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Moldova, Republic of Takes Steps to Prevent Financial Crime

Workshop on AML/CFT Held by National Bank of Moldova

Chisinau, Moldova - The National Bank of Moldova (NBM) recently hosted a workshop on preventing and combating money laundering and terrorist financing (AML/CFT), in collaboration with the USAID Financial Sector Transparency Activity (FSTA). The event brought together specialists from the NBM’s specialized divisions to discuss best practices and new provisions for AML/CFT.

Expert Training Sessions

The workshop, held on December 22-23, featured Milimo Moyo, an expert with 18 years of experience in the financial sector. Moyo provided training sessions on:

  • Internal Procedures Review and Audits: Participants learned how to conduct thorough internal reviews and audits to identify potential AML/CFT risks.
  • Cooperation with Other Authorities: The training highlighted the importance of collaboration between the NBM, law enforcement agencies, and other regulatory bodies in preventing financial crime.
  • Monitoring and Reporting Suspicious Transactions: Moyo emphasized the need for continuous monitoring of transactions and timely reporting of suspicious activities to prevent money laundering and terrorist financing.
  • International Sanctions for Financial Crimes: The expert discussed the implications of non-compliance with international sanctions and the importance of adhering to the standards set by the Financial Action Task Force (FATF).

Focusing on AML/CFT Risk Assessments

The discussions centered around:

  • Internal AML/CFT Risk Assessments: Participants learned how to conduct thorough risk assessments to identify potential vulnerabilities in their institutions.
  • Provisions of the New National AML/CFT Strategy for 2020-2025: The training highlighted the key provisions of the new strategy, including compliance requirements for supervisors and reporting entities.
  • Compliance Requirements for Supervisors and Reporting Entities: Moyo emphasized the importance of adhering to the standards set by the FATF to increase a country’s level of credibility and investment attractiveness.

NBM’s Role in Preventing Financial Crime

The National Bank of Moldova plays a crucial role in preventing financial crime, as it is responsible for supervising:

  • Banks
  • Payment service providers
  • Foreign exchange offices

The bank aims to improve its methodological and operational capacities to assess and identify possible money laundering and terrorist financing offenses.

Ongoing Efforts to Empower Moldovan Supervisors

As part of ongoing efforts to empower Moldovan supervisors, the FSTA will support the organization of several training sessions in 2021 for banks and other reporting entities representatives.

Maintaining a Stable and Secure Financial System

Moldova’s efforts to prevent financial crime are essential to maintaining a stable and secure financial system. By implementing effective AML/CFT measures, the country can reduce the risk of money laundering and terrorist financing, attract foreign investment, and promote economic growth.

The National Bank of Moldova’s Commitment

The National Bank of Moldova is committed to working with international organizations and experts to enhance its capabilities in preventing financial crime. The bank’s efforts will help ensure a safer and more transparent financial environment for citizens and businesses alike.