Republic of Moldova’s Progress in Implementing Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Measures
International Cooperation
The Republic of Moldova has demonstrated its commitment to international cooperation by ratifying several key conventions related to AML/CFT, including:
- Vienna Convention: An international treaty aimed at combating money laundering.
- Palermo Convention: A UN convention focused on preventing and combating transnational organized crime.
- FT Convention: An international agreement aimed at combating the financing of terrorism.
However, it’s worth noting that Moldova made a limiting declaration when ratifying the FT Convention, which may have impacted its scope of implementation.
Transposition of Conventions
Moldova has made significant progress in aligning its anti-money laundering criminal legislation with international standards. The country has brought its laws in line with key conventions such as the Vienna and Palermo Conventions, demonstrating a commitment to combating money laundering and terrorism financing.
Regulation of Relevant Agencies
The National Strategy for the prevention and combating of ML/FT serves as the foundation for coordination between all authorities involved in AML/CFT efforts. This strategic framework ensures that agencies work together effectively to prevent and combat money laundering and terrorist financing.
Information Exchange
To strengthen its AML/CFT efforts, Moldova recognizes the need for additional training, seminars, and exchange programs with international counterparts for law enforcement and judicial authorities. These initiatives will help enhance cooperation and information exchange between relevant agencies.
Potential Steps for Improvement
Based on this report, several areas for improvement have been identified:
- Technical Assistance: Providing technical assistance to support the implementation of AML/CFT measures.
- Enhanced Cooperation: Enhancing cooperation and information exchange between relevant agencies.
- National Risk Assessment: Conducting a national risk assessment to identify ML/TF risks and develop targeted strategies to address them.
By addressing these areas, Moldova can further strengthen its AML/CFT efforts and continue to make progress in combating money laundering and terrorism financing.