Financial Crime World

Moldova Takes Steps to Combat Financial Crime

Combating Money Laundering and Terrorist Financing: A Critical Training Session

Chisinau, Moldova - Last week, over 200 financial sector professionals gathered in Chisinau for a critical training session on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). The event marked the culmination of a series of trainings organized by the National Commission for Financial Markets (NCFM) and USAID Moldova Financial Sector Transparency Activity (FSTA).

Threats to International Community

Money laundering and terrorist financing continue to pose significant threats to the international community. It is essential that financial institutions are equipped with the necessary tools and expertise to prevent and combat these crimes.

The training session brought together experts from the US, Lithuania, and Moldova to share best practices and discuss current trends in AML/CFT regulation.

  • Transaction Monitoring and Red Flags: Participants learned about the importance of monitoring transactions for suspicious activity and identifying red flags that may indicate money laundering or terrorist financing.
  • Remote Customer Identification (e-KYC): Experts discussed the use of electronic know-your-customer (e-KYC) procedures to verify customer identities and prevent identity theft.
  • Industry Expectations for Authorities: The training covered the expectations of the financial industry regarding authorities’ efforts to combat money laundering and terrorist financing.

Key Takeaways

  • “The money laundering and terrorist financing risk are a key concern for the financial system and citizens’ security,” said Cornelia Cozlovschi, Chairwoman of NCFM. “Combating money laundering is an essential way of fighting corruption and legalization of illegal income.”
  • Matthew Macellaro, Director of USAID FSTA Project, emphasized the importance of strengthening AML/CFT compliance capabilities in Moldova’s financial sector. “The money laundering phenomenon poses serious risks to the financial system’s integrity and stability,” he noted.

Moving Forward

As part of its efforts to combat financial crime, NCFM is working closely with reporting entities to develop an effective AML/CFT system and adjust the regulatory framework to international standards. The organization is also focusing on dialogue with industry representatives to increase effectiveness and develop the capacities of involved institutions.

The event concluded with an award ceremony, where participants received certificates for completing the three trainings in the series.