In a report published today, the Council of Europe anti money laundering body MONEYVAL calls on the Moldovan authorities to fully and consistently use its legislative framework to combat money laundering and to increase the effectiveness of confiscation of proceeds, in particular regarding extended confiscation (see the summary of the report).
The report makes a comprehensive assessment of the effectiveness of the Republic of Moldova's anti money laundering and countering the financing of terrorism (AML/CFT) system and its compliance with the Recommendations of the Financial Action Task Force (FATF).
Moldova faces various money laundering (ML) threats mainly deriving from corruption, tax evasion and smuggling committed internally and drugs trafficking and human trafficking for crimes committed outside of the country. Relevant public authorities and the private sector contributed to the development of a national risk assessment (NRA) in 2017. MONEYVAL concludes that while this NRA does not explore separately the risks associated with organised crime groups, non-profit organisations and all the aspects of financing of terrorism (FT), it is still rather comprehensive and covers a wide range of subjects. In addition, it stresses that communication of the results of the NRA by non-financial supervisors to their reporting entities can be further enhanced.