Financial Crime World

Annual Report of the Office for Prevention and Fight against Money Laundering (OPFML)

Executive Summary

The Republic of Moldova’s Office for Prevention and Fight against Money Laundering (OPFML) has released its annual report, highlighting key developments and achievements in the fight against money laundering and terrorist financing. This report summarizes the main points, including requests and responses from similar institutions, the 5th round of evaluation by the MONEYVAL Committee, Government Disposition no. 6/2020, the TWINNING Project, and a list of abbreviations.

Requests and Responses

  • In 2020, OPFML received 145 requests for examination from similar institutions, with 90 responses provided.
  • The exchange of information is presented in two tables:
    • Table 1: Requests sent and received by OPFML in 2020
    • Table 2: Requests received and sent by OPFML as part of the annual report

5th Round of Evaluation by the MONEYVAL Committee

  • The Republic of Moldova is subject to continuous evaluation by the MONEYVAL Committee on its compliance with anti-money laundering (AML) and combating the financing of terrorism (CFT) requirements.
  • In July 2019, the MONEYVAL Committee approved an Evaluation Report for the Republic of Moldova in the 5th round of evaluation. OPFML led a delegation to this committee and coordinated activities related to the Progress Report.

Government Disposition no. 6/2020

  • A working group was established, composed of representatives from competent national authorities, with the following competences:
    • Analyze recommendations from the MONEYVAL Committee and propose measures for implementation.
    • Participate in the national risk assessment process in the area of AML/CFT and submit proposals to mitigate identified risks.
    • Implement the National AML/CFT Strategy for 2020-2025 and its Action Plan.
    • Develop proposals to modify the national regulatory framework to adjust it to MONEYVAL Committee recommendations.

TWINNING Project

  • A project launched by the European Commission in partnership with Lithuania, Germany, and Poland aimed to improve the national AML/CFT system by increasing OPFML’s operational capacities.
  • The project was divided into 7 components:
    • Enhancing the effectiveness of implementing the national AML/CFT policy.
    • Developing OPFML’s analytical and operational capacities, cooperation between OPFML and reporting entities, and other public authorities.
    • Developing special databases for enforcing AML/CFT legislation.
    • Developing investigation capacities for ML/TF cases.
    • Improving the justice system in the AML/CFT area.
    • Preventing TF, including control of physical cross-border transportation of currency and bearer negotiable instruments.
    • Developing an AML supervision mechanism for banking, non-banking, and non-financial businesses and professions.

Abbreviations

  • AML/CFT: preventing and combating money laundering and terrorist financing.
  • APO: Anticorruption Prosecutor’s Office.
  • CLEP: Project of the European Union and the European Council on the Control of Corruption through Law Enforcement and Prevention.
  • DNFBP: Designated Non-financial Businesses and Professions.
  • FATF/GAFI: Financial Action Task Force.
  • MIA: Ministry of Internal Affairs.
  • ML/TF: money laundering and terrorist financing.
  • MONEYVAL Committee: Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism of the Council of Europe.
  • NAC: National Anticorruption Centre.
  • NBM: National Bank of Moldova.
  • NCFM: National Commission for Financial Markets.
  • NCO: Non-bank credit organizations.
  • OPFML: Office for Prevention and Fight against Money Laundering.
  • POCOCSC: Prosecutor’s Office for Combating Organized Crime and Special Cases.
  • PSP: Payment service providers.
  • SLA: Savings and Credit Associations.
  • STS: State Tax Service.
  • SIS: Security and Intelligence Service.