Moldova Makes Progress in Fight Against Money Laundering Techniques
The Republic of Moldova has made significant strides in its efforts to combat money laundering techniques and prevent financial crimes, according to a recent assessment by the international anti-money laundering (AML) watchdog.
Technical Compliance with Global AML/CFT Standards
Moldova’s technical compliance with global AML/CFT standards, known as the FATF Recommendations, has been re-rated following a thorough review. The country has made substantial progress in implementing measures to combat money laundering and terrorist financing, prompting an upgrade from Partially Compliant to Largely Compliant for Recommendations 6 and 7.
Upgrades in AML/CFT Implementation
- Recommendation 15 was upgraded from Non-Compliant to Partially Compliant, demonstrating the country’s commitment to strengthening its AML/CFT regime.
- The assessment found that Moldova had made significant progress in implementing measures to combat money laundering and terrorist financing.
Areas for Improvement
While Moldova has made significant strides, six recommendations remain partially compliant:
- R.8
- R.15
- R.22
- R.24
- R.25
- R.38
The country will continue to be subject to enhanced follow-up by MONEYVAL, the international organization responsible for monitoring AML/CFT compliance.
Future Progress and Cooperation
Moldova is expected to report back on its progress in one year’s time, providing an update on its efforts to strengthen implementation of AML/CFT measures. The country’s continued cooperation with MONEYVAL will be crucial in ensuring that it remains on track to effectively prevent and combat money laundering techniques and other financial crimes.
By continuing to work together, Moldova is expected to make further progress in the fight against money laundering and terrorist financing, ultimately protecting its financial system and preventing criminal activities.