Financial Crime World

Moldova Strengthens Measures Against Money Laundering and Terrorist Financing

New Measures to Combat Money Laundering and Terrorist Financing

In an effort to combat money laundering and terrorist financing, the Republic of Moldova has introduced new measures to ensure greater transparency in international money transfers.

Participating Banks Required to Include Specific Information

According to a letter of attorney, participating banks will be required to include specific information on payers when accompanying international money transfers. This includes:

  • The payer’s first and last name
  • Unique reference number of the transfer
  • Address or national identity number
  • Date and place of birth

Enhanced Due Diligence by Postal Service

The representatives of Posta Moldovei, Moldova’s postal service, have been performing customer due diligence (CDD) for all customers regardless of the amount transferred. Additionally, when performing outgoing transfers, copies of identification documents are sent together with the money to receiving institutions.

Commitment to Combating Money Laundering and Terrorist Financing

Moldova has ratified several international conventions, including:

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

National Strategy for Prevention and Combating of Money Laundering and Financing of Terrorism

The National Strategy for the Prevention and Combating of Money Laundering and Financing of Terrorism (2010-2012) sets out the basis for coordination between all authorities involved in the AML/CFT sphere. The strategy requires:

  • Cooperation and information exchange with relevant agencies
  • Matters related to asset declarations, real estate transactions, and tax matters

National Assessment of Money Laundering and Terrorist Financing Risks

Moldova is currently undergoing a national assessment of money laundering and terrorist financing risks, which will be performed using the World Bank methodology starting in 2015. The World Bank has accepted to offer financial support for this assessment.

Technical Assistance Needed

Additional technical assistance is needed to improve the measures described above. This includes:

  • Training for law enforcement and judicial authorities
  • Seminars and programs of exchange of experience with international counterparts

Government Commitment

The Moldovan government is committed to combating money laundering and terrorist financing, and these new measures demonstrate its commitment to transparency and cooperation in this regard.