Financial Crime World

Combating Financing of Terrorism Best Practices Take Center Stage at Anti-Money Laundering Training

Chisinau, Moldova - A Step Towards Financial Sector Transparency and Efficiency

Over 200 professionals gathered in Chisinau last week for the third and final installment of a highly anticipated anti-money laundering and combating financing of terrorism (AML/CFT) training series organized by the National Commission for Financial Markets and the USAID Moldova Financial Sector Transparency Activity.

Strengthening Capacities to Prevent Financial Crime

The event, held on January 26, brought together experts from across the globe to share the latest trends and legislative amendments in AML/CFT regulation. The training series, launched in February 2022, aimed to strengthen the capacities of professionals working in the field to prevent and combat financial crime effectively.

Keynote Remarks

  • Cornelia Cozlovschi, Chairwoman of the National Commission for Financial Markets:
    • Emphasized the gravity of money laundering as a threat to international security.
    • Stressed that combating money laundering is essential in fighting corruption and illegal income.
  • Matthew Macellaro, Director of the USAID FSTA Project:
    • Highlighted the initiative’s efforts to improve Moldova’s financial sector transparency and efficiency through IT solutions implementation, staff training, and legal framework adjustments.
    • Noted that strengthening AML/CFT compliance capabilities is a priority for the project.

Regulatory Framework and Best Practices

  • Andrian Munteanu, Deputy Director of the Office for Prevention and Fight against Money Laundering (FIU):
    • Welcomed participants and emphasized the national authorities’ focus on developing an effective AML/CFT system and adjusting the regulatory framework to international standards.
    • Announced plans to increase effectiveness, capacity building, and dialogue with reporting entities following amendments to Law no. 308/2017 on AML/CFT.

Panel Discussions and Presentations

The training agenda featured panel discussions and presentations addressing current topics such as:

  • Trends in AML/CFT regulation
  • Transaction monitoring
  • Red flags
  • Industry representatives shared their challenges and expectations for authorities
  • Experts from the USA and Lithuania presented best practices in transaction monitoring and e-KYC procedures

Award Ceremony

The event concluded with an award ceremony, where participants received certificates after completing the three-part training series. The gathering marked a significant milestone in Moldova’s efforts to combat financing of terrorism and strengthen its financial system against money laundering threats.

Conclusion

The AML/CFT training series is a crucial step towards improving Moldova’s financial sector transparency and efficiency. The event brought together experts from around the world to share best practices and regulatory updates, demonstrating a commitment to combating financing of terrorism and preventing financial crime.