Financial Crime World

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Moldova Takes Steps to Enhance Anti-Money Laundering Training

In a bid to strengthen its anti-money laundering (AML) measures, Moldova has made significant progress in implementing the technical requirements of the Financial Action Task Force (FATF) recommendations. According to a recent report, the country has achieved compliance or largely compliance on 15 out of 40 FATF ratings.

Assessment and Risk-Based Approach

Moldova excels in assessing risk and applying a risk-based approach, earning an “Largely Compliant” rating for Recommendation R.1. The country also performs well in terms of national cooperation and coordination (R.2), as well as targeted financial sanctions related to terrorism and terrorist financing (R.6).

Areas for Improvement

However, there are areas where Moldova needs improvement. For instance:

  • Regulation and supervision of DNFBPs (R.28) and transparency and beneficial ownership of legal persons (R.24) have been rated “Non-Compliant”.
  • Moldova has struggled to implement measures for new technologies (R.15) and reporting of suspicious transactions (R.20).

Progress in AML Training and Awareness

Despite these challenges, Moldova’s efforts to enhance AML training and awareness are yielding positive results. The country has:

  • Implemented customer due diligence requirements for financial institutions (R.10).
  • Established internal controls and foreign branches and subsidiaries (R.18).
  • Set up a financial intelligence unit (R.29) and powers of law enforcement and investigative authorities (R.30).

Government Commitment to AML Training

The government’s commitment to AML training is reflected in its recent initiatives to educate financial institutions and professionals on the importance of preventing money laundering and terrorist financing. These efforts have been praised by international organizations, which recognize Moldova’s progress towards achieving greater technical compliance with FATF standards.

Conclusion

As Moldova continues to work towards improving its AML regime, it is clear that the country remains committed to combating financial crime and protecting the integrity of its financial system.