Financial Crime World

Moldova Adopts New Measures to Combat Money Laundering and Terrorism Financing

Chisinau, Moldova - The government of Moldova has introduced new regulations aimed at strengthening the country’s efforts to combat money laundering (ML) and terrorism financing (TF).

Enhanced Transparency through Fiscal Code Requirement

According to a recent decree, all payers are now required to include their fiscal code in transactions involving wire transfers. This move is designed to enhance transparency and prevent anonymous transactions.

Complying with Regional and International Initiatives

The decision comes as part of Moldova’s efforts to comply with regional and international anti-money laundering initiatives. The country has ratified several key conventions, including:

  • The Vienna Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances
  • The Palermo Convention against Transnational Organized Crime

Strengthening Anti-Money Laundering Legislation

Moldova has also made significant progress in bringing its anti-money laundering criminal legislation in line with international standards. For example:

  • Article 243 of the Criminal Code was amended in 2007 and 2008 to follow more closely the standards set by these international legal instruments.

Regulating Cooperation and Information Exchange

The government has taken steps to regulate cooperation and information exchange with relevant agencies, including on matters related to:

  • Asset declarations
  • Real estate transactions
  • Tax matters

National Strategy for Prevention and Combating ML/FT

The National Strategy for the Prevention and Combating of ML/FT sets out the basis for coordination between all authorities involved in the AML/CFT sphere.

Plans for Future Action

To further strengthen its measures against ML/TF, Moldova plans to:

  • Perform a national risk assessment
  • Receive financial support from the World Bank to conduct this assessment using the World Bank methodology
  • Seek additional technical assistance to improve training and capacity building for law enforcement and judicial authorities

Minister of Justice’s Statement

“Moldova is committed to combating money laundering and terrorism financing,” said [Name], Minister of Justice. “These new measures will help us to enhance transparency, prevent anonymous transactions, and bring our laws in line with international standards.”

Conclusion

The move is seen as a significant step forward in Moldova’s efforts to combat ML/TF and strengthen its financial sector. The country hopes that these measures will also help to improve its reputation and attract foreign investment.

Source: Ministry of Justice, Republic of Moldova