Financial Crime World

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Moldova’s Compliance with FATF Recommendations

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The Financial Action Task Force (FATF) has evaluated Moldova’s compliance with its recommendations, rating the country on a scale of compliant to non-compliant. The evaluation assesses Moldova’s progress in implementing technical requirements to combat money laundering and terrorist financing.

Progress Made

According to the 2019 Mutual Evaluation Report, Moldova showed significant progress in several areas:

  • It was found to be largely compliant with recommendations R.1 (Assessing risk and applying a risk-based approach) and R.11 (Record keeping).
  • Additionally, Moldova demonstrated partial compliance with recommendations related to targeted financial sanctions, including:
    • R.6 (Targeted financial sanctions related to terrorism and terrorist financing)
    • R.7 (Targeted financial sanctions related to proliferation)
    • R.10 (Customer due diligence)

Areas for Improvement

However, the report also identified areas where Moldova requires improvement:

  • The country was found to be non-compliant with recommendation R.14 (Money or value transfer services).
  • It was partially compliant with recommendations:
    • R.20 (Reporting of suspicious transactions)
    • R.21 (Tipping-off and confidentiality)
    • R.38 (Mutual legal assistance: freezing and confiscation)

Recommendations

The evaluation highlighted the importance of:

  • Strengthening Moldova’s regulatory framework
  • Enhancing its financial intelligence unit
  • Improving international cooperation in areas such as:
    • Mutual legal assistance
    • Extradition

Priorities for Financial Institutions

In response to the findings, Moldovan financial institutions are urged to prioritize compliance training to ensure they meet the country’s anti-money laundering and counter-terrorist financing obligations. By investing in employee education and training, these institutions can help prevent financial crimes and maintain public trust.

Conclusion

The FATF report serves as a benchmark for Moldova to assess its progress and identify areas for improvement. As the country continues to implement reforms, it is essential that financial institutions prioritize compliance with international standards to ensure the integrity of the financial system.