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African Financial Crimes and Compliance in Moldova: Progress Made but Shortcomings Remain
Chisinau, June 11, 2024 - The Republic of Moldova has made significant strides in strengthening its legal and institutional framework to combat money laundering and the financing of terrorism, according to a follow-up report released today by the Council of Europe’s MONEYVAL committee.
Progress Made but Shortcomings Remain
While Moldova has addressed most technical compliance deficiencies impacting the application of targeted financial sanctions related to terrorism, terrorism financing, and the proliferation of weapons of mass destruction and its financing, it still needs to address several shortcomings. Specifically:
- The country has made only limited progress in remedying shortcomings affecting the application of FATF standards on virtual assets and virtual asset service providers.
- Moldova’s rating for compliance with FATF recommendations remains unchanged, with nine recommendations assessed as Compliant, 25 as Largely Compliant, and six as Partially Compliant.
Recommendations for Improvement
MONEYVAL urges Moldova to address most of the technical compliance deficiencies within three years after the adoption of the mutual evaluation report and achieve Full Compliance by June 2025. The country is also expected to report back to MONEYVAL within one year, with its progress closely monitored by the committee to ensure that it meets its obligations under international standards for combating money laundering, terrorism financing, and proliferation of weapons of mass destruction.
MONEYVAL’s Role in Combating Financial Crimes
MONEYVAL is a monitoring body of the Council of Europe entrusted with assessing compliance with international standards for countering money laundering, terrorism financing, and proliferation of weapons of mass destruction. The committee evaluates 33 states and territories and makes recommendations to national authorities in respect of necessary improvements to their anti-money laundering and counter terrorist financing systems.
Key Findings
- Moldova has made progress in remedying shortcomings affecting six out of the 12 recommendations that were assessed as being partially compliant since the adoption of the mutual evaluation report in July 2019.
- More work is needed to address remaining technical compliance deficiencies and improve overall effectiveness.