Financial Crime World

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Moldova Admits SPCML as Permanent Member of Financial Sector Group

Chisinau, Moldova - In a significant move, Moldova’s financial sector has accepted the Specialised Commission for Combating Money Laundering and Terrorism Financing (SPCML) as a permanent member of their group. This decision comes amidst growing concerns over the country’s vulnerability to money laundering and terrorist financing.

Strengthening Financial Sector

The move is seen as a major step forward in strengthening Moldova’s financial sector, which has been criticized for its lack of awareness and guidance on these issues. The SPCML will now play a key role in monitoring and combating money laundering and terrorist financing activities in Moldova.

Study Highlights Concerns

According to a recent study, many reporting entities (REs) in Moldova have shown a lack of understanding of money laundering (ML) and terrorist financing (TF) risks. The study found that:

  • Only banks and some non-bank financial institutions demonstrated adequate awareness.
  • REs were not taking sufficient screening steps beyond checking against designated lists.

SPCML’s Membership to Address Issues

The SPCML’s membership will help address these issues by providing expertise and guidance to the financial sector on combating ML/TF. The commission has already demonstrated its ability to cooperate with international partners, and its presence is expected to enhance Moldova’s capability for providing and seeking cooperation in these areas.

Recommendations for Moldovan Authorities

In related news, Moldovan authorities have been urged to:

  • Prioritize the assessment of business-specific ML/TF threats and vulnerabilities.
  • Implement a suspicion-based transaction reporting system.
  • Challenge courts with more money laundering cases.
  • Provide law enforcement agencies with sufficient resources and capacities to effectively use financial intelligence.

Positive Impact on International Reputation

The admission of SPCML is seen as a major step forward in Moldova’s efforts to strengthen its financial sector and combat ML/TF. It is expected to have a positive impact on the country’s international reputation and attractiveness to foreign investment.