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Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Laws in Moldova

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Key Points

The anti-money laundering (AML) and combating the financing of terrorism (CFT) laws in Moldova are designed to prevent and punish illicit financial activities. Here are some key points about these laws:

• Sanction Law: The Sanction Law empowers AML/CFT authorities to impose severe penalties, including:
  • Fines
  • Suspension or withdrawal of authorization
  • Prescription (prescription of a decision or order)
  • Public statement
  • Temporary ban on exercising management positions
  • Liquidation
• Terrorist Financing (CTF): CTF is punishable by imprisonment for 5-10 years, a fine of 8,000-11,000 conventional units (€20,000-27,500), or prohibition from carrying out certain activities for up to five years.
• Bribery and Corruption: The Moldovan Criminal Code provides offenses related to bribery and corruption, including:
  • Passive and active corruption in the public sector
  • Offering/accepting bribes in the private sector
• Corporate Liability: Corporate liability has been introduced for legal entities, making them accountable for violating AML/CFT regulations.

Recommendations

To improve the effectiveness of AML/CFT laws in Moldova, the following recommendations are proposed:

• Amend the Criminal Code: Replace “illicit income” with “illicit assets” to align it with the new AML Law’s terminology.
• Reconcile Contravention Code and Sanction Law: Reconcile breaches by reporting entities in the Contravention Code and Sanction Law to prevent double regulation.

Sources

The information presented in this article is based on an analysis of Moldovan laws and regulations related to AML/CFT and bribery/corruption.