Safer financial system: Government strengthens anti-money laundering measures

Citizens and business community will benefit from a safer financial system that is better protected against illegal schemes. Government has approved the strengthening of the framework for preventing and combating money laundering and terrorist financing, so that the responsible authorities can identify risks more quickly and intervene more effectively.

The new measures aim at better training for the persons responsible for checking suspicious transactions, financial flows and sector-specific risks. In this regard, a training certificate in preventing money laundering and terrorist financing will be introduced.

Thus, the training of specialists will no longer differ from one institution to another, but will instead follow clear and uniform rules. Responsible persons will be trained according to the same standards, which will contribute to a more effective application of the law.

In addition, the Money Laundering Prevention and Combating Service (SPCSB) will have a clearer role in training and guiding the institutions that are obliged to report suspicious activities. The Service will be able to organize training sessions, develop practical materials and coordinate a national training platform.

The draft also provides for the establishment of the position of financial intelligence officer within the SPCSB. At the same time, adjustments will be made to the internal organization of the Service so that the institution operates more efficiently and fulfills its role of preventing and combating money laundering and terrorist financing more effectively.

“It is necessary for the SPCSB to have clear instruments, specialized personnel and the capacity to intervene. The SPCSB is becoming the main center of expertise and coordination in this field. These changes are necessary for the Republic of Moldova to build a functional, credible system capable of effectively preventing the risks of money laundering and terrorist financing,” Minister of Justice Vladislav Cojuhari said.