Financial Crime World

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Moldova Struggles to Contain Fallout from Massive Financial Crimes

Chisinau, December 6, 2016 - Nearly three years after the theft of over $1 billion from Moldova’s National Bank, the country remains mired in a massive economic, political, and social crisis. The heist, which was allegedly used to bail out failing banks, has left the nation reeling and its reputation in tatters.

The Aftermath

  • Despite promises of investigations and reforms, authorities have been largely opaque about their efforts to bring those responsible to justice.
  • The Center for Investigative Journalism (CJI) Moldova launched a fact-finding platform last year to analyze the effects of the theft. The platform, www.sic.md, has since become a crucial resource for understanding the extent of the crisis.

EU Institutions Call for Action

In January 2017, the CJI released a policy brief titled “Resetting the Moldovan Banking Sector: What Can Europe Do and Why?” which outlined steps that EU institutions could take to support reform efforts in the country. The brief suggested that the EU provide technical assistance to help strengthen governance and oversight of the banking sector.

Tax Amnesty Sparks Concerns

  • In February, authorities announced plans for a tax amnesty, which was met with widespread criticism from civil society groups, including the CJI.
  • The organization argued that the move would undermine efforts to investigate financial crimes and recover stolen assets.

EU Supervision Urged

Experts have recommended that the European Union exercise greater oversight over technical and financial assistance provided to Moldova, citing concerns about corruption and lack of transparency in the country’s institutions.

Correcting Official Information

  • In April, the CJI addressed a request to the Ministry of Finance to correct official information on its website regarding the recovery of stolen assets.
  • The organization argued that the existing information was biased and did not accurately reflect the situation on the ground.

Fact-Checking Efforts Continue

The CJI has continued to publish fact-checking articles on www.sic.md, shedding light on the ongoing efforts to recover stolen assets and bring those responsible to justice.

CSOs Call for Reforms

In October, a coalition of civil society organizations, including the CJI, issued an address to development partners calling for temporary suspension of financial support in sectors where reform shows no results. The coalition emphasized the need for clear assessments of funds spent and verifiable performance indicators.

EU Announces Suspension of Justice Reform Funding

The European Union announced that it would not transfer any further funds to Moldova’s state budget to support justice sector reforms due to insufficient commitment from authorities to carry out necessary reforms.

Report on Financial Sector Developments

In October, Transparency International Moldova and IDIS “Viitorul” presented a report on the developments in the financial and banking sector between December 2016 and October 2017. The report highlighted the ongoing lack of progress in recovering stolen assets and bringing those responsible to justice.

Draft Law Sparks Concerns

The CJI has expressed concerns about a draft law on decriminalizing economic crimes, which was recently submitted by the Ministry of Justice. The organization argues that promoting such a law would be premature given the current level of trust in state institutions and the lack of progress in recovering stolen assets and holding those responsible accountable.

Conclusion

Moldova’s struggle to contain the fallout from massive financial crimes continues, with civil society organizations playing a crucial role in shedding light on the situation. The country’s authorities must take decisive action to investigate these crimes, provide justice, punish the guilty, and recover the stolen money to regain public trust and convince development partners of their sincerity.