Financial Crime World

Moldova Makes Strides in Combating Money Laundering and Financing of Terrorism

Strengthened Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Framework

Chisinau, Moldova - The Republic of Moldova has taken significant steps to strengthen its AML/CFT framework, according to a recent assessment. The country’s financial sector, which accounts for 70% of GDP, has been a major focus area for authorities.

  • Elaborate systems and processes have been introduced to monitor dormant companies
  • Systems are in place to uncover signs of value-added tax (VAT) fraud
  • Preventive measures have been implemented to prevent the misuse of legal entities

Suspicious Transaction Reporting (STR)

  • Authorities have demonstrated a substantial level of effectiveness in assessing ML/FT risks and domestic coordination
  • The country’s Financial Intelligence Unit (FIU) has been reformed, establishing a risk-based approach to the application of preventive measures

Addressing Corruption

  • The government has taken steps to address corruption, including the adoption of an Action Plan aimed at addressing identified shortcomings
  • While corruption remains a major challenge in Moldova, the country is committed to addressing it

Areas for Improvement

  • Technical deficiencies related to politically exposed persons (PEPs)
  • Enhanced due diligence (EDD) measures
  • Collection and use of financial intelligence

Commitment to AML/CFT

  • The assessment demonstrates that Moldova is taking concrete steps to address the risks associated with money laundering and financing of terrorism
  • The country’s commitment to AML/CFT has been recognized by international organizations
  • Cooperation with other countries has been deemed satisfactory

“The assessment demonstrates that Moldova is taking concrete steps to address the risks associated with money laundering and financing of terrorism,” said a government spokesperson. “We are committed to continuing our efforts to strengthen our framework and cooperate with international partners to ensure the integrity of our financial system.”

Conclusion

The assessment was conducted by [insert name of assessing organization or agency]. The full report is available on their website.

Moldova’s commitment to AML/CFT has been recognized, and its cooperation with other countries has been deemed satisfactory. While there are areas for improvement, the country has made significant progress in combating money laundering and financing terrorism.