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Moldova’s Efforts to Combat Money Laundering Receive Boost from MONEYVAL Report

The Republic of Moldova has made significant strides in strengthening its measures to combat money laundering and terrorist financing, according to a new report released by the Council of Europe’s anti-money laundering body, MONEYVAL. The upgrade in ratings reflects Moldova’s good progress in complying with Financial Action Task Force (FATF) standards.

Positive Developments

• The expansion of entities required to conduct customer due diligence
• Addressing previously identified deficiencies regarding high-risk countries
• Strengthened requirements for financial institutions dealing with politically exposed persons

However, despite these improvements, MONEYVAL’s rating for Moldova in the area of new technologies was downgraded. The country failed to meet international standards for virtual assets, which include prominent cryptocurrencies and their providers.

Minor Deficiencies

• Need for a more comprehensive definition of close associates of politically exposed persons
• Lack of customer due diligence requirements in certain sectors

Moldova is expected to submit a follow-up report to MONEYVAL within a year, detailing its progress in strengthening its anti-money laundering and counter-terrorism financing measures. The country’s efforts to combat money laundering have been praised by MONEYVAL, which has recognized Moldova’s commitment to improving its financial regulatory framework.

Overall, the report acknowledges Moldova’s significant strides in combating money laundering and terrorist financing, while also identifying areas for improvement. With a follow-up report on the horizon, it remains to be seen whether Moldova will continue to make progress in this area.