives such as the Financial Action Task Force (FATF) and the Extractive Industries Transparency Initiative (EITI) underscore the importance of identifying the true owners of companies to combat illicit activities. Albania’s adoption of the Law on the Registration of Beneficial Owners (Law No. 112/2020) signifies alignment with these international standards. However, implementation needs more work, particularly in enforcement and data accuracy, which hinder its full potential. 

The extractive industry in Albania—rich in resources like oil, gas, and minerals—is highlighted as a critical sector where BO transparency can significantly reduce corruption and attract foreign investment. By adhering to EITI standards, Albania can enhance governance, boost investor confidence, and ensure sustainable community benefits. Recommendations include enhancing enforcement mechanisms, improving the accessibility of BO registries, and fostering international collaboration to address cross-border challenges. These measures are pivotal not only for Albania’s internal development but also for advancing its European Union membership aspirations.