Financial Crime World

Moldova Strengthens Anti-Money Laundering Measures

The Republic of Moldova has made significant progress in strengthening its anti-money laundering (AML) measures, with a focus on enhanced due diligence, international cooperation, and information exchange.

Enhanced Due Diligence and International Cooperation

According to Article 6, paragraph 6(b) of the AML/CFT Law, wire transfer reporting entities are required to apply enhanced due diligence measures if there is lack of sufficient information about the sender’s identification. The Regulation on the Activity of Banks within the International Money Transfer Systems also stipulates that the lack of complete information about the person who initiated an international money transfer will be considered a factor in assessing whether the respective transfer is suspicious.

Multilateral and Regional Initiatives

Moldova has ratified several regional and multilateral anti-money laundering initiatives, 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)

Domestic Legislation

The country has also transposed the Vienna and Palermo Conventions by amending its anti-money laundering criminal legislation. Specifically, Article 243 of the Criminal Code, as amended in 2007 and 2008, follows more closely the standards set by these international legal instruments.

National Strategy for AML/CFT

The National Strategy for the Prevention and Combating of Money Laundering/Financing of Terrorism (2010-2012) sets out the basis for coordination between all authorities involved in the AML/CFT sphere. The strategy outlines the roles and responsibilities of various institutions, including:

  • National Bank of Moldova
  • National Commission for Financial Markets
  • Ministry of Justice
  • Other relevant agencies

Ongoing Efforts to Strengthen Measures

To strengthen its measures, Moldova has initiated procedures to perform a national assessment of money laundering/terrorism financing risks, with financial support from the World Bank. The country is also seeking technical assistance in the form of:

  • Additional trainings
  • Seminars
  • Programs of exchange of experience with international counterparts for law enforcement and judicial authorities

Challenges and Next Steps

Moldova faces specific challenges related to the lack of complete information about the person who initiated international money transfers and the need for enhanced due diligence. The country is working to address these challenges through cooperation and information exchange with relevant agencies, including on matters related to:

  • Asset declarations
  • Real estate transactions
  • Tax matters

Contact Information

Contact: [Name], Ministry of Finance, Republic of Moldova Fiscal Code: [Insert fiscal code if applicable]