Financial Crime World

Moldova’s AML/CFT Regulations: A Country-by-Country Breakdown

Moldova has recently requested technical assistance from the EU Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Global Facility in 2024, with the European Commission’s endorsement. The project’s team conducted a scoping mission in June 2024 to identify the country’s needs in combating money laundering and terrorist financing.

The Scoping Mission

The scoping mission involved a series of meetings with key stakeholders, including:

  • Moldova’s national Financial Intelligence Unit (FIU)
  • Anti-Corruption Centre
  • Anti-Corruption Prosecutors Office
  • General Prosecutors Office
  • Other relevant state agencies
  • Representatives from civil society organizations
  • The EU Delegation in Chisinau

Moldova’s Bilateral Activities

Moldova has been actively involved in bilateral activities since September 2023, focusing on various topics such as:

  • AML/CFT regulations
  • Risk assessments
  • Suspicious transaction reporting

Additionally, Moldova participates in regional activities, including the FATF (Financial Action Task Force) Recommendation 8 consultation that began in January 2021.

Regional Meetings

Moldova has hosted several regional meetings, including:

  • A working meeting in Amman, November 2021, which brought together MENAFATF countries to discuss the revision of FATF Recommendation 8
  • The 2nd Meeting of the High Level Experts Working Group
  • An Oversight Group Meeting on the Implementation of Terrorist Financing Risk Assessments in NPOs (Argentina)
  • A global conference titled “Risk and Consequence: The Future of FATF Recommendation 8 for Financial Integrity and for Civil Society” held in Amman
  • A final conference on legal approaches to evidentiary challenges in money laundering prosecutions and confiscation proceedings in Siracusa

Conclusion

Moldova’s efforts demonstrate its commitment to strengthening its AML/CFT regulations and combating financial crimes. As the country continues to work towards implementing FATF recommendations, it is crucial that it maintains a robust regulatory framework to prevent money laundering and terrorist financing.

Key Takeaways

  • Moldova has requested technical assistance from the EU AML/CFT Global Facility in 2024.
  • The scoping mission identified key stakeholders and needs for combating money laundering and terrorist financing.
  • Moldova participates in bilateral activities on AML/CFT regulations, risk assessments, and suspicious transaction reporting.
  • The country hosts regional meetings to discuss FATF Recommendation 8 and other topics related to financial integrity.