Financial Crime World

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Moldova Fails to Meet Global Standards in Financial Regulations

A recent evaluation by the Financial Action Task Force (FATF) has revealed that Moldova’s financial institutions are falling short of meeting international standards for combating money laundering and terrorist financing. The country received a mixed assessment, with some areas showing significant improvement while others remained lagging behind.

Assessment Highlights

  • Largely Compliant: Moldova scored well in several key areas, including:
    • Assessing risk and applying a risk-based approach
    • National cooperation and coordination
    • Customer due diligence
  • Partially Compliant: The country was found partially compliant in other areas, such as:
    • Terrorist financing offence
    • Targeted financial sanctions related to terrorism and terrorist financing
    • Transparency and beneficial ownership of legal persons

Gaps Remain

The report noted that Moldova has made some progress in implementing anti-money laundering and combating the financing of terrorism (AML/CFT) measures, but significant gaps remain. The country’s regulatory framework is still developing, and there are concerns about the lack of effective supervision and enforcement.

Non-Compliant Areas

Moldova was found non-compliant in several areas, including:

  • Confiscation and provisional measures
  • Money or value transfer services
  • Financial intelligence units

Additionally, the country failed to meet international standards for mutual legal assistance, extradition, and other forms of international cooperation.

Recommendations

The FATF evaluation also highlighted the need for Moldova to:

  • Strengthen its regulatory framework
  • Improve supervisory capacity
  • Enhance public-private sector cooperation

Response from Moldovan Authorities

In response to the report’s findings, Moldovan authorities have pledged to work towards implementing the necessary reforms and strengthening their AML/CFT measures. The country has also committed to enhancing transparency and cooperation with international partners.

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