Moldova Strengthens Anti-Money Laundering Laws and Regulations

Enhancing Efforts Against Economic Crime and Corruption

The Republic of Moldova has made significant strides in enhancing its anti-money laundering (AML) laws and regulations as part of a joint project with the European Union and the Council of Europe. The “Enhancing the anti-money laundering and asset recovery regime in the Republic of Moldova” project aims to support the country’s efforts in combating economic crime and corruption.

Project Overview

The project, which began in March 2023, focuses on improving the framework for recovering and managing confiscated assets as an essential step in dismantling the economic backbone of criminal networks. Government representatives, national and international legal experts, members of civil society, and development partners have met to discuss optimizing processes related to identifying, tracing, confiscating, and managing illegally acquired assets.

Key Objectives

The overall objective of the project is to provide support to Moldova’s competent authorities to enhance the effectiveness of measures against money laundering and terrorist financing. The key milestones include:

• Ensuring Effective Measures Against Money Laundering: Ensuring that Moldovan authorities, financial and non-financial institutions apply robust measures against money laundering and terrorist financing.
• Enhancing Asset Recovery Practices: Enhancing practices for effective tracing, recovery, and disposal of criminal assets.

Budget and Funding

The project is built on the results of recent years’ technical assistance provided by the Council of Europe to support Moldova’s policy and legal frameworks, practices, and operational tools against corruption and money laundering. The total budget is EUR 510,000 (80% funded by the European Union and 20% by the Council of Europe).

Partnership for Good Governance

The “Partnership for Good Governance” initiative, a joint project between the European Union and the Council of Europe, aims to strengthen good governance in the Eastern Partnership region. This includes supporting Ukraine’s EU accession agenda, improving European perspectives for Georgia, and cooperating with Belarusian democratic forces and civil society.

Conclusion

By strengthening its AML laws and regulations, Moldova is taking an essential step towards addressing economic crime and corruption, ultimately promoting a more stable and secure financial environment.