Powers
In exercising its legal mandate as the Financial Intelligence Unit of the Republic of Moldova, the Office for the Prevention and Fight against of Money Laundering (SPCSB - FIU Moldova) fulfills the following fundamental duties, under the conditions and limits established by law:
FIU Moldova activities
Receiving, processing and analyzing information
The FIU receives, records, processes and analyzes reports and information submitted by reporting entities, as well as information obtained from other sources provided by law, in order to identify suspicions of money laundering, predicate offenses, terrorist financing or proliferation of weapons of mass destruction, by applying a risk-based approach.
Operational and strategic analysis
The FIU conducts operational and strategic analyses on financial flows, transactional patterns, economic relationships and control structures, including on beneficial owners, in order to identify risks, typologies, schemes and relevant trends in the field of preventing and combating money laundering and terrorist financing, without substituting criminal prosecution bodies.
Dissemination of information to competent authorities
In case of suspicions, the FIU transmits, under the law, the relevant analyzed information to the competent law enforcement bodies, and in cases involving the financing of terrorism or the proliferation of weapons of mass destruction, to the Intelligence and Security Service, ensuring the complete, pertinent and structured nature of the disseminated information.
Notification and preventive information
Distinct from the dissemination activity, the FIU notifies reporting entities, bodies with supervisory functions over reporting entities and other competent authorities regarding identified risks, emerging typologies and trends, systemic vulnerabilities, violations found and regulatory gaps, in order to strengthen the preventive dimension of the national mechanism.
Application of precautionary measures
Based on the powers provided by law, the FIU issues, under the established conditions and deadlines, decisions to stop the execution of suspicious activities or transactions, as well as decisions to stop suspicious assets, in order to transmit the materials to law enforcement agencies or other competent authorities for the adoption of subsequent measures.
National risk assessment
The FIU organizes, carries out and updates, in cooperation with the bodies with supervisory functions of reporting entities, law enforcement bodies and other competent institutions, the national assessment of money laundering and terrorist financing risks, coordinates the process of collecting and analyzing statistical data and ensures the publication of the assessment report, in compliance with the confidentiality regime provided for by law.
The coordination role in the national system
The FIU exercises the role of coordinating the application of the legal framework in the field of preventing and combating money laundering and terrorist financing, including by developing and coordinating the implementation of national policy documents, as well as by notifying bodies with supervisory functions whenever risks related to the activity of supervised entities are identified.
Supervision of reporting entities
Within the limits established by law, the FIU exercises supervisory powers over the reporting entities under its jurisdiction, monitors compliance with legal obligations, identifies and examines violations and applies sanctions according to special legislation, without prejudice to the powers of other bodies with supervisory functions.
Cooperation with bodies with supervisory functions
The FIU cooperates with bodies with supervisory functions over reporting entities, including through information exchange, methodological support and coordination, in order to ensure a coherent and efficient application of legal requirements and the risk-based approach.
National and international cooperation
The FIU ensures the exchange of information, on its own initiative or upon request, with national public authorities and financial intelligence units from other jurisdictions, through protected channels, on the basis of reciprocity and under the terms of the law. The decision on the transmission, limitation or refusal to provide information belongs to the Service, and the information received is used and disseminated exclusively in accordance with the applicable restrictions.
Implementation of financial sanctions
Within the legal mechanism for applying financial sanctions related to terrorist activities and the proliferation of weapons of mass destruction, the FIU receives information regarding the application of restrictive measures, formulates positions in case of doubts or suspicions regarding the identity of the persons, groups or entities targeted and, under the terms of the law and relevant resolutions, may authorize payments from assets subject to restrictive measures for the permitted categories.
Information and data protection
The FIU ensures a strict legal regime of confidentiality, protection, security and limited access for the information and documents managed, and the processing of personal data is carried out exclusively under the law, within the framework of a legitimate public interest.
By exercising the powers conferred by law, the Office for Prevention and Fight against Money Laundering contributes to the efficient functioning of the national mechanism for the prevention and combating of money laundering, the financing of terrorism and the proliferation of weapons of mass destruction, ensuring the integrity of the national financial system and compliance with the international commitments of the Republic of Moldova.