Combating Money Laundering and Terrorist Financing in the Republic of Moldova
International Cooperation and Guidelines
The Republic of Moldova has made significant efforts to combat money laundering (ML) and terrorist financing (TF). The country has ratified several international conventions related to anti-money laundering and counter-terrorist financing, including:
- Vienna Convention: An international treaty aimed at combating organized crime and terrorism.
- Palermo Convention: A United Nations convention that aims to prevent and combat transnational organized crime.
- Financial Action Task Force (FATF) recommendations: International standards for combating ML/TF.
Additionally, the Republic of Moldova has signed and ratified regional and multilateral initiatives, such as:
- Council of Europe’s Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime: A convention aimed at combating money laundering and terrorism financing in Europe.
AML/CFT Legislation
The Republic of Moldova has made significant progress in bringing its anti-money laundering criminal legislation in line with international standards. The country has amended its Criminal Code to include provisions related to money laundering and terrorist financing.
Regulatory Framework
The National Strategy for the prevention and combating of ML/TF (2010-2012) sets out the basis for coordination between all authorities involved in the AML/CFT sphere. The strategy refers to the Centre for Combating Economic Crimes and Corruption (CCECC) as the authority responsible for monitoring the strategy’s implementation.
Cooperation and Information Exchange
The Republic of Moldova has established cooperation with relevant agencies on matters related to:
- Asset declarations: The country requires individuals and organizations to declare their assets.
- Real estate transactions: The country monitors real estate transactions to prevent money laundering.
- Tax matters: The country cooperates with tax authorities to prevent tax evasion and money laundering.
The country has also initiated procedures to perform a national assessment of ML/TF risks, with support from the World Bank.
Identifying Suspicious International Money Transfers
In relation to your question about suspicious international money transfers, the report mentions that the lack of complete information about the person who initiates an international money transfer will be considered by the beneficiary bank as a factor in assessing whether the transaction is suspicious. This suggests that the country’s regulatory framework takes into account the importance of identifying and reporting suspicious transactions to prevent money laundering and terrorist financing.
However, the report does not provide specific guidance on how to identify or report suspicious international money transfers. If you require more detailed information on this topic, we recommend consulting with relevant authorities in Republic of Moldova or seeking technical assistance from organizations specializing in AML/CFT regulations.