The Albanian Securities Exchange (ALSE) held on November 8th 2018, a meeting with the representatives of World Bank which are in the process of preparing the Report of Auditing and Accounting Codes and Standards, as part of the project also supported by the Center for Financial Reporting Reform (CFRR).
During this meeting, Mr. Gjergji expressed his support on the initiative taken by the Albanian Government related to the war against Tax Evasion and Anti Money Laundering and Terrorism Financing procedures (AML/FT). Mr. Gjergji suggest that these reforms should not remain only at operational level (e.g. frequent controls by tax and/or law enforcement authorities), but should pass in reforms of a structural level.
Mr. Gjergji expressed that structural reforms should be supported in three main directions related with:
1. Continuation of successful collaboration between Albanian Government and World Bank related with a more rigorous implementation of business crediting policies based only on officially declared Financial Statements by business community to Tax authorities.
2. Supporting and promotion of Capital Markets and the development of Albanian Securities Exchange (ALSE) as one of the most important pillars that, among other things, support in an unconditional way the war against Tax Evasion as a result of higher financial transparency required in this regulated market.
3. Enhancing the financial data quality of accounting and auditing process, which should be carried out by:
- standardization of the financial reports publication ( ongoing);
- undertaking initiatives for a more rigorous certification and control of professional accountants and legal auditors;
- establishing and supporting Rating Companies that will rate the businesses which will be listed in ALSE and;
- encouraging and promoting of Corporate Governance Principles.
Finally, Mr. Gjergji informed the World Bank experts on the financial reporting criteria that are actually required by regulative framework of Albanian Securities Exchange during the pre-listing process (1-2 years audited financial statements in full compliance with International Financial Reporting Standards). Likewise, based on the regulative framework, it is required a periodic reporting (once a year) from listed subjects, to publish on ALSE website their financial statements prepared in full compliance with International Financial Reporting Standards.