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Moldova Makes Progress in Beneficial Ownership Transparency

The Republic of Moldova has made significant strides in ensuring transparency in beneficial ownership information, according to a recent report by the Global Forum on Transparency and Exchange of Information for Tax Purposes. The country’s commitment to implementing international standards has been recognized as “Largely Compliant” with the exchange of information on request (EOIR) standard.

Comprehensive Framework and Timely Response

The report highlights Moldova’s comprehensive legal and regulatory framework in place to ensure the availability of beneficial ownership, accounting, and banking information. Additionally, Moldova has established a wide network of exchange relationships and organizational processes and resources in place, allowing it to respond to requests from partner countries in a timely manner.

Areas for Improvement

However, the report also identifies some remaining gaps, including:

• A lack of sufficient supervision and enforcement actions to anti-money laundering (AML) obliged persons that are not financial institutions.
• Inadequate measures to address these gaps will hinder Moldova’s ability to remain compliant with international standards.

Key Findings:

• Comprehensive legal and regulatory framework in place for beneficial ownership, accounting, and banking information
• Wide network of exchange relationships and organizational processes in place
• Timely response to requests from partner countries
• Remaining gaps include lack of supervision and enforcement actions to AML obliged persons that are not financial institutions

Recommendations:

• Strengthen supervision and enforcement of the legal requirements for availability of beneficial ownership information
• Continue to address gaps in the implementation of the EOIR standard

Conclusion

The Global Forum’s report is a testament to Moldova’s commitment to transparency and cooperation with international partners. By addressing the remaining gaps, Moldova can further strengthen its reputation as a responsible and transparent jurisdiction.