Financial Crime World

Republic of Moldova’s Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Efforts

Introduction

The Republic of Moldova has been actively working on implementing anti-money laundering (AML) and combating the financing of terrorism (CFT) measures. This report provides an overview of the country’s progress in this area, highlighting both achievements and areas for improvement.

Regulatory Framework

International Conventions

  • The Republic of Moldova has ratified several international conventions, including:
    • Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances (Vienna Convention)
    • United Nations Convention against Transnational Organized Crime (Palermo Convention)
    • International Convention for the Suppression of the Financing of Terrorism (FT Convention)

National Legislation

  • The Criminal Code has been amended to align with international conventions, demonstrating significant progress in transposing these obligations into national legislation.

Regulation of International Money Transfers

  • Consideration should be given to the lack of complete information about the person initiating an international money transfer when assessing whether a transfer is suspicious.
  • This highlights the importance of ensuring that all relevant parties have access to accurate and timely information to facilitate effective risk assessment and prevention of illicit activities.

Cooperation and Information Exchange

National Strategy

  • The National Strategy for the prevention and combating of ML/FT sets out the basis for coordination between authorities involved in the AML/CFT sphere, including:
    • Customs Service
    • General Prosecutor’s Office
    • Other relevant agencies

Areas for Improvement

  • National risk assessment: Procedures have been initiated to perform a national assessment of ML/TF risks with the support of the World Bank.
  • Technical assistance: Additional trainings, seminars, and programs of exchange of experience with international counterparts are needed for law enforcement and judicial authorities.

Conclusion

The Republic of Moldova has made significant progress in implementing AML/CFT measures. However, there are areas that require improvement to strengthen these efforts. By addressing these gaps and continuing to work towards a robust framework, the country can further enhance its ability to prevent and combat money laundering and terrorism financing.