Moldova’s Anti-Money Laundering and Combating the Financing of Terrorism Best Practices Receive Boost

The Republic of Moldova has made significant progress in combating money laundering and terrorist financing since its initial assessment was conducted, leading to an upgrade in its technical compliance with global standards on anti-money laundering (AML) and combating the financing of terrorism (CFT).

Improvements in Technical Compliance

According to new ratings, two key recommendations have been upgraded:

• Recommendation 6: Implementation of AML/CFT measures in the banking sector: Now considered Largely Compliant.
• Recommendation 7: Use of proceeds from crime for terrorist purposes: Also re-rated as Largely Compliant.

International Cooperation and Assistance

Meanwhile, Recommendation 15, related to international cooperation and assistance, has moved from a Non-Compliant rating to Partially Compliant.

Current Status

Moldova is currently in line with global standards on AML/CFT measures in 34 out of the 40 recommendations assessed. However, six recommendations remain partially compliant, including those related to:

• Preventing the use of shell companies for money laundering and terrorist financing purposes
• Other key areas

Enhanced Follow-Up and Future Expectations

Moldova will continue to be under enhanced follow-up by MONEYVAL, with a commitment to report back on its progress in one year’s time. The country is expected to demonstrate sustained improvements in its AML/CFT measures to further strengthen its position.

Note: MONEYVAL is an independent body that assesses the technical compliance of countries with global standards on anti-money laundering and combating the financing of terrorism.