Financial Crime World

Moldova Improves Compliance with Anti-Money Laundering Recommendations, But More Work Needed

The Republic of Moldova has made significant strides in strengthening its legal and institutional framework to combat money laundering and terrorist financing, but still faces several shortcomings, according to a recent report by MONEYVAL.

Progress Made

MONEYVAL welcomed the country’s progress in addressing most technical compliance deficiencies related to targeted financial sanctions against terrorism, terrorism financing, and weapons proliferation. However, it noted that Moldova has made limited progress in remedying shortcomings affecting virtual assets and virtual asset service providers.

Upgraded Rating

As a result, Moldova’s rating on FATF Recommendations 6 and 7 was upgraded to Largely Compliant, while Recommendation 15 remains Partially Compliant. The country still needs to address six out of the 12 recommendations that were initially deemed partially compliant.

Remaining Shortcomings

  • Virtual assets and virtual asset service providers

  • Other areas of concern include:

    • Addressing deficiencies in customer due diligence and ongoing monitoring
    • Improving reporting requirements for suspicious transactions
    • Enhancing cooperation with international organizations

Recommendations

MONEYVAL urged Moldovan authorities to achieve significant progress in addressing these deficiencies by June 2025. Currently, Moldova is rated as Compliant on nine FATF Recommendations, Largely Compliant on 25, and Partially Compliant on six, with none assessed as non-compliant.

Enhanced Follow-Up

The country remains under enhanced follow-up, with a requirement to report back to MONEYVAL within the next year.

About MONEYVAL

MONEYVAL, or the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, is a Council of Europe monitoring body responsible for assessing compliance with international standards against money laundering, terrorist financing, and proliferation financing. The organization evaluates 33 states and territories and provides recommendations to national authorities on improving their anti-money laundering and counter-terrorism financing systems.