Moldova Takes Steps to Unfreeze Assets of Designated Entities

Establishing Procedures for De-Listing and Unfreezing Funds

The Republic of Moldova has established procedures for de-listing and unfreezing the funds or assets of persons and entities no longer meeting designation criteria. This move aims to improve transparency and efficiency in the process.

Submitting De-Listing Requests

Individuals and entities can submit de-listing requests to the United Nations sanctions committees through the Ministry of Foreign Affairs, European Integration (MFAEI) directly or indirectly. The State Inspectorate for Combating Money Laundering and Financing Terrorism (SIS) also has the authority to issue decisions on removing restrictive measures.

SIS Decision-Making Process

The SIS must take immediate action, but no later than 24 hours from the moment of the amendment to the United Nations Security Council resolution list. The decision is then communicated to the State Public Financial Monitoring Service (SPCML), which informs the relevant authorities that applied the freezing measure.

Procedures for Reviewing Designation Decisions

There are specific legal provisions in place for reviewing designation decisions upon request. The SIS and the UN sanctions committee have procedures in place for facilitating revisions of designations and listing exclusions.

Informing Designated Persons and Entities

The regulations also provide for informing designated persons and entities of the availability of the United Nations Office of the Ombudsperson to accept de-listing petitions.

Cases of Doubt about Identity

In cases where there is doubt about the identity of a person, group or entity on the designation list, the relevant authorities must inform the SPCML, which will then consult with the SIS and inform the relevant authority about the necessity of applying or not applying restrictive measures.

Erroneous Designations

The regulations also provide for persons or entities whose designation was done erroneously to request exclusion from the additional list. The SIS may also take action ex officio following due examination.

Communication of Decisions

Decisions on application or non-application of restrictive measures must be communicated to the relevant authorities that applied the measure. Delisting decisions are published on the SIS’s official website and notified to the Public Services Agency, Fiscal Service of the State and relevant authorities through their supervisors, requesting revocation of financial sanctions previously applicable.

Notification Mechanism

The SIS also informs interested persons, including legal or natural persons subject to restrictive measures or applying them, about delisting from the additional list. However, this does not apply to de-listings from other lists, as the notification mechanism only requires implementation for a limited extent.

Coordination with SPCML and Relevant Authorities

The SPCML will coordinate with the SIS and relevant authorities upon request of any interested party to facilitate the de-listing process.

In summary, Moldova’s moves aim to improve transparency and efficiency in the de-listing and unfreezing of assets of designated entities.