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Moldova Receives Mixed Review from OECD
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Chisinau, Moldova - The Organization for Economic Cooperation and Development (OECD) has released its peer review report on Moldova’s tax transparency and information exchange practices. While Moldova was found to be largely compliant with international standards, it was also identified as having some areas of improvement.
Accounting Records
The OECD recommended that Moldova ensure that reliable accounting records and underlying documentation are kept for all trusts administered in the country, regardless of whether they have a resident trustee or not.
Exchange of Information on Request
Moldova’s exchange of information on request (EOI) framework was found to be effective, with no material deficiencies identified. The country received 141 EOI requests and sent 205 requests during the review period, mainly from neighboring countries such as Belarus, Romania, and Russia.
Beneficial Ownership Information
However, Moldova was criticized for its lack of clarity on the direct obligations for production co-operatives to maintain identity and legal ownership information. The OECD recommended that Moldova ensure accurate, adequate, and up-to-date beneficial ownership information is available in all cases, including for foreign companies and partnerships.
Overall Rating
Moldova received a rating of “Largely Compliant” overall, with seven elements rated as compliant and two elements rated as largely compliant. The country was found to have some gaps in its legal framework and implementation mechanisms, but was praised for its efforts to improve transparency and information exchange.
Recommendations
The OECD made several recommendations to Moldova, including:
- Ensuring that ownership and identity information is available for all relevant entities and arrangements
- Improving the clarity of direct obligations for production co-operatives to maintain identity and legal ownership information
- Ensuring accurate, adequate, and up-to-date beneficial ownership information is available in all cases
Moldova has two years to implement these recommendations and improve its tax transparency and information exchange practices.