Financial Crime World

Combating Terrorist Financing Methods in Moldova: A Top Priority

Strengthening Moldova’s Financial Sector Against Money Laundering and Terrorism

CHISINAU, REPUBLIC OF MOLDOVA - In a major effort to combat money laundering and terrorist financing, over 200 professionals gathered for the third Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) training organized by the National Commission for Financial Markets and USAID Moldova Financial Sector Transparency Staff.

Background

The AML/CFT training series was launched in February 2022 by the National Commission for Financial Markets (NCFM) and United States Agency for International Development (USAID) Moldova Financial Sector Transparency Activity (FSTA). The goal of this initiative is to enhance the capacities of professionals working in the field to prevent and combat financial crime effectively.

Keynote Address

In her keynote address, Cornelia Cozlovschi, Chairwoman of the NCFM, emphasized the importance of combating money laundering as a key concern for the financial system and citizens’ security. “The money laundering and terrorist financing risk are a threat to the entire international community,” she stressed. “That’s why we consider combating money laundering as an essential way of fighting corruption and legalization of illegal income.”

Initiatives Supported by FSTA

Matthew Macellaro, Director of the USAID FSTA Project, highlighted the initiatives supported by FSTA to improve the Moldovan financial sector’s transparency and efficiency through state-of-the-art IT solutions implementation, staff training, and legal framework adjustment. “The money laundering phenomenon poses serious risks to the financial system’s integrity and stability,” he pointed out. “This is why strengthening AML/CFT compliance capabilities is a priority for our project.”

Expert Panel Discussions

The training agenda included panel discussions and presentations addressing several current topics, including:

  • Trends and developments in AML/CFT regulation: Experts from the USA and Lithuania shared best practices and experiences in implementing AML/CFT requirements.
  • Transaction monitoring and red flags: Industry representatives highlighted the challenges they face when complying with these regulations.
  • Remote customer identification: The importance of adapting to changing technologies and ensuring effective compliance.

Conclusion

The event concluded with an award ceremony, during which participants received certificates for completing the three trainings. The successful completion of this training series marks a significant step forward in Moldova’s efforts to combat terrorist financing methods and strengthen its financial sector.

By strengthening AML/CFT compliance capabilities, Moldova is taking concrete steps towards preventing money laundering and terrorist financing, ensuring the integrity and stability of its financial system, and protecting its citizens’ security.