Financial Crime World

Progress in Anti-Money Laundering and Combating Terrorism Financing in the Republic of Moldova

The Republic of Moldova has made significant strides in implementing anti-money laundering (AML) and combating the financing of terrorism (CFT) measures. However, there are still areas where improvement is needed.

International Conventions and Domestic Legislation

Ratification of International Conventions

  • The Republic of Moldova has ratified several international conventions related to AML/CFT:
    • Vienna Convention
    • Palermo Convention
    • Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime (ETS 141)
    • Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism (CETS 198)

Progress in Domestic Legislation

  • The country has made progress in bringing its anti-money laundering criminal legislation in line with these conventions, particularly through the amendment of Article 243 of the Criminal Code.

Coordination between Authorities

National Strategy for AML/CFT Prevention and Combating

  • The National Strategy for the prevention and combating of ML/FT (2010-2012) sets out the basis for coordination among all authorities involved in the AML/CFT sphere.

Need for Improvement

Key Areas for Strengthening or Improvement:

  • Transpose international conventions into domestic legislation fully and effectively
  • Ensure that money laundering offenses cover all treaty offenses listed in annexes, regardless of whether the country is a party to those treaties or not
  • Regulate cooperation and information exchange with relevant agencies
  • Perform a national assessment of ML/TF risks

Technical Assistance

Training and Capacity Building

  • There is a need for additional training, seminars, and programs of experience exchange with international counterparts for law enforcement and judicial authorities.

In Summary, the Republic of Moldova has taken several steps towards implementing AML/CFT measures but requires further efforts to strengthen its legal framework, ensure effective coordination among authorities, and enhance cooperation with relevant agencies.