Moldovan parliament adopts reform of Service for Prevention and Combatting of Money Laundering in first reading

The institutional framework for the work of the Service for the Prevention and Combatting of Money Laundering (SPCSB) will be aligned with European standards, through the establishment of the status of financial intelligence officer, the introduction of periodic professional certification and the simplification of the management structure. The parliament has adopted a draft law providing for these changes in the first reading.

The most important change envisaged by the draft is the establishment of the status of financial intelligence officer, in line with international standards in the field. The new status defines the duties, rights, obligations and professional safeguards of the specialized staff at the SPCSB.

The legislative initiative, developed by the Justice Ministry, also introduces mandatory professional certification for employees of institutions and companies that have reporting responsibilities in the field of preventing and combatting money laundering, terrorist financing and the proliferation of weapons of mass destruction.

“The purpose of the draft is to strengthen and modernize the regulatory and institutional framework in the field of preventing and combatting money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction, by developing the capacities of the Service for the Prevention and Combatting of Money Laundering and aligning it with relevant international standards and recommendations. The goals of the draft target the strengthening of the operational capacities of the service, the establishment of a national training and certification system in the field, as well as the regulation of the status of the financial intelligence officer and the creation of a training centre,” said MP Lilian Carp, the head of the parliament’s commission for security, defence and public order.

The draft defines the training certificate, sets out the conditions for getting it and provides for its renewal at least once every three years. At present, national legislation regulates training in this area, but does not provide for a mandatory mechanism for periodic professional certification.

At the same time, the SPCSB will be provided the competence to organize training programmes, to develop methodological materials and to coordinate the national professional training platform, thereby strengthening its role as an institutional centre of reference in this field.

The draft also provides for reducing the number of deputy directors of the Service from two to one, a measure aimed at streamlining the decision-making process and increasing managerial responsibility. According to the authors, the amendment aligns the institution’s structure with the requirements of the Egmont Group, the international network of financial intelligence units from over 160 states, of which Moldova is a member.

The parliament is to consider the draft law in the second reading.