Financial Crime World

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MOLDOVA, REPUBLIC OF: AML TRAINING EFFORTS UNDER SCRUTINY

The Republic of Moldova has undergone several evaluations to assess its anti-money laundering (AML) training efforts. The country’s commitment to combating financial crimes has been subject to scrutiny by international experts.

Evaluation Results

In the latest evaluation round, conducted between October 1-12, 2018, Moldovan authorities demonstrated significant progress in implementing AML measures. The findings were presented in a comprehensive report adopted on July 17, 2019, which highlighted several areas of improvement.

AML Legislation and Institutions

Moldova’s AML legislation has undergone revisions since its initial adoption in 2001. The current law, Law No. 190- XVI, dates back to 2007 and has been amended several times to align with international standards. National institutions responsible for implementing AML measures include:

  • Centre for Combating Corruption and Economic Crime
  • National Bank of Moldova
  • National Securities Commission
  • Ministry of Internal Affairs
  • Information and Security Service
  • Moldovan Information Technologies Department

Training Efforts

Moldova’s AML training efforts have been evaluated on several occasions. The first evaluation round took place in 2001, with subsequent rounds conducted in:

  • 2003
  • 2005-2006
  • 2011

The country has also submitted follow-up reports to demonstrate its progress in implementing recommended measures.

Areas of Improvement

The most recent report highlighted several areas of improvement, including the need for enhanced training programs for:

  • Financial institutions
  • Law enforcement agencies

The report also noted that Moldova’s AML/CFT (Combating the Financing of Terrorism) legislation is largely in line with international standards, but requires ongoing monitoring to ensure its effective implementation.

Conclusion

Overall, Moldova’s AML training efforts have shown significant progress over the years, demonstrating a commitment to combating financial crimes and ensuring transparency in the country’s financial system.