Moldova’s Efforts to Combat Money Laundering and Terrorism Financing Intensified

The National Bank of Moldova recently hosted a seminar in collaboration with the EU High Level Advisers’ Mission to strengthen its efforts against money laundering and terrorism financing (AML/CF). The event brought together over 20 participants, including top officials from the National Bank of Moldova, including Governor Anca Dragu, executive management members, and relevant departments.

Combating Money Laundering and Terrorism Financing: Best Practices

EU High Level Adviser on Financial Services Nicolae Grigore delivered a presentation highlighting best practices for Central Banks in identifying risks associated with money laundering and terrorism financing. Drawing on his extensive experience in the field, Grigore emphasized the importance of adopting a risk-based approach and conducting ongoing AML/CF risk assessments of entities supervised by the Central Bank.

Establishing Sanctions and Supervisory Measures

The seminar also delved into the procedure for establishing sanctions and supervisory measures to ensure consistency and effectiveness. The event provided a valuable platform for exchanging best practices and supporting the improvement of supervisory and regulatory policies and practices in the fight against money laundering and terrorism financing.

Importance of Dialogue and Cooperation

Experts and relevant institutions gathered at the seminar, underscoring the importance of dialogue and cooperation in this critical field. The National Bank of Moldova’s commitment to strengthening its AML/CF measures is a significant step forward in the country’s efforts to combat financial crime.

Key Takeaways

• Adopting a risk-based approach is crucial for identifying risks associated with money laundering and terrorism financing.
• Conducting ongoing AML/CF risk assessments of entities supervised by the Central Bank is essential.
• Establishing sanctions and supervisory measures is necessary to ensure consistency and effectiveness in combating financial crime.
• Dialogue and cooperation are critical in this field, and the National Bank of Moldova’s commitment to strengthening its AML/CF measures is a significant step forward.