Money Laundering in Moldova was discussed by Council of Europe

On March 24, 2008, the seminar on Measures to prevent and combat money laundering in insurance sector was organized in Moldova under the joint project of the Council of Europe and European Commission against Corruption, Money Laundering and the Financing of Terrorism. The event was co-financed by the European Commission, SIDA and Council of Europe. 

During the seminar, Anticorruption Prosecutor Dorin Compan stated that, taking into consideration growing trends in 2007, there was a phenomenon of money laundering in Moldova as compared with only one year before because during this year 4 criminal cases were initiated.

The number of notifications on suspect transactions in 2007 also increased. In accordance with Compan, the Centre for Combating Economic Crimes and Corruption received about 9 million reports on suspicious money transactions as compared with only 7 million during 2006.

According to Iana Betivu, Head of Internal Audit and Security, National Commission for Financial Markets, to fight money laundering and terrorism funding, adjusting the national laws to the international standards and experience in this area is necessary. Betivu also emphasized the necessity of financial market regulation for preventing illegal money transactions, as well as noted the importance of improvement of the procedures for client identification.

Council of Europe expert Jos de Wit stated that, as compared with the European Union countries, the essential problem of Moldova in terms of preventing and combating money laundering is a relatively weak enforcement system. To improve the situation, improving the training basis for the Moldovan specialists working in the sphere of anti-money laundering was suggested by Jos de Wit.

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