Methodology on identifying transactions suspect of money laundering, financing terrorism to be published in Moldova's Official Journal

Chisinau, 31 May /MOLDPRES/ - A decision on the approval of a methodology on identifying activities and transactions suspected of money laundering and financing terrorism will be published in the 1 June issue of the Official Journal (Monitorul Oficial).   

The methodology establishes that the assessment of the degree of exposure related to the risks of money laundering and financing terrorism will be made through the geographical risk, client risk, product risk and transactions risk.  

The risks envisaged do not have a limitative character and can be differentiated also through a prudential approach, depending on the specific character of the client’s work. Various national, international, public and private information sources can be used in carrying out a proper assessment of risks and vulnerabilities towards actions of money laundering and financing terrorism.  

Based on the risks identified, entities should establish and enforce caution measures as concerns clients, internal controls and procedures to attenuate and efficiently manage the risks of money laundering and financing terrorism.    

Banks will pay increased attention to complex and unordinary transactions, which have no visible economic or legal justification, as well as to those made with clients of settlements from the left bank of Dniester.  

The methodology sees that, during one month, the Service of Prevention and Fighting Money Laundering will work out a guide on the identification of activities or transactions suspected of money laundering.

(Reporter A. Zara, editor M. Jantovan)