Moldovan-Luxembourg cooperation in supervising financial, banking sector discussed in Luxembourg

Chisinau, 15 October /MOLDPRES/ - Foreign Affairs and European Integration Minister Tudor Ulianovschi has discussed the cooperation and taking over the good practices in the sector of supervising the financial and banking sector at a string of meetings with representatives of institutions in the field from Grand Duchy of Luxembourg – Bankers’ Association, Financial Sector Supervisory Commission, as well as the Investment Funds Association.   

The Foreign Affairs and European Integration Ministry’s public diplomacy, strategic communication and media interaction service said that, during discussions, Minister Tudor Ulianovschi had reviewed the principal actions undertaken by the Moldovan government to strengthen the country’s financial and banking system, programmes due to be implemented in the concerned sector on the immediately next period, as well as the project on development of this field established with development partners, including the World Bank, International Monetary Fund, etc. “We are determined to continue consolidating and making more transparent the banking sector, by stabilizing the monetary conditions and improving the national legislative and normative framework and, in this respect, the experience of the Grand Duchy of Luxembourg is a valuable one in the process of adjusting the national legislation to the good practices of the European Union,” Minister Tudor Ulianovschi said.     

The Bankers’ Association from Luxembourg welcomed the reforms adopted by Moldova, in order to strengthen the supervisory and regulatory framework in the banking sector, which led to the attraction of foreign investors to the banking market of Moldova.   

According to the Luxembourg interlocutors, the coming of foreign investors to Moldova’s banking market represents an important signal for the entire banking sector at the European and international levels, in terms of the transparency and improving the situation in the financial sector of Moldova. The entrance of new banking services and products on Moldova’s market will have a positive impact on the whole economy and will favour the sector’s competitiveness, through backing the private business environment, especially in the sector of small- and medium-sized enterprises.  

At the same time, during discussions with the secretary general of the Financial Sector Supervisory Commission from Luxembourg, Danièle Berna-Ost, Tudor Ulianovschi tackled ways of establishing the dialogue of cooperation with the supervisory institution from Moldova in such sectors as prevention and combating of money laundering and financing terrorism, financial stability, licencing providers of payment services, etc.