Financial Crime World

Financial Crime Investigation Techniques in Moldova, Republic of: A Cry for Help from the EU

Four years have passed since financial crimes devastated Moldova’s economy and compromised its trust with partners and citizens. Despite numerous attempts at legalization, blockages, distortions, and information filtering by authorities, the issue remains a hot potato.

The Cost of Inaction

  • The National Bank reserves have suffered a staggering loss of over $1 billion.
  • Around $22 billion was laundered through Moldova into EU accounts.

The lack of credible and transparent investigation has allowed corruption to settle in, becoming an impediment to democratic institutions’ functioning in the country.

A Recipe for Disaster

Despite reforms accelerated after the banking sector was used for massive money laundering and robbery of 15% of the country’s GDP, authorities are trying to position these as an acceptable alternative to investigating, prosecuting, and recovering assets. This “Too Big to Jail” approach is a recipe for disaster.

The Need for EU Intervention

Corruption has reached alarming levels in Moldova, making it clear that the country cannot overcome it from within. The European Union must step in directly to:

  • Investigate financial crimes
  • Prosecute those responsible
  • Support an independent asset recovery mechanism – far beyond the reach of Moldovan authorities

The EU’s Direct Involvement

The EU’s direct involvement is crucial as these crimes have affected the EU’s financial system and pose a risk to its security. Personal sanctions against individuals involved in the process, including those from administration, business, and politics, are essential to discourage such actions in the future.

Supporting Moldovan Democracy and Anticorruption Efforts

The EU must support Moldovan democracy and anticorruption efforts, acting in accordance with the European Parliament Resolution of September 13, 2017. Article 18 of the EU-Moldova Association Agreement must be enacted. The authorities will not act; someone has to, and the European Union is in the best position to do so, following its own interests, values, commitments, and legislation.

Conclusion

It is imperative for the EU to take direct action in investigating financial crimes in Moldova, prosecuting those responsible, and supporting an independent asset recovery mechanism. The stakes are high, and only a unified effort can bring about justice and accountability.