How Moldova's Financial System Is Protected Against the Risk of Money Laundering and Terrorist Financing
Automatically translated summary. The full text is available in Romanian.
A secure financial system lowers the cost of money and supports economic growth. This article explains the legislative and institutional measures Moldova has adopted, notably Law No. 308/2017, to protect its financial system from money laundering and terrorist financing in line with the highest international standards.
Law No. 308/2017 requires reporting entities to apply standard customer due diligence: identifying clients and beneficial owners, understanding the purpose of the relationship and monitoring it continuously. It applies when a business relationship starts, for occasional transactions of at least MDL 200 thousand, for gambling transactions of at least MDL 40 thousand, in cash sales of goods worth at least MDL 200 thousand, and whenever money laundering is suspected. Banks use the KYC questionnaire, and exchange bureaus ask for identification from MDL 10 thousand. Notaries, lawyers, auditors, insurers, real estate agents and others are also covered.
Reported transactions go monthly to the Money Laundering Prevention and Combating Service, which analyses them and passes suspicious cases to law enforcement, and terrorist financing cases also to the Intelligence and Security Service. The May 2024 Moneyval evaluation found an improved legal and institutional framework, with none of the 40 FATF recommendations rated as non-compliant.
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