ANTI-MONEY LAUNDERING PROJECT, LEGAL DEPARTMENT OF THE
INTERNATIONAL MONETARY FUND

In order for the newly established AML/CFT regime of Moldova to be effective and put in practice in a way that is consistent with the international standards, the project will support the strengthening of the legislative and regulatory framework as well as enhancing the capacities of the main institutions involved in AML/CFT in the new areas addressed by the AML law - particularly the NBM, the NAFM and the CCECC. The project will build up on the work which has been done so far by the IMF and will focus in particular on the following tasks:

a)        Assisting the Moldovan authorities in the review and drafting of bylaws needed for the implementation of the new AML law.

b)       Working with the authorities to ensure adequate training across the financial sector in the implementation of the new requirements set forth by the AML law.

c)        Enhancing the supervisory institutional framework, particularly the NBM, the NAFM and (in respect of its supervisory responsibilities for relevant non-financial institutions) the FIU within the CCECC. This will include as relevant to the implementation of AML/CFT measures (a) assisting the NBM, and particularly its banking supervision department, in strengthening the skills of its staff to monitor banking activities (b) assisting the NAFM in strengthening its skills for the non-banking financial sector (c) assist the FIU in developing supervisory skills for relevant non-financial institutions and in assessing the quality of reporting provided by the reporting institutions.

These tasks will be achieved through the use of training workshops and/or short term experts (STX) who will be working under LEG supervision.

Complementary TA from Other Providers

The CCECC is the main beneficiary of a project funded by the Council of Europe and aimed at enhancing the anti-corruption system of Moldova. While this project includes a component  dedicated to AML, this is mainly focusing on the FIU and the law enforcement authorities. Therefore, there will not be any material overlap with the Fund's proposed project.    

Expected Results

• AML/CFT-related secondary legislation and bylaws reviewed and redrafted, as needed

• AML/CFT-related internal procedures and manuals of the NBM and NAFM updated and redrafted as needed

• staff of NBM, NAFM and CCECC trained in supervision/compliance of AML/CFT requirements

• financial sector trained on the new requirements set forth by the new AML law.