Financial Crime World

Moldova Makes Inclusion of Fiscal Code Mandatory to Combat Money Laundering

The government of Moldova has taken a significant step in combating money laundering by making the inclusion of fiscal code mandatory for payers. This move aims to strengthen the country’s anti-money laundering (AML) and countering the financing of terrorism (CFT) framework.

Strengthening AML/CFT Framework

Moldova has been actively working to transpose regional and multilateral AML/CFT initiatives into its domestic legislation. The country has ratified several key conventions, including:

  • Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances (Vienna Convention)
  • United Nations Convention against Transnational Organised Crime (Palermo Convention)
  • International Convention for the Suppression of the Financing of Terrorism (FT Convention)

Improving Criminal Legislation

To improve its AML/CFT framework, Moldova has made significant progress in bringing its criminal legislation in line with international standards. The country’s anti-money laundering criminal legislation has been amended to follow more closely the standards set by international legal instruments.

National Strategy for Prevention and Combating of Money Laundering and Terrorist Financing

Moldova has implemented a National Strategy for the Prevention and Combating of Money Laundering and Terrorist Financing, which sets out the basis for coordination between all authorities involved in the AML/CFT sphere. The strategy requires contributions from various government agencies, including:

  • National Bank of Moldova
  • National Commission for Financial Markets
  • Ministry of Justice

National Assessment of ML/TF Risks

To improve its measures against money laundering and terrorist financing, Moldova has initiated a national assessment of ML/TF risks. The World Bank has accepted to provide financial support for the assessment, which is expected to be completed in 2016.

Technical Assistance and Training Programs

Moldova also requires technical assistance to implement its AML/CFT measures. Additional training programs and seminars for law enforcement and judicial authorities are needed to exchange experience with international counterparts.

Key Takeaways

  • Moldova has made inclusion of fiscal code mandatory for payers to combat money laundering.
  • The country has ratified several key conventions related to anti-money laundering and countering the financing of terrorism.
  • Moldova has implemented a National Strategy for Prevention and Combating of Money Laundering and Terrorist Financing.
  • A national assessment of ML/TF risks is being conducted with financial support from the World Bank.
  • Technical assistance and training programs are needed to implement AML/CFT measures.