Financial Crime World

Republic of Moldova’s Efforts Against Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)

The Republic of Moldova has been actively working towards addressing anti-money laundering (AML) and combating the financing of terrorism (CFT) issues. In this article, we will explore the key steps taken by the country to tackle these concerns.

Assessing Suspicious Transactions

When it comes to international money transfers, the lack of complete information about the person initiating the transfer is considered a factor in assessing whether the transaction is suspicious. This highlights the importance of having robust systems in place to verify and validate transactions.

Regional and Multilateral Initiatives

The Republic of Moldova has ratified several significant international conventions, including:

  • Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances (Vienna Convention)
  • United Nations Convention against Transnational Organised Crime (Palermo Convention)
  • International Convention for the Suppression of the Financing of Terrorism (FT Convention)

These conventions demonstrate the country’s commitment to addressing global AML/CFT issues and cooperating with international partners.

Transposing Conventions into National Legislation

The Republic of Moldova has made significant progress in aligning its AML/CFT criminal legislation with international standards. The National Strategy (2010-2012) sets out a framework for coordination between authorities involved in the AML/CFT sphere, ensuring a more effective response to these issues.

Cooperation and Information Exchange

The country has ratified two Council of Europe conventions:

  • Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime (ETS 141)
  • Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism (CETS 198)

These conventions facilitate cooperation and information exchange between relevant agencies, enabling a more effective fight against money laundering and terrorist financing.

Challenges and Technical Assistance

Despite progress made, the Republic of Moldova faces challenges in implementing AML/CFT measures. Additional training, seminars, and exchange programs with international counterparts are needed for law enforcement and judicial authorities. Technical assistance from organizations like the World Bank and other international institutions would also be beneficial in addressing these challenges.

The Republic of Moldova’s efforts to address AML/CFT issues demonstrate its commitment to combating global financial crimes. By continuing to work towards implementing effective measures, the country can strengthen its response to these concerns and contribute to a safer financial environment for all.