AmCham Moldova Participated on Improving the Draft Law on Infringement Procedure in the field of prevention of money laundering and terrorist financing and the method of applying sanctions

AmCham Moldova Participated on Improving the Draft Law on Infringement Procedure in the field of prevention of money laundering and terrorist financing and the method of applying sanctions

• 03.02.2020

Between January 30 - February 3, AmCham Moldova participated in 3 meetings on improving the draft law on infringement procedure in the field of prevention of money laundering and terrorist financing and the method of applying sanctions.

The meetings were attended by representatives of the Service for the Prevention of Money Laundering and Terrorist Financing, the Ministry of Justice, the Economic Council to the Prime Minister and the business associations.

Following the consultations, the draft law has undergone several changes:

1. The rule governing the application of the fine in the case of a plurality of violations has been introduced;

2. The aggravating and mitigating circumstances have been modified;

3. The rules governing the qualification of the violations as serious have been modified;

4. The fines have been reduced for certain violations;

5. The draft law has been improved in terms of legislative technique.

Prior to the meetings, AmCham submitted a position paper on the draft law containing 18 proposals on more than 30 articles.

To access the position paper or address questions on this topic, contact Adrian Gheorghita, Deputy Director for Advocacy and Business Development at adriangheorghita@amcham.md or Victor Baciu, Legal Committee Coordinator at victorbaciu@amcham.md.