CLEP Workshop on AML/CFT legal framework

In the goal of  implementation of the new Law on anti-money laundering and combating the financing of terrorism (AML/CFT), which was approved by the Parliament in the final reading on December 22, a Workshop on the identification of suspicious transactions and activities of money laundering was organized on January 24-26, by the European Union and Council of Europe CLEP Project (Controlling Corruption through Law Enforcement and Prevention) in close collaboration with the Service for prevention and combating money laundering of the Republic of Moldova and the EU High Level Adviser in the field of anti-money laundering Mr. Igoris Krzeckovskis.

The event was attended by over 100 representatives of reporting entities, including commercial banks, micro-financial organizations, auditors, notaries, lawyers, dealers of precious metals and stones, insurance companies and securities sector.

The main aim of the workshop was to familiarize the participants with the provisions of the draft Guideline on the identification of suspicious transactions and activities possibly related with money laundering. Special attention of the participants was paid to amendments, which will influence the activity of reporting entities, as a result of entry into force of the above-mentioned Law and Guideline. Also, the purpose of training was to improve the cooperation with reporting entities, in order to guarantee a proper communication at all levels, thus ensuring the future effective implementation of the new AML/CFT Law and the secondary legislation related to it.

In this respect, the Head of the Service for prevention and combating money laundering Mr. Vasile Șarco welcomed the guests and speakers and highlighted the fact that the purpose of the new Law and Guideline is to implement the provisions of the EU 4th AML/CFT Directive, the international standards established by the Financial Action Task Force (FATF) and the results of money laundering and terrorism financing National Risk Assessment. He also mentioned the requirements and responsibilities of reporting entities and supervision authorities in applying the risk-based approach in the process of identification and transaction/activities reporting.

Giuseppe Lombardo the AML/CFT expert of the CLEP project noticed the importance to discuss the Guideline in the context of the MONEYVAL mission, which will take place this year. Later Mr. Lombardo presented multiple study cases of suspicious activities of money laundering involving different reporting entities. Moreover, working groups were organized, in order to establish the interaction between the participants and speakers, as well as to ensure that the presented theoretical and practical information was understood.

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