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Preventing Money Laundering and Terrorist Financing in the Republic of Moldova

Overview

The Republic of Moldova has implemented regulations to prevent and combat money laundering and terrorist financing. This article summarizes the key points related to the risk-based approach and national risk assessment.

Risk-Based Approach

According to Article 6 of Law 308/2017, reporting entities in the Republic of Moldova must apply a Risk-Based Approach to determine the extent of vulnerabilities and risks related to money laundering and terrorist financing. This approach allows for measures to prevent or mitigate money laundering and terrorist financing that are proportionate to the identified risks.

Key Points of the Risk-Based Approach

• Prevention and Mitigation: Measures to prevent or mitigate money laundering and terrorist financing must be proportionate to the identified risks.
• Allocation of Resources: The risk-based approach facilitates the allocation of resources to reporting entities in an efficient manner, prioritizing the identification of main risks and vulnerabilities.

National Risk Assessment (NRA)

The Republic of Moldova is required to undertake a National Risk Assessment (NRA) to identify, analyze, and recognize money laundering and terrorist financing risks faced by the country. Identifying national risks will influence the determination of control measures applied to specific products or sectors.

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