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Combating Money Laundering and Financing of Terrorism in Moldova

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The Republic of Moldova has been making significant efforts to combat money laundering (ML) and financing of terrorism (FT). This article discusses the key takeaways from international cooperation requirements for ML/FT, actions required by the country, and challenges faced.

Key Takeaways

1. Lack of Complete Information

In cases where there is incomplete information about the person initiating an international money transfer, the beneficiary bank may consider it a suspicious transaction.

2. Regional/Multilateral Initiatives

Moldova has ratified several international conventions related to ML/FT, including:

• The Vienna Convention
• The Palermo Convention

3. Transposition of Conventions

The country has made notable progress in aligning its anti-money laundering criminal legislation with these conventions.

4. International Cooperation

Cooperation between authorities involved in AML/CFT efforts, such as the National Bank of Moldova and the Ministry of Justice, is crucial for effective ML/FT prevention.

Actions Required

1. Strengthening Measures

Moldova has initiated procedures to perform a national assessment of ML/TF risks with financial support from the World Bank.

2. Technical Assistance

Additional training, seminars, and exchange programs with international counterparts are needed for law enforcement and judicial authorities.

Challenges Faced

While not explicitly stated in the text, one potential challenge faced by Moldova might be limited resources or capacity to implement effective ML/FT measures.