Financial Crime World

Moldova Reinforces Anti-Money Laundering Measures

The Republic of Moldova has taken significant steps to strengthen its anti-money laundering (AML) measures by introducing new regulations for international money transfers.

New Regulations for International Money Transfers

According to a letter of attorney, the ordering participating bank shall ensure that the message accompanying the international money transfer includes at least the following information on the payer:

  • First and last name
  • Unique reference number of the money transfer
  • Address or national identity number
  • Date and place of birth

Customer Due Diligence (CDD)

In practice, representatives of “Posta Moldovei” perform customer due diligence for all customers regardless of the amount. The company also sends copies of identification documents to receiving institutions together with the money, as required by its internal Quality Assurance Plan No. 3 for Policy of Prevention and Fight Against Money Laundering and Financing of Terrorism.

International Conventions

The Republic of Moldova has ratified several international conventions aimed at preventing money laundering and financing of terrorism, including:

  • The Vienna Convention
  • The Palermo Convention
  • The Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism

National Strategy for AML/CFT

Moldova has established a National Strategy for the Prevention and Combating of Money Laundering and Financing of Terrorism, which sets out the basis for coordination between all authorities involved in AML/CFT activities. The strategy includes measures to strengthen cooperation and information exchange with relevant agencies, such as:

  • Customs Service
  • General Prosecutor Office
  • Ministry of Interior
  • Chamber of License

National Assessment of Money Laundering and Terrorism Financing Risks

Moldova has initiated procedures to perform a national assessment of money laundering and terrorism financing risks, with financial support from the World Bank. The country also requires technical assistance in the form of additional trainings, seminars, and programs of exchange of experience with international counterparts for law enforcement and judicial authorities.

Commitment to Strengthening AML Measures

“We are committed to strengthening our anti-money laundering measures to combat financial crimes and protect our financial system,” said a government official. “We believe that cooperation with international partners is essential in this effort.”

In conclusion, Moldova’s efforts to reinforce its anti-money laundering measures demonstrate the country’s commitment to combating financial crimes and protecting its financial system. The implementation of new regulations, customer due diligence, and national strategy for AML/CFT are significant steps towards achieving this goal.