Moldovan Authorities Clarify Procedures for De-Listing and Unfreezing Designated Funds

Introduction

The Republic of Moldova has outlined its procedures for de-listing and unfreezing funds or assets of individuals and entities no longer meeting designation criteria under UN sanctions.

Authority to Issue Decision on Removal of Restrictive Measures

According to Article 34(10) of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Law, the State Intellectual Property Service (SIS) has the authority to issue a decision on removal of restrictive measures upon amendments to the UNSCRs lists. This decision must be taken immediately, but no later than 24 hours from the moment of amendment.

Notification and Publication

The SIS will notify the Sanctions and Compliance Monitoring Laboratory (SPCML), which in turn will inform the relevant authorities that applied the freezing measure. The decision will also be published on the SIS’ official website and notified to the Public Services Agency, Fiscal Service of the State, and other relevant entities through their supervisors.

Request for Exclusion from Additional List

Individuals or entities whose designation was done erroneously may request exclusion from the additional list, which can also be initiated ex officio by the SIS following due examination. The authority must take a decision and any ancillary action within 15 working days.

Review of Designation Decisions

The SPCML will review designation decisions upon request, in coordination with the SIS and in accordance with relevant UN provisions. The United Nations Office of the Ombudsperson also accepts de-listing petitions under UNSCRs 1904, 1989, and 2083.

Challenges for Non-Resident Entities

However, it appears that non-Resident Entities (REs) holding targeted funds or other assets may not receive explicit guidance on their obligation to respect a de-listing or unfreezing action beyond the delisting from the additional list.

Conclusion

The Republic of Moldova’s procedures for de-listing and unfreezing designated funds aim to ensure transparency, efficiency, and compliance with international obligations.