Financial Crime World

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Moldovan Authorities Emphasize Importance of Implementing Best Practices in AML/CFT

The European Union’s Twinning Project “Enhancing the System of Prevention and Combating Money Laundering and Terrorism Financing in the Republic of Moldova” has come to a close after over 40 months of implementation. The project aimed to establish modern tools and working methodologies in line with international standards and EU practices to prevent and combat money laundering and terrorism financing.

Project Achievements

  • Developed special databases necessary for enforcing the AML/CFT Law
  • Implemented a supervision mechanism for banking, non-banking, and designated non-financial businesses and professions
  • Improved investigation capacities of law enforcement agencies
  • Enhanced the AML/CFT regime in the criminal justice system
  • Strengthened controls on physical cross-border transportation of currency

Project Implementation

The project brought together partners from Moldovan, Lithuanian, Polish, and German authorities to develop tailor-made guidelines, policies, analytical and operational capacities, and strengthen inter-agency cooperation. The Central Project Management Agency ensured the administrative-financial management of the EU Twinning project, working closely with all partners and the EU Delegation to Moldova.

Collaboration and Cooperation

The project fostered collaboration among relevant entities from partner countries, enabling a better exchange of information crucial in combating money laundering and terrorism financing. Mindaugas Petrauskas, Deputy-Director of the Financial Crime Investigation Service under the Ministry of Interior of the Republic of Lithuania, expressed satisfaction with the project’s outcome and thanked BC counterparts for their contribution to achieving results.

Commitment to Best Practices

Adrian Munteanu, Director of the Moldovan Office for Prevention and Fight against Money Laundering, praised the valuable contributions made by MS experts and the high-quality practical expertise shared during study visits. He emphasized the commitment to implementing best EU practices related to AML/CFT.

Sustainability and International Cooperation

Representatives from the EU Delegation to Moldova and other attendees stressed the importance of applying project outputs into practice to ensure sustainability and alignment with best EU practices in preventing and combating money laundering and terrorism financing. The need for international cooperation and assistance in narrower AML/CFT segments was also highlighted.

Project Details

The Twinning project, launched on September 24, 2018, had a total allocated budget of EUR 2 million and was implemented by the MS partners including:

  • Financial Crime Investigation Service under the Ministry of Interior (Lithuania)
  • Ministry of Finance (Poland)
  • The University for Public Administration in Bremen (Germany)
  • BC partner, represented by the Office for Prevention and Fight against Money Laundering (Moldova)