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Moldova Enhances De-Listing Procedures for Sanctioned Individuals and Entities

Chisinau, Moldova - The Republic of Moldova has taken significant steps to improve its de-listing procedures for individuals and entities no longer meeting designation criteria under United Nations Security Council (UNSC) resolutions.

Improved De-Listing Process

According to the country’s AML/CTF Law, the State Inspectorate for Combating Money Laundering and Terrorism Financing (SIS) is responsible for issuing decisions on the removal of restrictive measures. The SIS can make a decision immediately or within 24 hours of an amendment to the UNSCR lists.

The de-listing process involves several steps:

  • Submission of a request by the individual or entity no longer meeting the designation criteria to the UN sanctions committees
  • Review and potential exclusion from the list
  • Authority to issue a decision on removal of restrictive measures, which is then communicated to relevant financial intelligence units (FIUs) and law enforcement agencies

Regulatory Framework

The country’s Regulation also provides for:

  • Review of designation decisions upon request
  • Procedures for informing designated individuals and entities of their right to appeal
  • Mechanisms for the immediate communication of de-listing decisions to relevant parties, including publication on the SIS’ official website and notification to financial institutions

Enhancing Transparency and Efficiency

The improvements to Moldova’s de-listing procedures aim to enhance transparency and efficiency in the implementation of UNSC sanctions. The country has also committed to providing guidance to non-financial institutions that may hold targeted funds or assets, although this is limited to certain cases.

“We are committed to ensuring that our de-listing procedures are effective and efficient,” said a senior official from the SIS. “We believe that these improvements will help reduce the risk of errors and ensure that sanctions are applied in a fair and transparent manner.”

International Recognition

The enhancements to Moldova’s de-listing procedures have been welcomed by the international community, which has recognized the country’s efforts to improve its AML/CTF framework.

Source: Ministry of Finance, Republic of Moldova