Money Laundering Risk Assessment in Moldova, Republic of: FATF Re-Rates Technical Compliance as Progress Made

The Financial Action Task Force (FATF) has re-rated the technical compliance of Moldova, Republic of with its anti-money laundering and combating the financing of terrorism (AML/CFT) recommendations. This significant development is a result of the country’s progress since the adoption of its Mutual Evaluation and 1st Follow-Up report.

Improvements in Technical Compliance

Moldova has made significant strides in implementing AML/CFT measures, resulting in an upgrade to its ratings. Specifically:

• Recommendation 6 on customer due diligence has been upgraded from Partially Compliant to Largely Compliant.
• Recommendation 7 on record-keeping requirements is now rated as Largely Compliant.
• The implementation of Recommendation 15 on wire transfers has improved, with Moldova now being rated as Partially Compliant.

Remaining Deficiencies

While significant progress has been made, six recommendations (Recommendations 8, 15, 22, 24, 25, and 38) remain partially compliant. The FATF will continue to conduct enhanced follow-up on Moldova’s AML/CFT measures and require the country to report back on its progress within the next year.

Importance of Continued Efforts

Moldova’s commitment to addressing remaining deficiencies and implementing effective AML/CFT measures is crucial in reducing the country’s risk profile and protecting its financial system from money laundering and terrorist financing activities. By continuing to strengthen its AML/CFT framework, Moldova can ensure a safer and more stable financial environment for its citizens.

Key Takeaways

• Moldova has made significant progress in implementing AML/CFT measures.
• The country’s technical compliance ratings have been upgraded by the FATF.
• Six recommendations remain partially compliant, requiring continued efforts to address deficiencies.
• Moldova will continue to be subject to enhanced follow-up by the FATF.