Financial Crime World

Moldovan Financial Sector and Supervisory Authorities Enhance Awareness of PF-TFS, but Lacking Guidance and Communication

The financial sector and related supervisory authorities in Moldova have demonstrated a growing awareness of the risks associated with the use of PF-FTS (PF-FTS), according to a recent report. However, despite this increased awareness, there is still a lack of guidance and regular communication towards reporting entities, which has resulted in difficulties for DNFBPs (Designated Non-Financial Businesses and Professions) to effectively screen customers against designations lists.

Awareness of PF-FTS Risks

The report highlights that while banks have taken some steps to address the risk of ML/FT (Money Laundering and Financing of Terrorism), including active targeting of shell companies, other measures are mostly limited to applying EDD (Enhanced Due Diligence). Furthermore, DNFBPs, except for notaries, lack a comprehensive understanding of ML/FT risks.

Supervisory Permanent Commission for the Financial Sector

The SPCML (Supervisory Permanent Commission for the Financial Sector) has been recognized as a permanent member to the group, which is expected to enhance international cooperation and information sharing. The SPCML has demonstrated its ability to cooperate with counterparts upon their own initiative and upon requests.

Priority Actions

To address these concerns, priority actions have been identified:

  • Ensuring that reporting entities prioritize the assessment of their business-specific ML/FT threats and vulnerabilities
  • Implementing a new suspicion-based transaction reporting system
  • Providing sufficient resources and capacities to law enforcement agencies to make effective use of financial intelligence

Accessing the Full Report

The full report can be accessed at [insert link].

Contact Information

For further information, please contact:

  • [Your Name]
  • [Email]
  • [Phone]

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