Financial Crime World

Strengthening AML/CFT Best Practices in Moldova, Republic of

Moldova, Republic of has taken significant steps towards strengthening its anti-money laundering (AML) and combating the financing of terrorism (CFT) framework with technical assistance from the EU AML/CTF Global Facility in 2024.

Background

The European Commission-endorsed project aimed to provide support to Moldova’s efforts in enhancing its AML/CFT regime. A scoping mission was conducted in June 2024, which involved meetings with key stakeholders, including:

  • National Financial Intelligence Unit (FIU)
  • Anti-Corruption Centre
  • Anti-Corruption Prosecutors Office
  • General Prosecutors Office
  • Other relevant state agencies
  • Representatives from civil society organizations
  • EU Delegation in Chisinau

Findings and Strategy Development

The mission’s findings will inform the development of a comprehensive AML/CFT strategy for Moldova, Republic of, focusing on best practices and effective implementation of international standards. This initiative is crucial in preventing money laundering and terrorist financing, ensuring financial stability and integrity.

Bilateral Activities

Since September 2023, bilateral activities have been ongoing to support Moldova’s AML/CFT efforts. These initiatives aim to strengthen cooperation between the country and its international partners, promoting best practices and effective implementation of AML/CFT standards.

  • Key highlights:
    • Ongoing initiatives since September 2023
    • Strengthening cooperation with international partners

Regional Activities

Regional initiatives have been underway since January 2021, focusing on FATF Recommendation 8 Consultation. This has involved:

  • High-level meetings and consultations with MENAFATF countries to review and revise the recommendation
  • Goal: strengthen cooperation and coordination among countries in the region to combat money laundering and terrorist financing

In addition, regional activities have included:

  • Working meetings
  • Conferences
  • Photo exhibitions
  • Bringing together experts and stakeholders from around the world to discuss key AML/CFT issues and best practices
  • Sharing knowledge, experiences, and expertise to contribute to the global fight against money laundering and terrorist financing