Minister Malaj Says Government Approves Amendments to Three Financial Sector Laws to Align with EU Standards

Three laws pertaining to the financial industry have been amended by the Albanian government in an effort to modernize the legal system and bring it closer to EU norms.
The proposed legislation, which introduce changes to the Law on the Payment System, the Law on Payment Services, and the Law on Banks, were presented by Minister of Finance Petrit Malaj after the Council of Ministers met.
In addition to modernizing Albania’s financial system, the Minister claims that these legislative reforms will further harmonize the nation’s legal system with EU directives and aid in Chapter 4-Free Movement of Capital membership negotiations.
Minister Malaj emphasized that by lowering the cost of financial transactions, bolstering consumer protection, improving the security of the financial system, and encouraging more competition and efficiency in the market, the amendments will directly benefit both citizens and businesses. He claims that these actions should enhance the way the financial sector operates and support Albania’s economic growth.