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Moldova Struggles to Keep Up with International Anti-Money Laundering Standards
Moldova has been making progress in implementing effective financial crime prevention strategies, but a recent report by the Financial Action Task Force (FATF) highlights the country’s ongoing challenges in several key areas.
Progress and Challenges
According to the FATF report, Moldova has made significant progress in assessing and mitigating risks associated with money laundering and terrorist financing. However, it still struggles with implementing a comprehensive risk-based approach, as reflected in its largely compliant rating for Recommendation R.1: Assessing risk & applying risk-based approach.
The country also faces challenges in coordinating efforts between different government agencies and law enforcement bodies, earning a similar rating for Recommendation R.2: National cooperation and coordination. Furthermore, Moldova’s laws and regulations regarding money laundering offenses require improvement, leading to a partially compliant rating for Recommendation R.3: Money laundering offence.
Areas Requiring Improvement
In addition to these challenges, the report highlights several areas where Moldova requires improvement:
- Customer due diligence (Recommendation R.10)
- Record-keeping (R.11)
- Internal controls (R.18)
- Strengthening supervision of financial institutions (R.26)
- Regulation and supervision of DNFBPs (R.28)
Breakdown of Ratings
Here is a breakdown of Moldova’s ratings for each recommendation:
| Recommendation | Rating |
|---|---|
| R.1: Assessing risk & applying risk-based approach | Largely compliant (LC) |
| R.2: National cooperation and coordination | Largely compliant (LC) |
| R.3: Money laundering offence | Partially compliant (PC) |
| R.5: Terrorist financing offence | Partially compliant (PC) |
| R.7: Targeted financial sanctions related to terrorism & terrorist financing | Partially compliant (PC) |
| R.10: Customer due diligence | Partially compliant (PC) |
| R.11: Record keeping | Largely compliant (LC) |
| R.18: Internal controls and foreign branches and subsidiaries | Largely compliant (LC) |
| R.26: Regulation and supervision of financial institutions | Compliant (C) |
| R.28: Regulation and supervision of DNFBPs | Largely compliant (LC) |
Note: C = compliant, LC = largely compliant, PC = partially compliant, NC = non-compliant