Official translation

L A W no. 308 of 27.12.2017

on prevention and combating money laundering and terrorism

financing

For the purpose of transposition of the provisions of Directive (EU) 2015/849

of European Parliament and of the Council of May 20th, 2015 on the prevention of
the use of financial system for the purpose of money laundering or terrorism
financing, of the amendment of Regulation (EU) No. 648/2012 of the European
Parliament and of the Council and of the abrogation of Directive 2005/60/CE of the
European Parliament and of the Council and of the Directive 2006/70/CE of the
Commission (text with relevance for SEE), published in the Official Journal of the
European Union L 141 of June 5th, 2015, as well as of the implementation of the
requirements of international standards on the prevention and combating of money
laundering, terrorism financing and proliferation of mass destruction weapons,
adopted by Financial Action Task Force (FATF-GAFI) in February 2012.

The Parliament adopts the present organic law.

Chapter I
GENERAL PROVISIONS

Article 1. Aim of law

The present law establishes the measures of prevention and combating

money laundering and terrorism financing, contributing to ensure the state security,
aiming to protect the national financial-banking, financial-non-banking and the
designated non-financial businesses and professions system, protection of rights
and legitimate interests of natural and legal persons, as well as of the state.

Article 2. Domain of law application

(1) Under the incidence of the present law are falling actions of money
laundering, associated offenses, actions of terrorism financing and proliferation of
weapons of mass destruction, committed directly or indirectly, by citizens of the
Republic of Moldova, foreign citizens, stateless persons, resident or non-resident
legal entities on the territory of the Republic of Moldova, as well as, in accordance
with the international treaties to which the Republic of Moldova is a party, the
actions committed by them outside the territory of the Republic of Moldova.
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(2) If the transaction/operation is carried out in foreign currency, for

determination of its equivalent in MDL, for the purpose of implementation of
provisions of the present law, it is applied the official exchange rate of MDL against
foreign currency, established by the National Bank of Moldova, valid for the day of
transaction/operation execution.

Article 3. Main notions

Under the present law, the following notions shall mean:

risk-based approach - use of evidence-based decision-making process for

efficient prevention and combating the risks of money laundering and terrorism
financing identified at operational, sectorial and national levels;

activity - behavior based on a set of actions, including transactions, aimed at

achievement of a result;

suspicious activity or transaction - activity or transaction with goods or illicit

goods, including financial means and funds, about which the reporting entity knows
or indicates reasonable grounds for suspicion that actions of money laundering,
associated offenses, actions of terrorism financing and of proliferation of weapons
of mass destruction are in course of preparation, of attempt, of accomplishment or
are already performed;

real estate agent - a legal or natural person that provides intermediary

services in real estate transactions, including of sale-purchase or rent of real estate
and which provides consultation in this domain in exchange for a pre-established
commission from the transaction value;

shell bank - bank or institution performing activities equivalent to those of the

bank, which does not have physical presence, does not carry out real conduct and
management and which is not affiliated to a regulated financial group;

beneficial owner - a natural person that ultimately owns or controls a natural

or legal person or beneficiary of an investment company or manager of the
investment company, or a person in whose name an activity is carried out or a
transaction is performed and/or who owns, directly or indirectly, the right of
ownership or control of at least 25% of the shares or of the voting rights of the
legal person or of the goods under fiduciary administration;
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goods – financial means, as well as funds, income, any category of corporeal

or incorporeal, movable or immovable, tangible or intangible values (assets) and acts
or other legal instruments in any form, including in electronic or digital form that
attest a title or a right, including any share quota (interest) in respect of those
values (assets);

illicit goods - goods directly or indirectly intended, used for or resulted, , from
the commission of an offense, any benefit obtained from these goods, and goods
converted or transformed, in whole or in part, from goods intended, used for or
resulted from the commission of an offense and benefit obtained from these goods;

frozen goods - goods that are subject of provisional measures provided in art.
33;

suspicious goods - goods about which the reporting entity knows or indicates
reasonable grounds of suspicion that they have illicit character;

client (customer) - a natural or legal person that is in the process of

establishment of a business relationship or has already established a business
relationship with the reporting entity or has benefited or benefits from the services
of the reporting entity;

anonymous account - account the holder of which is not identified;

account in fictitious name - account opened on behalf of a person that is not

identified and whom it is assigned an invented name;

terrorism financing - actions established in art. 279 of the Criminal Code and
in the international treaties to which the Republic of Moldova is a party;

associated offenses - offenses provided by the Criminal Code, including

terrorism financing, as a result of commission of which illicit goods have been
obtained , including income, funds and other benefits that constitute the object of
money laundering;

financial investigations - activities that consist in collection of information,

analysis and verification of all financial and economic relationships, as well as in
verification of clients that may be related to actions of money laundering, to
associated offenses and to actions of terrorism financing, activities focused to
identification, determination of source and tracing of the goods used for, obtained
from these offenses, of terrorists funds and other goods that are or may be the
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object of provisional and/or confiscation measures, as well as investigation of the

extent of criminal network and of the related criminal degree. Financial
investigations are distinct from special investigations regulated by Law No. 59/2012
on special investigative activity;

designated non-financial business and profession – natural or legal person

that provides independent professional accounting, audit, and legal nature services,
including lawyers, notaries, acting in accordance with the legislation in force;

restrictive measures in respect of goods - measures that ensure prevention of

the movement, transfer, modification, use or handling of goods in any way that
could result in modification of their volume, value, location, property, possession,
character or destination or any other modification that would allow the use of
goods;

members of families of politically exposed persons – husband/wife, children

and their husbands/wives, concubine and parents of the politically exposed person;

self-regulatory body with supervisory functions - entity with status of legal

personality that represents members of a same profession and that has a role in
their regulation, in execution of certain functions of supervision or monitoring and in
ensuring the implementation of the norms in relation to them;

persons associated with politically exposed persons - natural persons known

as being, together with a politically exposed person the beneficial owners of a legal
person or engaged in joint business relationships, as well as natural persons known
as being the sole beneficial owners of a legal person about which it is known that it
was founded for de facto benefit of the politically exposed person;

persons with senior management positions - responsible persons or

employees having sufficient knowledge about exposure of institution to money
laundering and terrorism financing risk that hold sufficiently high positions to make
decisions with effect on this exposure and that are not necessarily members of the
management board;

politically exposed persons - natural persons that exercise or exercised during

the last year prominent public functions at national and/or international level as well
as members of the governing authorities of political parties;
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natural persons that exercise prominent public functions at international level

- natural persons that hold or held the position of Head of State, Governments and
Cabinets of Ministers, members of Governments, Deputy Ministers, Chiefs of State
Chancelleries, Deputies, Leaders of political parties, judges of the Supreme Courts of
Justice, as well as members of the Courts of Accounts and Councils of National
Banks, officers with senior and supreme military ranks, members of the governing
and management authorities of state-owned enterprises, members of royal families,
ambassadors and senior rank personnel of diplomatic missions, directors, deputy
directors and members of the management boards of international organizations;

natural persons exercising prominent public functions at national level -

natural persons that held or that hold positions of prominent public dignity in
accordance with the legislation, also members of management boards of state
enterprises, municipal enterprises, as well as commercial societies with majority
state-owned capital, leaders of political parties and officers with senior and supreme
military ranks;

proliferation of weapons of mass destruction- actions established in art. 1401

of the Criminal Code and in international treaties to which the Republic of Moldova is
a party;

business relationship - professional or commercial relationship related to

professional activities of the reporting entities and persons regulated by the present
law and which, at the time of contact establishment, is considered to be of a certain
duration;

professional secret - information, data and documents held on the basis of the
present law with respect to a particular person – personal data, data about financial
assets, business relationships, ownership structure, sale network and about
intentions of business development, the disclosure of which may cause damages to
the concerned person;

freezing of activity or transaction – temporary prohibition of the change of

ownership regime, transfer, liquidation, transformation, placement or movement of
goods or temporary assumption of custody or control of the good;

money laundering - actions established in art. 243 of the Criminal Code and in
the international treaties to which the Republic of Moldova is a party;
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transaction - actions based on prior understanding between two or more

parties through which the goods are transferred, liquidated, transformed, placed or it
is achieved their circulation;

complex and unusual transaction - transaction carried out through a single

operation or through several operations that do not correspond to ordinary activity
and or are not typical to client activity;

occasional transaction – transaction carried out through a single operation or

through several operations, by one or more natural or legal persons, in the absence
of business relationship with the reporting entity.
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Chapter II

PREVENTION OF MONEY LAUNDERING

AND TERRORISM FINANCING

Article 4. Reporting entities

(1) The following natural and legal persons, hereinafter referred to as

reporting entities, fall within the provisions of the present law:
a) banks specified in the Law on banks No. 202 of 06.10.2017;
b) foreign exchange units (other than banks);
c) registry societies, investment companies, sole central depository, market
operators, system operators, insurers (reinsurers), intermediaries in insurance and/or
reinsurance of legal entities, National Bureau of Vehicles Insurers, non-state pension
funds, microfinance organizations, savings and loan associations, central
associations of savings and loan associations;
d) organizers of gambling;
e) real estate agents;
f) natural and legal persons practicing activities with precious metals and
precious stones;
g) lawyers, notaries, and other designated non-financial businesses and
professions, during the period of participation on behalf of the client, in any financial
and real estate transaction, or during the period of the provision of assistance for
planning or execution of transactions for client, which in both cases involve the sale
and purchase of real estate, donation of goods, management of financial assets,
securities and other goods of client, opening and managing bank accounts, creation
and management of legal persons and goods under fiduciary administration, as well
as their purchase and sale;
h) lessors who are legal persons that practice entrepreneur activity and
transfer under the terms of leasing contract, to lessees, at their request, for a
certain period, the right of possession and/or use of property the owners of which
they are, with or without the transmission of the right of ownership of the good
upon the expiration of the contract;
i) payment service providers, issuers of electronic money and postal services
providers operating in accordance with Law No. 114 of 18.05.2012 on payment
services and electronic money;
j) providers of postal services acting in accordance with the Law No. 36 of
17.03.2016 on postal communications;
k) audit entities, legal entities and individual enterprises providing accounting
services;
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l) other natural and legal persons who sell goods in the amount of at least
200.000 lei or its equivalent, only if the payments are made in cash, regardless of
whether the transaction is carried out through an operation or through several
operations that appear to have connection between them.

(2) The Customs Service, at the latest on the date of 15th of the month
following the reporting month, notifies the Office for Prevention and Fight against
Money Laundering about all of the information regarding the foreign currency values
declared by natural and legal persons in accordance with the provisions of art. 33
and 34 of Law No. 62-XVI of 21.03.2008 regarding the foreign exchange regulation,
except for the foreign exchange values declared by the National Bank of Moldova
and licensed banks.

(3) The Customs Service shall notify immediately, but no later than 24 hours,
the Office for Prevention and Fight against Money Laundering about the information
regarding the identified cases of suspicious importing and/or exporting of currency
values to/from the country.

(4) Public authorities, other than the authorities with functions of supervision
of the reporting entities referred to in art. 15 par. (1), shall notify immediately, but
no later than 5 working days, the Office for Prevention and Fight against Money
Laundering about the cases of possible violations of the provisions of the present
law identified in the exercise of functions.

(5) Natural or legal persons, other than those indicated in par. (1), can inform
the Office for Prevention and Fight against Money Laundering about the cases that
become known, regarding money laundering and terrorism financing, by using
ordinary communication channels – postal service, e-mail, telephone.

Article 5. Customer due diligence measures

(1) The reporting entities shall apply customer due diligence measures:
a) when establishing of business relations;
b) when carrying out all types of occasional transactions:
- in the amount of over 20.000 lei - if the transaction is carried out in a single
transaction, through the payment services providers, including the use of electronic
means;
- in the amount of over 300.000 lei - if the transaction is carried out through
one or several operations that have connection between them, taking into account
the requirements at national level;
c) in case of the organizers of gambling, in the moment of receiving of
winnings, in the moment of placing a bet or in both cases when transactions in the
 9

amount of at least 40.000 lei are carried out, regardless of whether the transaction
is carried out through a single operation or through several operations that seem to
have a connection between them;
d) when there is a suspicion of money laundering or terrorism financing,
regardless of established derogations, exemptions or limits;
e) when there are suspicions regarding the authenticity, sufficiency and
accuracy of previously obtained identification data;
f) in case of persons that sell goods, when carry out occasional cash
transactions in the amount of at least 200.000 lei, regardless of whether the
transaction is carried out through a single operation or through several operations
that seem to have a connection between them.

(2) Customer due diligence measures include:

a) identification and verification of the identity of customers on the basis of
identity documents, as well as documents, data or information obtained from a
credible and independent source;
b) identification of beneficial owner and application of appropriate and risk-
based measures for verification of his/her identity so that the reporting entity to
have the certainty that it knows who is the beneficial owner, including the
application of reasonable measures, in order to understand the structure of the
property and the control structure of the customer;
c) understanding the purpose and intended nature of business relationship and,
if necessary, obtaining and assessing the information regarding them;
d) on-going monitoring of business relationship, including the examination of
transactions concluded during the entire duration of the concerned relationship, in
order to ensure that the performed transactions are consistent with the information
held by the reporting entities regarding the customer, the activity profile and the risk
profile, including the source of goods, and that the held documents, data or
information are updated.

3) If it is not possible to comply with the requirements provided in par. (2) let.
a)-c), the reporting entities are obliged not to carry out any activity or transaction,
including through a payment account, not to establish any business relationship or to
terminate an existing business relationship, and to consider sending of special forms
on reporting the suspicious activities or transactions to the Office for Prevention and
Fight against Money Laundering in accordance with the provisions of art. 11. In this
case, the reporting entities are entitled not to explain to the customer the reason of
refusal.

(4) Reporting entities are prohibited from opening and maintaining anonymous
accounts, fictitious accounts, anonymous savings books, establishing or continuing a
 10

business relationship with a fictitious bank or a bank about which it is known that
allows a fictitious bank to use its accounts or which makes anonymous accounts
available to its customers.

(5) Customers are required to submit, at the request of the reporting entity, all
of the information, documents and copies of them, necessary for the
implementation of due diligence measures, and in the event of occurrence of new
circumstances related to beneficial owners, to update, on their own initiative, the
already submitted data. The accuracy and veracity of submitted documents are
certified by customers mandatorily.

(6) Customer due diligence measures are applied by the reporting entities not
only to all new customers, but also to existing customers, using risk based approach,
including when relevant circumstances regarding the customer are modified.

(7) In the case of application of customers due diligence provided in par. (2),
the reporting entities shall establish and verify the legality of mandates and the
identity of customer’s representatives.
(8) By way of derogation from the provisions of par. (1) let. b), the foreign
exchange transaction in cash with the amount exceeding 200.000 lei shall be carried
out with the presentation of identity documents and the data from them shall be
recorded by the foreign exchange unit.

(9) By way of derogation from par. (1) let. a) and b), on the basis of a proper
risk assessment demonstrating the existence of a low risk of money laundering and
terrorism financing, the reporting entities providing payment services and issuers of
electronic money specified in Law No. 114/2012 on payment services and electronic
money, except for cases of redemption or withdrawal of cash exceeding the amount
of 2.000 lei, may skip the application of customer due diligence measures related to
electronic money or prepaid payment instrument in the cases of compliance with the
following conditions:
a) the maximum electronic deposited amount does not exceed the amount of
5.000 lei;
b) the amount of monthly transfers does not exceed the amount of 5.000 lei,
and for payment instruments that can be used only on the territory of the Republic
of Moldova, it can be increased up to 10.000 lei;
c) the payment instrument is used exclusively to purchase goods and services;
d) the payment instrument cannot be funded with anonymous electronic
money;
e) the issuer carries out a sufficient monitoring of transactions or business
relationship, in order to enable detection of suspicious transactions.
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(10) The procedure and requirements related to the application of due

diligence measures, including the identification of customer and of the beneficial
owner, are issued by the reporting entities on the basis of recommendations and
instructions of the authorities with supervisory functions.

(11) In case of life insurances and of annuities provided by legislation on

insurance, the reporting entities, in addition to measures provided in par. (2), shall
apply the following customers due diligence measures:
a) record the name of person in case of beneficiaries that are persons
identified by name;
b) in case of beneficiaries designated by characteristics or category or by
other means, to obtain sufficient information on the concerned beneficiaries so that
the reporting entity be sure that at the time of payment it will be able to determine
the identity of the beneficiary.
(12) In cases mentioned in par. (11) let. a) and b), the verification of the
identity of beneficiaries shall takes place at the moment of payment. In case of an
assignment, full or partial, to a third party of a life assurance and of annuities
provided by the legislation on insurance, the reporting entities that are aware of the
concerned assignment shall identify the beneficial owner at the time of assignment
to the natural or legal person, which receive for own benefit, the value of the ceded
policy.

(13) In case of beneficiaries of goods under any form of fiduciary

management, which are designated depending on particular characteristics or
category, the reporting entity obtains sufficient information on beneficiary, so as to
ensure that it will be able to identify the beneficiary at the moment of payment or
at the time of enforcing by the beneficiary of his/her acquired rights.

(14) The reporting entities shall provide to customers the required

information, on the basis of art. 12 par. (1) of the Law No. 133/2011 on protection
of personal data, before the establishment of a business relationship or execution of
an occasional transaction. The information shall include, in particular, general
information on legal obligations of reporting entities on the basis of the present law
when processing the personal data for the purpose of money laundering and
terrorism financing prevention.

(15) In the case in which, after the exhaustion of all possible means and
provided that there are no grounds for suspicion, no person shall be identified as the
beneficial owner, the natural person that holds the position of administrator of the
customer shall be considered as beneficial owner. The reporting entities shall keep
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records of the measures taken for identification of beneficial owners separately for
each customer and provide them, on request, to the Office for Prevention and Fight
against Money Laundering and/or to the authorities with supervision functions of
reporting entities.

Article 6. Money laundering and terrorism financing risk assessment and risk-
based approach

(1) The reporting entities are obliged to undertake actions related to the
identification and assessment of risks of money laundering and terrorism financing
in their own area of activity, by taking into account the assessment of risks of
money laundering and terrorism financing at the national level, as well as the
criteria and factors established by the authorities with supervisory functions. The
results of own of money laundering and terrorism financing risk assessment are
approved and regularly updated by the reporting entity, and on request it is provided
to the Office for Prevention and Fight against Money Laundering or to the
authorities with supervision functions of reporting entities.

(2) The reporting entities, based on the results of money laundering and
terrorism financing risk assessment, shall use the risk-based approach, whereas the
actions of prevention and mitigation of money laundering and terrorism financing to
be proportional with the money laundering and terrorism financing risks identified in
their own field of activity.

(3) The reporting entities shall ensure the implementation of the risk-based
approach by approving the procedure of identification, assessing, monitoring,
managing and mitigation of the risk of money laundering and terrorism financing.

(4) The reporting entities shall apply the due diligence measures establishing
their scale depending on customer profile, identified money laundering and terrorism
financing risk, country (jurisdiction) profile, business relationship, goods, service or
transaction, distribution network.

(5) The reporting entities shall apply simplified due diligence measures in
respect of customers for identification of lower risks of money laundering and
terrorism financing. At the identification of higher risks of money laundering and
terrorism financing, they apply enhanced due diligence measures in respect of
customers.

(6) In the process of money laundering and terrorism financing risks

assessment, the reporting entities use different variables (indicators) related to the
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domain of activity, including the destination of opening of an account or the purpose

of business relationship, the volume of deposited assets or the amount of
transactions carried out by the customer, the frequency and duration of business
relationship.

(7) The reporting entities shall be able to demonstrate to Office for Prevention
and Fight against Money Laundering and to the authorities with supervision
functions of reporting entities that the extent of due diligence measures regarding
the customers provided in art. 5, 7 and 8 is appropriate, by taking into account the
identified money laundering and terrorism financing risks.

(8) Office for Prevention and Fight against Money Laundering, in cooperation
with the authorities with supervision functions of reporting entities, law enforcement
agencies and other competent institutions, shall organize, carry out and update at
least every 3 years the money laundering and terrorism financing risks assessment
at national level focused to:
a) optimization of normative, institutional and policy framework in the field of
prevention and combating money laundering and terrorism financing;
b) efficient distribution of material, financial and human resources by Office for
Prevention and Fight against Money Laundering, authorities with the supervision
functions of reporting entities, law enforcement agencies and other competent
institutions;
c) informing the public authorities, professional associations and reporting
entities about the money laundering and terrorism financing risks identified at the
national level.

(9) The money laundering and terrorism financing risks assessment at the
national level shall be included in an assessment report, which shall be approved by
order of the director of Office for Prevention and Fight against Money Laundering.
The report is published on the official website of the Office for Prevention and Fight
against Money Laundering, with the exception of information attributed to state
secret and which is classified as commercial, banking, tax, professional secret or
personal data.

(10) The reporting entities are obliged to identify and assess the risks of
money laundering and terrorism financing in their own field before:
a) launching and development of new products and services;
b) the use of new technologies or technologies under development, both for
new and existing products and services.
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(11) The authorities with supervision functions of reporting entities , on the

basis of money laundering and terrorism financing risk assessment at national level,
shall elaborate and publish the information on criteria and factors generating low
and high risks of money laundering and terrorism financing in the activity of the
supervised reporting entities , as well as the procedure for application of related due
diligence measures depending on the identified risks that shall be reviewed
periodically, but at least once a year.

(12) For the identification and ensuring of money laundering and terrorism
financing risk assessment provided in par. (1), Office for Prevention and Fight
against Money Laundering, the authorities with supervision functions of reporting
entities, the law enforcement agencies and other competent institutions must
maintain and update the statistical data in the form of a integral consolidated
version in the field of their competence, which include at least:
(a) data to measure the dimension and importance of different sectors that
fall within the domain of application of the present law, including the number of
entities and persons, as well as data regarding the economic importance of each
sector;
b) data to measure the at the each stage of reporting, investigation, criminal
prosecution and judicial of national regime for combating money laundering and
terrorism financing, including the number of reports regarding suspicious
transactions, actions taken as a result of the concerned reports and, annually, the
data regarding the number of investigated cases, number of persons under
criminally investigation, number of persons convicted for money laundering or
terrorism financing offenses, types of associated offenses and the value in MDL of
the frozen, seized or confiscated goods;
c) data regarding the number of cross-border requests for information that
were executed, received, rejected or partially or fully solved.

Article 7. Simplified customer due diligence measures

(1) The reporting entities shall apply simplified customer due diligence
measures when, by their nature, they may have a low risk of money laundering or
terrorism financing.

(2) Simplified customer due diligence measures include the customer due
diligence provided in art. 5 par. (2) within a simplified procedure related to lower risk
of money laundering and terrorism financing which include:
a) the verification of the identity of the customer and of beneficial owner after
the establishment of business relationship;
b) reduction of the updating frequency of identification data;
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c) reduction of the level of on-going monitoring of transaction or business

relationship;
d) limitation in obtaining the information regarding the purpose and nature of
business relationship.

(3) The reporting entity shall, on the basis of its own assessment, determine the
factors generating the low risks of money laundering and terrorism financing and to
determine the necessity of application of simplified customer due diligence
measures, including if:
a) the customer is a public authority or state enterprise;
b) the customer is a company the securities of which are traded on a regulated
market/multilateral trading system that imposes requirements in order to ensure
adequate transparency of the beneficial owner;
c) the customer is a resident of jurisdictions provided in let. d) and e) that meet
the requirements of international standards for prevention and combating money
laundering and terrorism financing;
(d) the country of destination (jurisdiction) has an effective system for
prevention and combating money laundering and terrorism financing according to
international standards and is subject to regular assessments by relevant
international organizations;
e) the country of destination (jurisdiction) has a reduced level of corruption and
criminality according to official assessments;
f) the financial products and services are limited and well defined for a circle of
customers, with the aim to increase the financial inclusion;
g) the life insurance policies include the annual premium which does not exceed
20000 MDL or the single premium which does not exceed the value of 50000 MDL;
h) at the purchase of insurance policies for pension systems there is no
redemption clause and the policy cannot be used as a guarantee;
(i) at the purchase of pension systems, annuities or similar programs that
provide pension benefits to employees, contributions are made through salary
deductions and the norms of the system do not allow the rights of beneficiaries to
be transferred.

(4) Simplified customer due diligence measures cannot be applied in case of

existence of a suspicion regarding money laundering or terrorism financing.

(5) The reporting entity shall collect sufficient information in order to identify
whether the customer, transactions or business relationships meet the conditions
provided in par. (3) on the basis of the assessment of money laundering and
terrorism financing risks at the national level and on the basis of criteria and factors
established by the authority with supervision functions.
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Article 8. Enhanced customer due diligence measures

(1) The reporting entities examine the economic purpose and meaning of all
complex and unusual transactions, as well as the types of unusual transactions,
apparently without legal or economic purpose. If the risk of money laundering or
terrorism financing is high, the reporting entity applies enhanced customer due
diligence measures proportional with the identified risk, increasing the intensity of
business relationship monitoring, in order to determine whether the activity or
transaction is unusual or suspicious.

(2) The reporting entities shall apply enhanced customer due diligence
measures, in addition to those provided in art. 5, in situations which, by their nature,
may present higher risk of money laundering or terrorism financing, at least in the
manner established in this article, and in other situations, according to criteria and
factors established by the authorities with supervision functions, including:
a) obtain additional information about the customer (type of activity, volume of
assets, turnover, other information available in public sources, internet), as well as
the frequent updating of the identification data of customer and beneficial owner;
b) obtain additional information about the nature and purpose of business
relationship;
c) obtain information about the source of customer’s goods;
d) obtain information about the purpose of activity or transaction in course of
preparation, of execution or already executed;
e) obtain the approval of the person with senior management positions for
initiation or continuation of business relationship;
f) carry out enhanced monitoring of business relationship by increasing the
number and duration of performed verifications and by selection of activities and
transactions that require additional examination;
g) requirement that the first payment of operations to be executed through an
account opened on behalf of the customer at a bank that applies similar customer
due diligence measures.

(3) On the basis of its own assessment, the reporting entity establishes the
factors that generate higher risks and that determine the necessity to apply
enhanced customer due diligence measures. The factors which generating high risks
are:
a) business relationships taking place in unusual circumstances such as
significant geographical distance between the reporting entity and the customer;
b) customer residing in jurisdictions with high risk of money laundering and
terrorism financing;
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c) customers that personally are not present for identification;

d) legal entities having the role of personal management of goods structures;
e) companies that have authorized shareholders or whose shares are in
custody;
f) activities frequently involving cash in considerable proportions;
g) situations in which the ownership structure and control structure of the legal
person are unusual or excessively complex, having in mind the nature of conducted
activity;
h) banking services provided to a natural person on the basis of a personalized
portfolio negotiated with the customer (personal banking) ;
i) products or transactions that could favor anonymity;
j) business relationships or non-face to face transactions, without certain
protective measures, such as electronic signature;
k) payments received from unknown or unrelated third parties;
(l) new products and new business practices, including new mechanisms for
distribution and use of new technologies or technologies in the course of
development both for new products and pre-existing products;
(m) countries of destination (jurisdictions) that according to credible sources
(mutual evaluations, detailed assessment reports or published monitoring reports),
do not dispose effective systems for prevention and combating money laundering
and terrorism financing;
n) countries of destination (jurisdictions) that according to credible sources,
have a high level of corruption or other criminal activities;
o) countries of destination (jurisdictions) subject to sanctions, embargoes or
similar measures, established by relevant international organizations, in accordance
with the commitments undertaken by the Republic of Moldova;
(p) countries of destination (jurisdictions) that provide funding or support for
terrorism activities or on the territory of which the designated terrorism
organizations are operating;
q) other factors identified within the assessment.

(4) In the cross-border correspondent banking relations, banks, in addition to

due diligence measures provided in art. 5, shall undertake measures which include:
a) the accumulation of sufficient information about the respondent institution,
in order to fully understand the nature of its activity and to establish, the reputation
of institution and quality of its supervision, from publicly available information;
b) evaluation of inspections carried out by the corresponding institution for the
purpose of prevention and combating money laundering and terrorism financing;
c) obtain the approval of the person with senior management positions before
the establishment of relations with the corresponding institutions;
d) the establishment, in written form, the responsibility of each institution;
 18

e) establishment of the fact that the corresponding institution has verified the
identity of customers which have direct access to the accounts of corresponding
institution, has applied on-going due diligence measures regarding these customers
and is able to provide, on request, relevant data on due diligence measures;
f) the application of sufficient protective measures in corresponding
relationships with responding institutions that has insufficient policies, internal
controls and procedures in the field of prevention and combating money laundering
and terrorism financing.

(5) In transactions or in business relations with politically exposed persons, with

members of families of politically exposed persons and with persons associated with
politically exposed persons, the reporting entities, in addition to due diligence
measures provided in art. 5, shall take measures including:
a) elaboration and implementation of appropriate risk management systems,
including procedures based on risk assessment, in order to determine whether a
customer, potential customer or the beneficial owner of a customer is a politically
exposed person;
b) obtain the approval of the person with senior management positions in the
establishment or continuation of business relations with such customers;
c) adoption of appropriate measures regarding determination of the source of
goods involved in business relationship or in transaction with such customers;
d) carry out enhanced on-going monitoring of business relationship.

(6) The Office for Prevention and Fight against Money Laundering elaborates
and publishes the list of functions that determine the feature of a politically exposed
person at national level in accordance with the provisions of the present law.

(7) The reporting entities shall take measures in order to determine whether
the beneficiaries of life insurance policy or annuities and/or, as the case may be, the
beneficial owner of beneficiary are politically exposed persons. The concerned
measures shall be adopted at the latest at the time of payment or at the time of
fully or partial assignment of the policy. In case in which there were identified the
higher risks, the reporting entities, in addition to customer due diligence measures
provided in art. 5, undertake the following:
a) informs the person with senior management positions before the payment of
income corresponding to insurance policy;
b) performs an enhanced examination of the entire business relationship with
the insured person.

(8) The reporting entity, on the basis of money laundering and terrorism
financing risk assessment at the national level, as well as on criteria and factors
 19

established by the authority with supervision functions, accumulates sufficient

information in order to identify whether the customer, transactions or business
relationships are meeting the conditions provided in par. (3) - (5).

Article 9. Record keeping

(1) The reporting entities shall keep, for a period of 5 years after the
termination of business relationship, all data related to national and international
activities and transactions to the extent that they can respond promptly to requests
of Office for Prevention and Fight against Money Laundering , of authorities with
supervision functions of the reporting entities and law enforcement agencies. The
kept data must be sufficient to allow the reconstitution of each activity or
transaction in the manner in which it is necessary to serve as evidence in criminal
proceedings, contraventions and any other legal proceedings.

(2) The reporting entities shall keep all documents and information about the
customers and beneficial owners, obtained during customers due diligence
measures, including copies of identification documents, archives of accounts and
primary documents, business correspondence, results of analyses and researches
conducted on identification of complex and unusual transactions, during the active
period of business relationship and for a period of 5 years after its termination or
after the date of the execution of occasional transactions. The reporting entities
shall keep records of all documents and information about transactions within the
time frame provided in this paragraph and, at the request of Office for Prevention
and Fight Against Money Laundering or of the authorities with supervision functions
of the reporting entities, for certain types of documents and information, the period
of keeping of evidence may be extend for the requested period, but not more than 5
years.

(3) The reporting entities shall have efficient systems and procedures in order
to respond rapidly and fully to all requirements and requests of Office for
Prevention and Fight against Money Laundering and of the authorities with
supervision functions of the reporting entities regarding the transactions and
business relationships with customers.

(4) At the request of Office for Prevention and Fight against Money
Laundering and of the authorities with supervision functions, the reporting entities
are obliged to provide all relevant information regarding business relationships with
customers and nature of such relationships.
(5) Office for Prevention and Fight against Money Laundering keeps the
documents and information obtained on the basis of the implementation of present
 20

law for a period of 5 years. The procedure of the accumulation, keeping and
archiving of information is established by order of the director of Office for
Prevention and Fight against Money Laundering.

(6) Data and documents specified in par. (1), (2) and (5) are kept for 5 years in
paper format and subsequently after up to 5 years – in electronic format, only for
the purpose provided by the present law, and they are destroyed on expiration of
keeping terms.

(7) Information that falls within the provisions of par. (2) may be kept only for
a term necessary for achievement of the purpose provided by present law, in volume
necessary and relevant for that. Upon reaching the proposed goal, the information
kept on the basis of present law should be destroyed in the appropriate manner.

Article 10. Performance by third parties

(1) Third persons are the reporting entities or their subsidiaries and
representatives provided in art. 4 par. (1), residents or similar ones located in
another country (jurisdiction) that are adequately supervised and meet requirements
similar to those provided by present law.

(2) The reporting entities may use the information belonging to third parties
in order to carry out the measures provided in art. 5 par. (2) let. a) -c) and art. 9,
under the following conditions:
a) reporting entities dispose of the possibility to obtain immediately necessary
information related to the measures provided in art. 5 par. (2) let. a) -c), owned by
third parties;
b) reporting entities shall adopt and implement efficient procedures regarding
the rapid access to copies of identification data and other documents related to the
measures provided in art. 5 par. (2) let. a) -c), owned by third parties;
c) third parties are adequately supervised and meet requirements similar to
those provided by present law;
d) third parties are not resident in high risk jurisdictions.

(3) Final responsibility regarding the implementation of measures provided in

art. 5 par. (2) let. a)-c) belongs to the reporting entity that appeals to third parties.

(4) The insurer (reinsurer) is obliged to establish rules and procedures for
customers identification, to ensure on-going training of its own staff, including the
insurance agent who is natural person and is responsible for all actions undertaken
 21

by insurance agent natural person for the purpose of implementation of provisions

of the present law.

(5) Provisions of par. (1) shall not be applied to outsourcing or representation

relationships in which, on the basis of a contractual arrangement, the outsourcing
services provider or the agent should be considered as part of the reporting entity.

(6) List of high risk jurisdictions is elaborated, updated and published by Office
for Prevention and Fight against Money Laundering on its official website.

(7) At request of the reporting entities, the third parties are obliged to provide,
within a reasonable term, copies of the documents held as a result of the application
of customers due diligence measures provided in art. 5 par. (2) let. a)–c).

Article 11. Reporting of activities or transactions that fall under the

provisions of the present law

(1) Reporting entities are obliged to inform immediately Office for Prevention
and Fight against Money Laundering about suspicious goods, activities or
transactions suspicious to be related to money laundering, to associated offences
and to terrorism financing that are in course of preparation, attempting,
accomplishment, or are already performed. Data on suspicious activities and
transactions and suspicious goods are reflected in special forms, which shall be
remitted to Office for Prevention and Fight against Money Laundering no later than
24 hours after the identification of action or circumstances generating suspicions.

(2) The reporting entities inform the Office for Prevention and Fight against
Money Laundering about the client’s activities or transactions carried out in cash,
through a single transaction with value of at least 200000 MDL or through several
cash transactions that seem to have a connection between them. Data on activities
or transactions carried out in cash are reflected in a special form that shall be
remitted to Office for Prevention and Fight against Money Laundering within 10
calendar days starting with the first day of the reporting month and ending on the
last day of the calendar month.

(3) The reporting entities inform Office for Prevention and Fight against
Money Laundering about customer’s wire transactions performed through a single
operation with the value of at least 500000 MDL. Data on these transactions are
reflected in a special form, which shall be submitted to Office for Prevention and
Fight against Money Laundering no later than the date of 15th of the following
reporting month.
 22

(4) The reporting obligations provided in par. (2) and (3) shall not be applied
in the cases of activities and transactions carried out between banks, between banks
and National Bank of Moldova, between banks and State Treasury, between National
Bank of Moldova and State Treasury, as well as in the case of the commission for
maintenance of bank accounts and of bank charges.

(5) Special forms that fall within the provisions of the present law shall be
confirmed by signature of the person that has completed them or by another means
of identification and shall contain at least the following information:
a) series, number and date of the issue of identity document, address, data of
the power of attorney and other data necessary for identification of person that
carried out the transaction;
b) title/name, fiscal code/state identification number of person,
residence/domicile, series and number of identity document, necessary for
identification of person in whose name the transaction was carried out as well as
contact data;
c) legal person identification data, data about the accounts and jurisdictions of
the persons involved in activity or transaction, including data about the accounts of
banks;
d) type of activity or transaction;
e) client’s IP address for non-face to face;
f) destination of payment and object of contract;
g) data about the reporting entity that carried out the transaction;
h) date and time of the execution of transaction or period of activity, their
value;
i) name and position of the person who registered activity or transaction;
j) ground of suspicion.

(6) For the execution of the provisions of par. (1) - (3), the Office for
Prevention and Fight against Money Laundering shall establish and maintain a
secure channel for transmission and receiving of special form. Special form
regarding the reporting of activities or transactions provided in par. (1) - (3) shall be
transmitted through the secured channel to the Office for Prevention and Fight
against Money Laundering according to the established procedure.

(7) In emergency cases it is allowed the verbal reporting of activities or

transactions provided in par. (1) - (3), consisted of presentation of data from special
form to the responsible staff of the Office for Prevention and Fight against Money
Laundering during a phone conversation, with the subsequent transmitting of special
 23

form in electronic format, through the secured channel, but no more than 24 hour
from the moment of verbal reporting.

(8) Form, structure as well as manner of reporting, receiving and confirmation

of special forms are provided by the instruction and procedure regarding the
reporting of activities or transactions specified in par. (1)-(3) and (7), which shall be
developed and approved by the Office for Prevention and Fight against Money
Laundering. .

(9) The suspicion regarding the activities and transactions is established on

the basis of objective and subjective criteria, in accordance with national and
international recommendations in the area, including on the basis of criteria on
transactions with high risk or non-cooperating jurisdictions, on the lack of economic
sense of transactions, on the lack of trust in persons that participate in activity or
transaction, doubt referring to fairness, legality of their actions, the unusual way in
which the activity or transaction is carried out, and on the basis of the risks
identified as a result of evaluation carried out in their own field of activity. The
manner of the evaluation of suspicious activities and transactions is approved by the
Government.

(10) Office for Prevention and Fight against Money Laundering and authorities
with supervision functions of the reporting entities shall periodically provide the
reporting entities with information on the results of the examination of the
information received under present law.

(11) Provisions of par. (1) - (3) shall not be applied to the reporting entities
provided in art. 4 par. (1) let. g) and k) only to the extent that this derogation relates
to the information that the reporting entities receive from one of their customers or
obtain in relation to him in the course of evaluation of the legal status of the
respective customer or of the execution of the task of customer’s defense or
representation in trial proceedings or in connection with them, including of
counseling regarding the initiation or avoidance of judicial proceedings, regardless of
whether this information is received or obtained before, during or after trial
proceedings.

Article 12. Prohibition of disclosure

(1) Before the expiration of the terms provided in art. 9 par. (1) and (2), the
reporting entities, employees, persons with functions of responsibility and their
representatives are obliged not to disclose to the customers or third parties the data
on the transmission of information, under present law, to the Office for Prevention
 24

and Fight against Money Laundering and to the authorities with supervision
functions of the reporting entities or data on executed analysis and financial
investigations regarding the actions of money laundering, of associated offenses or
of actions of terrorism financing that take place or may take place.

(2) The reporting entity, in accordance with instructions approved by the

authorities with supervision functions, ensures the protection of employees and
other natural persons that are not employed directly within the reporting entity, but
that participate in its management and activity, from any threat or hostile action in
relation to the transmission of information under the provision of present law.

(3) Employees of the Office for Prevention and Fight against Money
Laundering are obliged not to disclosure to the third parties data of the persons of
the reporting entities entrusted with execution of the present law. It is prohibited the
disclosure to third parties of the information that constitutes commercial, banking,
fiscal, professional secret or of personal data, except the cases provided by the
present law.

(4) Disclosure of information for the purpose of the enforcing the present law
by reporting entities or by employees, persons with functions of responsibility and
their representatives, does not constitute a breach of the disclosure restrictions of
information imposed by contract or by legislative act, or through an administrative
act, and does not entitle liability even in case of non-confirmation of the suspicion of
activity or transaction.

(5) The prohibition provided by par. (1) is not be applied:

(a) in case of the same customer and the same transaction in which involve
two or more reporting entities indicated in art. 4 par. (1) let. a) - c), g), h) and k),
located in the Republic of Moldova, or in case of the aforementioned reporting
entities and similar institutions located in another country (jurisdiction) imposing
requirements similar to those provided by present law, with condition to belong to
the same professional category and to be subject of obligations related to
professional secret and protection of personal data;
b) between the reporting entities indicated in art. 4 par. (1) let. g) and k), located
in the Republic of Moldova, or in case of the aforementioned reporting entities and
similar institutions located in other countries (jurisdictions) which impose
requirements similar to those provided by present law, perform their professional
activities, whether being employees or not, within the same legal person or broader
structure to which the entity belongs and which has joint owners, management or
compliance control;
 25

c) if the reporting entities indicated in art. 4 par. (1) let. g) and k) try to
discourage a client from engaging in illegal activities.

(6) The prohibition provided in par. (1) does not include disclosure of
information to the Office for Prevention and Fight against Money Laundering and
authorities with supervision functions of the reporting entities, including to self-
regulatory body with supervision functions, nor disclosure for enforcing the law .

(7) The transmission of the information to the control authority of the

processing of personal data, requested according its competence, is not considered
to be disclosure/divulgation.

Article 13. Policies, internal controls and procedures

(1) The reporting entities establish policies, carry out internal controls and
procedures in order to mitigate and manage effectively the money laundering and
terrorism financing risks identified at national level, as well as, directly within the
reporting entities.

(2) The policies, internal controls and related procedures are proportionate to
the risk of money laundering and terrorism financing and to the nature and
dimension of the reporting entities.

(3) The reporting entities shall approve their own programs for prevention and
combating of money laundering and terrorism financing including in correspondence
with recommendations and normative acts approved by the authorities with
supervision functions that shall contain at least:
a) policies, methods, practices, written procedures, internal control measures
and strict rules for prevention of money laundering and terrorism financing,
including customers due diligence measures, complex and unusual transactions
identification, of reporting, procedures of assessment and management of risks and
other relevant measures in the field;
(b) names of persons, including of those with senior degree management
positions, responsible for ensuring of the compliance of policies and procedures with
legal requirements on prevention and combating of money laundering and terrorism
financing;
c) measures of the development of ethical and professional norms in the
supervised sector and of the prevention of intentionally or non-intentionally use
reporting entity, by organized criminal groups or by their associates;
d) an on-going program for training of employees, rigorous selection of
personnel on the basis of the criterion of high professionalism in their employment;
 26

e) performing of independent audit regarding the testing of compliance of the

reporting entity with policies, internal controls and related procedures.

(4) The reporting entities shall appoint persons in-charged with attributions of
execution of the present law, including those with senior management positions,
whose names and the nature and limits of their responsibilities shall be provided
during 5 working days to the Office for Prevention and Fight against Money
Laundering and to authorities with supervision functions provided in art. 15. The
indicated persons, as well as other involved employees shall have access to the
results of customer due diligence measures, including identification data and
information on performed activities and transactions, as well as to other relevant
data necessary for execution of the present law.

(5) The reporting entities communicate and implement provisions of own

programs for prevention and combating of money laundering and terrorism
financing within subsidiaries, paying agents and representations, including those
located in other countries.

(6) For the purpose of prevention and combating of money laundering and
terrorism financing, the reporting entities perform the exchange of data with their
held subsidiaries, paying agents and representations, upon conditions of compliance
with requirements of present law.

(7) In case if the reporting entities have subsidiaries, paying agents or

representative offices held in other countries (jurisdictions) in which minimum
requirements regarding prevention and combating of money laundering and
terrorism financing are less strict than those established in the present law, they
implement the requirements of the present law, including those on data protection,
to the extent that the law of the country (jurisdiction) permits it.

(8) In case in which the rules of law of another country (jurisdiction) do not
permit implementation of the policies and procedures provided in par. (1)-(3), the
reporting entities shall ensure that subsidiaries, paying agents and representations
held in that country (jurisdictions) apply additional measures to mitigate the risks of
money laundering or terrorism financing and inform the authorities with supervision
functions about this fact. If the additional measures are not sufficient, the
authorities with supervision functions of the reporting entities shall apply additional
supervisory measures to the reporting entities that have subsidiaries, paying agents
or representations, including measures by means of which impose the non-
establishment or termination of business relationships, refusal to conduct
 27

transactions, and, if necessary, the interruption of activity in that country

(jurisdiction).

(9) The authorities with supervision functions of the reporting entities shall
elaborate regulatory technical standards specifying the type of additional measures
mentioned in par. (8), as well as the minimal measures to be taken by the reporting
entities in case in which the rules of law of another country (jurisdiction) do not
allow the implementation of the measures provided in par. (8).

(10) Representatives of the reporting entities, including those with senior

degree management positions, responsible for ensuring the compliance of policies
and procedures with legal requirements on prevention and combating of money
laundering and terrorism financing, must possess of the skills and abilities (fit and
proper) in accordance with the requirements established by the authorities with
supervision functions for application of the provisions present law. The authorities
with supervision functions of the reporting entities shall carry out necessary
verifications regarding their compliance with the established requirements.

(11) The reporting entity does not conclude labor contracts with persons,
including those with senior degree management positions, responsible for ensuring
of the compliance of policies and procedures with legal requirements on prevention
and combating of money laundering and terrorism financing in case of a
compromised reputation attestation. The reporting entity shall implement
appropriate measures for correction of the established situation if the results of
verifications carried out by the authorities with supervision functions of the reporting
entities established clear circumstances that bring suspicions regarding the
credibility of the mentioned responsible persons.

(12) If the person responsible for ensuring of the compliance of policies and
procedures with legal requirements on prevention and combating of money
laundering and terrorism financing was not appointed, the responsibilities (duties) in
this area are taken over by the executive senior manager, and in his absence– by the
person that replaces him.

(13) Reporting entities ensure appropriate conditions for all employees to be

able to inform, rapidly and anonymously, the persons including those with senior
degree management positions, responsible for ensuring of the compliance of policies
and procedures with legal requirements on prevention and combating of money
laundering and terrorism financing about the breaches of the provisions of present
law.
 28

(14) The requirements related to internal control, elaboration and

implementation of policies, own programs on prevention and combating of money
laundering and terrorism financing shall be established and approved by the
authorities with supervision functions of the reporting entities.

Article 14. Rules of transparency

(1) State registration authority, according to the established procedures,

verifies, registries, records and updates the data regarding the beneficial owners of
legal entities and individual entrepreneurs at their registration, at registration of
modifications in incorporation documents of legal persons, at state registration of
persons subject to reorganization and their removal from State register.

(2) Legal persons and individual entrepreneurs are obliged to obtain and hold
of adequate, correct and up-to-date information on their beneficial owner, including
details of interests generating benefits for them, to submit to the state registration
authority the requested information regarding the beneficial owner and to inform
immediately about change of their data.

(3) It is prohibited the state registration of legal entities and individual

entrepreneurs in the absence of data about the beneficial owner and/or if the
presented information is untrue or incomplete.

(4) On detection of non-authenticity or non-compliance of the information

about the beneficial owner of the legal entities or of the individual entrepreneurs
after the state registration, provisional measures shall be applied in respect of their
goods in accordance with the provisions of art. 33.

(5) The data accumulated by state registration authority, including those

regarding the beneficial owners, are provided, upon request, to Office for Prevention
and Fight against Money Laundering, to the authorities with supervision functions of
the reporting entities and to the reporting entities provided in art. 4 only for the
purpose of enforcing of present law, as well as to other persons in case of the
existence of a legitimate interest.

(6) The state registration authority shall ensure prompt and unlimited access
to the held data, according to the established procedures, for the Office for
Prevention and Fight against Money Laundering e, authorities with supervision
functions of the reporting entities and reporting entities provided in art.4, without
informing the accessed entity.
 29

(7) The authorities with supervision functions of the reporting entities shall
maintain, monitor and update periodically the data on beneficial owners of the
supervised entities.

(8) The reporting entities do not rely exclusively on the data of state
registration authority in order to meet the requirements related to customers due
diligence measures but are using the risk-based approach.

(9) The competent authority, during the registration of non-commercial

organization, shall verify whether the founder, administrator or beneficial owner is
not included in the list of persons, groups and entities involved in terrorism and
proliferation of weapons of mass destruction activities mentioned in art. 34 par.
(11).

(10) The non-commercial organization shall be registered by the competent

authority only if there is no suspicion of the affiliation of its founder, administrator
or beneficial owner to persons, groups and entities involved in terrorism and
proliferation of weapons of mass destruction activities.

(11) In case of the establishment of any pertinent suspicions regarding

affiliation of the founder, administrator or beneficial owner of the non-commercial
organization to terrorism entities and organizations, the competent authority shall
notify immediately the Office for Prevention and Fight against Money Laundering
and the Intelligence and Security Service.

(12) In case of investment companies, the person managing the investment

company is obliged to obtain and hold adequate, accurate and up-to-date
information including the identity of customers, their beneficial owner, data on
performed investments and identity of the founders and beneficiaries of the
investment company.

(13) The person that manages the investment company shall disclose the
status that he has and shall provide the reporting entities in due time with the
necessary information within the application of customers due diligence measures.

(14) National Commission of Financial Market identifies, keeps records and

updates annually the data provided in par. (12) including data on beneficial owners
of the performed investments.
 30

(15) The persons that manage the investment company are obliged to submit
to the National Commission of Financial Market the information provided in par.
(12).

(16) Data collected by the National Commission of Financial Market, including

those regarding the beneficial owners of the performed investments, are available,
upon request of the Office for Prevention and Fight against Money Laundering and
for the reporting entities provided in art. 4 only for the purpose of enforcing the
present law.

(17) National Commission of Financial Market ensures for the Office for
Prevention and Fight against Money and for the reporting entities indicated in art. 4
prompt and unlimited accesses to the held data, without alerting the investment
company.

(18) The reporting entities shall do not rely exclusively on data of the National
Commission of Financial Market in order to meet the requirements related to
customers due diligence measures but are applying the risk-based approach.

(19) National Commission of Financial Market establishes the procedure and

the manner of identification, keeping the record of the information regarding the
beneficial owners of the investment companies, as well as establishes the rules of
access of the public authorities and third parties to the concerned information.

(20) The State Tax Service creates, manages and updates the Register of
payment and banking accounts of natural and legal persons.

Chapter III

COMPETENCE OF AUTHORITIES AUTHORIZED WITH ENFORCEMENT OF

THE LAW

Article 15. Authorities with supervision functions of the reporting entities

(1) Regulation and control of the enforcement manner of the present law are
ensured by the following authorities with supervision functions of the reporting
entities:
a) National Bank of Moldova - for the reporting entities provided in art. 4 par.
(1) let. a), b) and i);
b) National Commission for Financial Market - for the reporting entities
provided in art. 4 par. (1) let. c);
 31

c) Notary Chamber - for notaries provided in art. 4 par. (1) let. g);
d) Union of Lawyers of the Republic of Moldova - for lawyers provided in art. 4
par. (1) let. g);
e) Ministry of Finance - for audit entities provided in art. 4 par. (1) let. d) and k);
f) State Chamber for Marking Supervision (State Assay Office) - for entities
provided in art. 4 par. (1) let. f);
g) National Regulatory Agency for Electronic Communications and Information
Technology - for reporting entities provided in art. 4 par. (1) let. j);
h) Office for Prevention and Fight against Money Laundering - for entities
provided in art. 4 par. (1) let. e), h) and l), within the limits of monitoring and
verification of compliance with the provisions of the present law.

(2) For the purpose of the enforcing of provisions of the present law, of other
normative acts, as well as of the requirements of international standards in this
area, the authorities with supervision functions of the reporting entities, within the
limits of the competences:
a) issue orders, decisions, instructions and other normative acts in the field of
prevention and combating of money laundering and terrorism financing , in the
cases provided by the law;
b) approve and publishes guidelines and recommendations necessary for the
supervised reporting entities for implementation of the provisions of the present law;
c) monitors and verifies the application of the provisions of the present law, of
the subordinated normative acts of the own programs of the reporting entities and
of the instructions regarding the application of customers due diligence measures,
identification of customer and beneficial owner, reporting, keeping of data on
activities and transactions, as well as on the execution of measures and procedures
related to internal control.

(3) Authorities with supervision functions, based on the results of the

assessment of risk profile related to supervised reporting entities, shall use the risk-
based approach to ensure that the extent of taken measures in relation to them are
proportional to the identified risks. The risk profile is reviewed periodically as well as
when there are major events or changes in the management in the activities of the
reporting entities.

(4) During the use of the risk-based approach, the authorities with supervision
functions shall at least:
a) identify and clearly understand the sectorial and national risks of money
laundering and terrorism financing;
 32

b) have access to all relevant information on sectorial, national and

international risks related to customers, products and services of the reporting
entities;
c) determine the frequency and intensity of direct and indirect supervision,
depending on risk profile of the reporting entities and risks of money laundering and
terrorism financing.

(5) In case if the reporting entities do not respect the obligations provided by
the present law, the Office for Prevention and Fight against Money Laundering and
authorities with supervision functions of the reporting entities may apply measures
and sanctions provided by legislation. Application of the mentioned sanctions does
not exclude the possibility of execution, under the legislation in force, of other
measures for the purpose of prevention and combating of money laundering and
terrorism financing.

(6) For prevention and combating of money laundering and terrorism financing,
the authorities with supervision functions of the reporting entities are obliged:
a) to ascertain if the reporting entities use policies, methods, practices, written
procedures, internal control measures and strict rules on identification of customers
and beneficial owners;
b) determine if the reporting entities comply with their own programs focused
towards prevention and, where appropriate, identification of money laundering and
terrorism financing activities;
c) to inform reporting entities about money laundering and terrorism financing
transactions, including new methods and trends in this area;
d) to identify the existence of money laundering and terrorism financing
facilities possibilities of the reporting entities, and to take, where appropriate,
additional measures for prevention of their illegal use and to inform the reporting
entities about the potential risks;
e) to notify other authorities with supervision functions of the reporting entities
on identified violations in the area of money laundering and terrorism financing, in
order for taking measures of withdrawal permissive acts, issued for entrepreneurial
activity.

(7) Office for Prevention and Fight against Money Laundering shall coordinate
the manner of application of the provisions of par. (1)-(6). Office for Prevention and
Fight against Money shall notify the authorities with supervision functions of the
reporting entities as soon as risks related to activity of the supervised entities have
been identified.
 33

(8) Authorities with supervision functions of the reporting entities, within the
limits of the competences established by legislation, shall take sufficient measures
in order to prevent the establishment of the control or obtainment of majority of
shares and/or of controlling quota or holding of management functions of beneficial
owner of the reporting entity by the criminals and organized criminal groups, their
accomplices and/or shareholders that act in concert.

(9) For the purposes of par. (8), during the constitution, reorganization of the
reporting entity or during the increase of share capital, the authorities with
supervision functions, with the support of the Office for Prevention and Fight against
Money Laundering, identify and verify natural persons and entities intending to
become associates (shareholders), the source of goods and financial means used for
contribution to share capital.

(10) Authorities with supervision functions provided in par. (1) let. a) -g) shall
inform immediately, but not later than 24 hours, Office for Prevention and Fight
against Money Laundering in case if during the inspections carried out by them at
the reporting entities provided in art. 4 par. (1) or in any other manner, discovers the
facts that may be related to money laundering or terrorism financing, based on
procedures and criteria elaborated by the Office for Prevention and Fight against
Money Laundering jointly with the authorities with supervision functions.

Article 16. Limitation of action of legally protected secrets

(1) Information obtained from the reporting entities, under the present law, by
the Office for Prevention and Fight against Money Laundering is used only for the
purpose of prevention and combating of money laundering, associated offense and
terrorism financing.

(2) Transmission of materials, documents, including electronic ones, notes and

analytical reports administered managed by the Office for Prevention and Fight
against Money Laundering to criminal investigative authority, prosecutor’s office,
court, authority with supervision functions of the reporting entities or to other
national competent authorities from other countries (jurisdictions), in the manner
and under conditions established by the present law, cannot be qualified as
disclosure of commercial, banking, tax, professional secrecy or personal data.

(3) Information obtained on the basis of the present law and transmitted
(disseminated) by Office for Prevention and Fight against Money Laundering to law
enforcement authorities, court, authorities with supervision functions or other
competent authorities cannot be disclosed without prior written consent, of the
 34

Office for Prevention and Fight against Money Laundering and cannot also be
admitted as evidence within criminal investigation and cannot be the basis of
sentence, except for the own conclusions formulated as a result of financial
investigations carried out under the present law.

(4) Legal provisions concerning commercial, banking, fiscal, professional secret

or personal data cannot be an obstacle for access in any form and receive for the
purpose of enforcing the present law, by the Office for Prevention and Fight against
Money Laundering and authorities with supervision functions of the reporting
entities of information (documents, materials, etc.) about the activities and
transactions of natural and legal persons.

(5) Direct access of third parties to information resources held by the Office
for Prevention and Fight against Money Laundering is prohibited. Only employees of
the Office for Prevention and Fight against Money Laundering have access to
information from databases held by the Office and have the right to process this
information upon prior authorization obtained from the management of the Office.

(6) The information exchange between Office for Prevention and Fight against
Money Laundering and reporting entities, related to enforcement of the present law,
shall be protected so as to guarantee the full securement of information requests.

(7) Office for Prevention and Fight against Money Laundering, authorities with
supervision functions of the reporting entities, reporting entities, their employees
shall be liable, according to legislation in force, for disclosure, contrary to
requirements of the present law, of commercial, banking, fiscal, professional secret
or personal data, for damage caused by unlawful disclosure of data obtained in the
exercise of function.

(8) Reporting entities, employees, persons with functions of responsibility and

their representatives are exempted from disciplinary, civil, contravention and
criminal liability as a result of the application of customers due diligence measures,
of termination of business relationships, application of provisional measures of
transmission in good faith of the information to Office for Prevention and Fight
against Money Laundering and authorities with supervision functions of the
reporting entities, as well as result of the performing of other actions for the
purpose of the execution of the provisions of present law provisions, except the
cases when these actions were committed with bad faith, from negligence and/or
abuse of official position.
 35

(9) Provisions of par. (8) are applied to operations of the processing of

personal, provided that the entities mentioned in this paragraph can prove the
purpose, legal basis and causal link between the processed information and carrying
out of proposed tasks.

Article 17. National and international cooperation

(1) National and international cooperation in the area of prevention and

combating of money laundering and terrorism financing shall be performed on the
basis of mutual assistance principle, according to the legislation of the Republic of
Moldova, based on the cooperation agreements and international treaties to which
the Republic of Moldova is a party.

2. National cooperation shall be ensured:

a) at operational level - between the Office for Prevention and Fight against
Money Laundering, authorities with supervision functions of the reporting entities,
law enforcement, judicial and other competent authorities;
b) at the level of policies and programs - between Office for Prevention and
Fight against Money Laundering, Government, Parliament, competent authorities, as
well as specialized associations.

(3) The information exchange between the Office for Prevention and Fight
against Money Laundering and law enforcement authorities shall be performed
through a liaison officer, in compliance with the present law. The procedure of the
obtaining and processing of information is regulated by a joint interdepartmental
order.

(4) At international level, the Office for Prevention and Fight against Money
Laundering may perform, ex officio or upon request, transmitting, receiving or
exchange of information and documents with competent authorities of other
countries (jurisdictions), regardless of their status, based on the principle of
reciprocity or on cooperation agreements, being conditioned by the compliance to
the same confidentiality requirements as provided in the present law.

(5) Within national and international cooperation, the Office for Prevention
and Fight against Money Laundering and authorities with supervision functions of
the reporting entities shall perform the information exchange on their own initiative
or upon request.

(6) At examination and processing of the information and documents received

by the Office for Prevention and Fight against Money Laundering within the
 36

international cooperation shall be applied legal examination and processing regime

provided for information obtained under the present law.

(7) For all the information received within national and international
cooperation, the Office for Prevention and Fight against Money Laundering,
authorities with supervision functions of the reporting entities and law enforcement
authorities shall to present provider, within reasonable terms, with detailed
information on the outcome of their examination.

(8) The Office for Prevention and Fight against Money Laundering responds to
requests for information if they are sufficiently motivated by suspicions of money
laundering, associated offences and terrorism financing. In case if there are factual
reasons to suppose that transmission of such information would have a negative
impact for on-going financial investigations or analyses or, in exceptional
circumstances, in case if the disclosure of information would clearly be
disproportionate to legitimate interests of a natural or legal person or would be
irrelevant to the purposes for which it was requested, the Office for Prevention and
Fight against Money Laundering refuse to follow the request for information.

(9) Use of information, obtained within national and international cooperation

and provided by the Office for Prevention and Fight against Money Laundering, for
purposes other than those initially requested shall be subject to prior written
approval of the Office for Prevention and Fight against Money Laundering.

(10) The Office for Prevention and Fight against Money Laundering may
perform indirect exchange of information within national and international
cooperation, accessing different sources of information held by other public
institutions and entities.

(11) The Office for Prevention and Fight against Money Laundering and
authorities with supervision functions may refuse the request for information if it is
not formulated in accordance with the provisions of the present law or if the
requestor applies standards lower than those stipulated by the present law in the
area of prevention and combating money laundering and terrorism financing.

Chapter IV
 37

OFFICE FOR PREVENTION AND FIGHT AGAINST MONEY LAUNDERING

Article 18. Organization and status of the Office for Prevention and Fight
against Money Laundering

(1) The Office for Prevention and Fight against Money Laundering (hereinafter
referred to as Office) is an independent public authority in relation to other legal and
natural persons, indifferently of the type of ownership and legal form of
organization, functioning as an autonomous and independent central specialized
authority.

(2) The purpose of the Office is to prevent and combat money laundering and
terrorism financing and contribute to ensuring the security of the State in
accordance with the present law.

3) The Office executes its functional attributions freely, without any external,
political or governmental interference that may compromise its independence and
autonomy, it is also sufficiently equipped with human, financial and technical
resources to ensure efficient activity at national and international level.

(4) The Office is legal entity under public law, has a seal with the image of
State Emblem of the Republic of Moldova, treasury account and other attributes
necessary for the execution of obligations on the basis of the law.

(5) Headquarter of the Office is located in Chisinau municipality.

(6) Structure and the limit personnel of the Office shall be approved by the
Government, at the proposal of the director of the Office.

(7) Office is composed from management, personnel and contracted staff.

Article 19. Attributions of the Office

(1) For the purpose of enforcing of the provisions of present law, the Office
has the following powers:
a) receives, records, analyses, processes and submits to competent authorities
the information regarding the suspicious activities and transactions of money
laundering, associated offences and terrorism financing, reported by the reporting
entities, as well as other relevant information obtained under the provisions of the
present law;
 38

b) informs the competent law enforcement authorities immediately as it

establishes pertinent suspicions related to money laundering, terrorism financing or
other offenses that resulted in the obtainment of illicit goods, as well as the
Intelligence and Security Service in the area related to terrorism financing;
c) notifies the reporting entities, authorities with supervision functions of the
reporting entities and other competent authorities regarding the risks related to
money laundering and terrorism financing, new trends and typologies in the area of
money laundering and terrorism financing, infringements established in the areas of
competence and gaps in normative acts related to prevention of risks of money
laundering and terrorism financing;
d) conducts financial investigations for the purpose of identification of the
source of goods suspected of money laundering and terrorism financing;
e) submits, according to legal provisions, proposals on the improvement of
legal framework in force and its adjustment to international regulations and
standards of prevention and combating money laundering and terrorism financing;
f) issues, , orders, regulations, recommendations, instructions and guidelines
for the purpose of enforcement the present law;
g) supervises the compliance of the reporting entities with the provisions of
the present law, including the reporting of suspicious activities and transactions;
h) initiates, organizes and participates in the training of reporting entities and
authorities with supervision functions of the reporting entities regarding the
implementation of the provisions of the present law;
i) coordinates activity of the competent authorities in the area of prevention
and combating money laundering and terrorism financing;
j) cooperates and performs the information exchange with national authorities
and institutions, from other countries (jurisdictions), as well as with international
organizations in the area of prevention and combating money laundering and
terrorism financing;
k) represents the Republic of Moldova at different specialized international
forums and organizations, as well as accumulates, prepares and presents to
international organizations the national progresses in the area of prevention and
combating money laundering and terrorism financing;
l) participates in preparation and organization of practical and scientific
conferences, seminars and exchange of experience in the area, at national and
international level;
m) creates and maintains an information system in its area of its activity,
including the official web site, and ensures its functionality, as well as protection,
security and limited access to held data;
n) collects and analyses statistical material on the effectiveness of the system
of prevention and combating of money laundering and terrorism financing , including
number of suspicious activities and transactions reports, data on the application of
 39

provisional measures, the value of seized and/or confiscated goods originated from
money laundering and terrorism financing offences;
o) elaborates national policy documents in the area of competence, including
the National Strategy for Prevention and Combating Money Laundering and
Terrorism Financing, and coordinates their implementation;
p) initiates, coordinates, supervises and participates in the process of national
risk assessment of money laundering and terrorism financing;
q) submits requests to competent authorities on the removal of causes and
conditions that impede the efficient implementation of national policies and
programs in the area;
r) issues freezing orders of the performing by the reporting entities of
activities or transactions suspected of money laundering, associated offences,
terrorism financing and proliferation of mass destruction weapons or freezing orders
on suspicious goods;
s) verifies and ascertains the correctness of application by the reporting
entities of the provisions of the present law, of the own programs of the reporting
entities and issued instructions;
t) ascertains and examines contraventions according to its competence and
initiates procedures of pecuniary sanction application;
u) applies contravention sanctions, pecuniary and other types of sanctions,
according to competence, for noncompliance with the provisions of the present law;
v) provides information held on suspicious activities and transactions, under
the terms and conditions of this law, upon the request of criminal investigative
authorities;
w) performs other attributions under the present law.

(2) Employees of the Office are not allowed to perform other remunerated
activities except for scientific, didactic, sports and creative activities.

(3) The Office shall elaborate and submit to the Government, by April 30th, the
annual activity report, which shall be published subsequently on the official website
of the Office.

(4) National public authorities, authorities with supervision functions of the

reporting entities, shall provide the Office free and online access to information
resources, including those containing data, necessary for achieving the purpose of
the present law.

(5) The Office shall examine information about suspicious activities and
transactions of money laundering or terrorism financing, received from sources
other than those provided under art. 4, inclusively on the basis of self-notification.
 40

Article 20. Rights of the Office

(1) The Office, on the basis, limits and for the purpose provided by the
present law, has the right:
1) to require the reporting entities of:
a) application of customer due diligence measures according to the risk
associated with certain customers, products, services, jurisdictions and business
relationships;
b) application of provisional measures;
2) to request and receive within the time limit specified in the request:
a) necessary information and documents available to the reporting entities,
their customers and public administration authorities for the purpose of
determination of the suspected nature of activities or transactions;
b) information held by the reporting entities on the monitoring of complex and
unusual activities and transactions, application of customer due diligence measures,
beneficiary owners and business relationships;
c) information from natural and legal persons, resident and non-resident,
concerning the activities and transactions performed or in course of preparation;
d) explanations from natural and legal persons concerning business relations
and source of goods involved in suspicious activities and transactions money
laundering, associated offences and of terrorism financing;
e) documents related to customer due diligence measures, programs and
internal control;
f) relevant information from the competent authorities on the outcome of the
examination of the disseminations submitted in accordance with provisions of the
present law;
3) to require the competent authorities to carry out controls for the purpose to
establish economic reason of operations, nature of business relationships, source of
goods, beneficiary owner and the compliance with tax regime within the limits of
their competence;
4) to request the Court within the territorial jurisdiction of the Office residence
to extend the term of freezing of suspicious activities or transactions or the term of
freezing of suspicious goods, in cases provided in art. 33 par. (4);
5) to maintain access to necessary information resources and manage official
web site, where relevant information on the activity is published;
6) to request necessary information from the competent institutions, including
similar offices or institutions from other countries (jurisdictions), and submit
responses to the received requests;
 41

7) to sign agreements, memoranda on cooperation and information exchange

with national authorities, competent offices from other countries (jurisdictions) and
specialized international organizations.

(2) The rights provided in par. (1) shall be exercised by the Office, including the
requests received from offices with similar competences from other countries
(jurisdictions).

Article 21. Appointment and dismissal of the Office management

(1) The Office is managed by a director and two deputy directors.

(2) The position of director and deputy director of the Office are public dignity
functions, regulated by special legislation.

(3) Director of the Office is appointed by the Government for a five-year term.

(4) The candidate for the position of director of the Office shall meet
cumulatively the following requirements:
a) holds the citizenship of the Republic of Moldova and is resident of its
territory;
b) holds diploma of bachelor degree and master degree in law, economics or
management, or holds a diploma equivalent to a master degree in respective areas. ;
c) has at least 7 years of work experience related to the area of the detained
education degrees;
d) has an impeccable reputation;
e) meets the medical requirements for the exercise of position;
f) is not and has not been member of any political party for the past 2 years, ,
is not and has not been employed within permanent authorities of any political
party;
g) has no criminal record;
h) knows the state language;
i) knows the principles of the functioning of financial, financial-banking,
financial-nonbanking system and of the activity of designated non-financial
business and professions;
j) knows international and European standards in the area of prevention and
combating money laundering and terrorism financing.

(5) The Deputy director of the Office shall be appointed by the Government, at
the proposal of the director, for a five-year term and shall meet cumulatively the
following requirements:
 42

a) holds the citizenship of the Republic of Moldova and is resident of its

territory;
b) holds diploma of bachelor degree and master degree in law, economics or
management, or holds a diploma equivalent to a master degree in respective areas. ;
c) has at least 5 years of work experience related to the area of the detained
education degrees;
d) has an impeccable reputation;
e) meets the medical requirements for the exercise of position;
f) is not and has not been member of any political party for the past 2 years,
is not and has not been employed within permanent authorities of any political
party;
g) has no criminal record;
h) knows the state language;
i) knows the principles of the functioning of financial, financial-banking,
financial-non-banking system and of the activity of designated non-financial
business and professions;
j) knows international and European standards in the area of money
laundering and terrorism financing prevention and combating.

(6) Director and deputy directors of the Office shall be immovable during the
exercise of their mandate.

(7) Mandate of the director of the Office and deputy director of the Office
terminated in case of:
a) resignation;
b) death;
c) expiration;
d) loss of citizenship of the Republic of Moldova;
e) reaching the retirement age;
f) dismissal.

(8) The grounds mentioned in par. (7) let. a)-e) shall be ascertained at the
meeting of the Government by adoption of a decision that takes note of the cause
leading to termination of mandate.
(9) Dismissal of the director or the deputy director of the Office shall take
place if :
a) did not provide the declaration of property and personal interests or refused
to submit it;
b) has become a member of a political party;
c) the sentence of conviction in respect to him remained final and irrevocable;
 43

d) for health reasons, has no possibility to exercise the duties for a period
more than 6 months consecutively;
e) has been declared as a disappeared person, in accordance with legislation.

(10) Dismissal of the director is performed by the Government.

(11) Dismissal of the deputy director is performed by the Government, upon

the proposal of the director.

(12) The positions of the director and deputy director of the Office are
incompatible with any other remunerated activity, excepting scientific, didactic,
sports and creative activities.

Article 22. Powers of the Office management

(1) Director:
a) manages, organizes and controls the Office activity and is responsible for
execution of the Office duties;
b) takes decisions concerning the receipt, recording, analysis, processing and
dissemination to the competent authorities of the information on suspicious
activities and transactions of money laundering, associated offences and terrorism
financing, presented by the reporting entities as well as other relevant information
obtained under the provisions of the present law;
c) takes decisions on the initiation, performing and completion of financial
investigations;
d) represents the Office in relations with other national authorities and
organizations, similar institutions from other countries (jurisdictions) and specialized
international organizations;
e) initiates and signs, cooperation agreements with national authorities and
organizations, similar institutions from other countries (jurisdictions) and specialized
international organizations, in accordance with the legislation;
f) establishes and assigns the duties of the deputy directors;
g) appoints the employees of the Office, modifies, suspends and terminates,
the working relations, according to the legislation,;
h) approves the employment scheme of the personnel of the Office in
accordance with the structure and limit of personnel approved by the Government;
i) solves the issues related to establishment of salary increases and granting
of bonuses, according to legislation;
j) approves the Regulation on the Activity of the Office for Prevention and
Fight against Money Laundering;
 44

k) approves methodologies, instructions, guidelines and recommendations for

the activity of the Office as well as for the reporting entities and the supervisory
authorities;
l) ensures the confidentiality and protection regime of state, commercial,
banking, professional and personal data secrecy;
m) approves the annual activity plan of the Office;
n) presents the annual activity report to the Government;
o) initiates, carries out and adopts decisions on disciplinary cases concerning
violation of professional obligations, discipline and professional conduct of the
Office personnel.

2) In exercise of the duties stipulated in par. (1), the director of the Office
issues orders, decisions and instructions.

(3) The deputy directors shall be directly subordinated to the director of the
Office and shall organize the activity of the Office within the limits of the assigned
attributions . In the absence of the director, his duties shall be exercised by the
Deputy director, appointed by order of the director.

Article 23. Appointment in a position within the Office personnel

(1) Personnel of the Office is composed of public servants with special status,
public servants and contracted staff, employed on competitive basis in accordance
with the legislation.

(2) The public position with special status shall be exercised in the manner
established by Law No. 158/2008 on public service and status of public servant,
unless this law does not stipulate otherwise.

(3) The contest for appointment within the Office personnel shall be organized
according to Regulation approved by order of the director of the Office.

Article 24. Probation period

(1) At the employment of a person within the Office personnel, may be

established a probation period of 6 months. The probation period does not include
the time spent on sick leave or other periods when the employee was absent from
work place for well-founded reasons with documentary evidence.
 45

(2) The clause regarding the probation period shall be provided in the
employment order. In the absence of this clause, it is considered that the employee
has no probation period.

(3) Only one probation period can be established during activity of the Office
personnel.

(4) The probation aims to integrate the personnel in activity of the Office, to
form professional training in practical terms, to acknowledge with the specificity and
the requirements of the Office, as well as verification of his professional knowledge,
skills and aptitudes in the process of function exercise.

(5) The probation period shall not be applied to the person appointed in a
managerial position.

(6) The assessment procedure of the personnel’s activity shall be initiated for
at least 18 working days before the end of the probation period and which consist of
evaluating of the level of knowledge of the specificity and the requirements of the
Office activity, obtained practical experience, behavior demonstrated during the
fulfillment of tasks and duties stipulated in job description in order to determine
whether or not he or she sustained the probation period.

(7) The assessing procedure of the personnel’s activity during the probation
period shall be established by order of the director of the Office.

Article 25. Basis for termination of activity within the personnel of the Office
(1) Activity within the Office personnel shall terminate in the case of:
a) resignation;
b) expiration of individual labor contract;
c) transfer to another public authority;
d) appointment of the personnel in an elective function;
e) inability to perform the duties, ascertained by specialized medical
examination;
f) the employee has not obtained at least the “satisfactory” rating after the
probation period;
g) inconsistency with the held position, determined by the management of the
Office, if a vacant inferior position is missing or the proposed function is rejected;
h) serious or systematic violation of discipline;
i) concealment of facts that can impede employment;
j) remaining of a sentence of conviction as final and irrevocable ;
k) loss of citizenship of the Republic of Moldova;
 46

l) death.

(2) It is not admitted dismissal of the personnel during the stay on holiday or
medical leave, except for the case stipulated in par. (1) let. g).

Article 26. Impeccable professional reputation

Under the terms of the present law is considered to have no impeccable

professional reputation and cannot candidate to any position within the Office the
person:
a) who has a criminal records, including executed, or who was exempted from
criminal liability or punishment, including by amnesty or pardon act;
b) who has been deprived of the right to occupy certain positions or to
exercise a certain activity, as a principal or complementary punishment, by the final
court decision;
c) in respect of whom there was stated, by a final act, violation of the legal
regime of the conflicts of interest, incompatibility and restrictions.

Article 27. Guarantees and right to professional risk in the exercise of

attributions

(1) Director, deputy directors and personnel of the Office shall not be liable for
the performed actions, in order to enforce the provisions of the present law in
situation of a justified professional risk, even if they have caused damages,
including patrimonial, to the rights and interests protected by the law. The risk is
considered to be justified if the actions are objectively derived from the known
information, facts and circumstances and the scope of the law could not be achieved
by actions that would not involve the risk, taking the all possible measures to
prevent negative consequences.

(2) During exercising of service attributions, director, deputy directors and

personnel of the Office cannot be caught, arrested or brought to contravention or
criminal liability except on the request of General Prosecutor.

Article 28. Inadmissibility of interference in the activity of employee

(1) During exercising of attributions, the employee of the Office shall

subordinate only to his direct manager. No one else has the right to exercise
interferences in his activity.
 47

(2) The requests of the employee of the Office addressed to natural and legal
persons and actions taken by him shall be considered legitimate as long as the
authority or the person with function of responsibility, empowered to carry out the
control over his activity and respecting of the legality during this activity, does not
demonstrate the contrary.

Article 29. Pension insurance

Retirement of the employees of the Office shall be carried out in accordance

with legislation in force.

Article 30. Social protection

(1) Social protection of the employees of the Office shall be carried out in
accordance with Law No. 158/2008 regarding the public function and status of civil
servant and Law No. 289/2004 on compensations for temporary labor incapacity
and other social insurance benefits.

(2) In case of death of employee during the exercise of function, his family
and dependent persons shall receive a single allowance equivalent to financial
means of maintenance for 10 years of the deceased in his last position within the
Office. Minors that have been under custody of deceased shall receive an additional
monthly allowance equivalent to average sum of his monthly salary in his last
function until they reach the age of 18.

(3) Damage caused to the goods of the employee of the Office or to the
goods of his relatives up to the 1st degree in connection with the exercise related to
the of his service attributions shall be integrally repaired, with the right of recourse
against the guilty persons. The amount of the concerned financial means shall be
determined and granted on the basis of irrevocable court decision.

(4) Employees of the Office have the right for medical assistance and
medical treatment (outpatient and hospital) on behalf of the state in the manner
established by the Government.

(5) Employees of the Office shall be mandatory insured from the state budget
and other sources provided for this purpose.

Article 31. Vacation

 48

(1) The vacation of employees of the Office shall be granted according to the
legislation.

(2) The employees of the Office receive the following vacation:

a) annual leave of 35 calendar days;
b) additional leave:
- of 5 calendar days – for length of work from 5 years to 10 years;
- of 10 calendar days –length of work from 10 to 15 years;
- of 15 calendar days –length of work of over 15 years;
c) medical leave on the basis of a certificate issued by medical institution. For
the period of medical leave, for employee it is kept the monthly average salary.

(3) To employees of the Office shall be granted also other vacation under the
conditions of law.

Article 32. Financing of activity of the Office

(1) The Office is financed from the state budget as well as from other extra-
budgetary sources according to the legislation.

(2) The Office estimates the expenditures related to its activity and plans its
annual budget.

(3) The Office has its own budget, shall be elaborated, approved, executed and
reported in accordance with the legislation on public finances and budgetary-fiscal
responsibilities.

(4) Financing and technical-material support of the Office shall cover the
estimated cost of all its activities so that it can effectively, efficiently and fully
exercise its activities, including those related to representation and participation to
the specialized international organizations.

(5) The size and the manner of remuneration of the employees which are
working within the Office shall be determined in accordance with the provisions of
Law No. 355/2005 regarding the salary system in the budgetary sector and of Law
No. 48/2012 on the salary system for civil servants.

(6) For the employees of the Office shall be established an additional monthly
spore for activity performance based on responsibilities.
 49

(7) The activity of the Office shall be subject to the control of the Court of
Accounts.

Chapter V

PROVOSIONAL MEASURES AND LIABILITY

Article 33.Provisional measures

(1) In accordance with attributions , the reporting entities, the Office, the law
enforcement and judicial authorities shall apply efficient measures for identification,
tracing, freezing, seizing and confiscation of goods obtained from money laundering,
other from associated offences, from terrorism financing and proliferation of
weapons of mass destruction.

(2) The reporting entities, ex officio or by the request, shall refrain from
execution of activities and transactions with goods, including financial means, for a
period of up to 5 working days if they establish reasonable grounds of suspicious
that actions of money laundering, other associated offences, terrorism financing or
mass destruction weapons proliferation, in the course of preparation, attempting,
accomplishment or already performed, and shall immediately inform the Office, but
not later than 24 hours after the moment of refraining.

(3) The measures applied according to provisions of par. (2) are terminated ex
officio on the basis of written and confirmed permission of the Office.

(4) In the case of establishment of reasonable grounds of suspicious of money

laundering or associated offences, terrorism financing or proliferation of weapons of
mass destruction-, on the basis of information received in accordance with the
provisions of present law, including the requests of the competent authorities of
other jurisdictions, for the purpose of the application of provisional measures, the
Office issues decisions on freezing of the execution of suspicious activities or
transactions, as well as decisions on freezing of suspicious goods, for a period of up
to 30 working days, and inform the natural or legal person which constitute subject
of freezing.

(5) Upon the receipt of decision of the Office, the reporting entity is obliged:
a) to record the decision, indicating the exact date and time;
b) to freeze immediately the execution of suspicious activities or transactions,
to freeze suspicious goods within the term specified in the decision, except for
account supplying operations;
 50

c) to inform immediately the Office regarding the value of the frozen goods,
including the available funds in the bank accounts;
d) upon the receiving order from the customer or his representatives on
execution of certain activities, transactions or operations with the frozen goods, to
inform the customer about the reason of freezing, number of decision, date of
issuing and issuer of decision and to communicate immediately this fact to the
Office.

(6) Decision on freezing of the execution of suspicious activity or transaction

or the decision on freezing of suspicious goods shall become enforceable upon its
receive by the reporting entity.

(7) The Office may cancel the decision on freezing of the execution of
suspicious activity or transaction or the decision on freezing of suspicious goods
until the expiration of indicated term if the reasons and conditions that justified the
issuance of these decisions have disappeared.

(8) The Office, until the expiration of the term of decisions stipulated in par.
(4), using motivated request, claim the court in territorial jurisdiction in which has
the residence, about prolongation of the decision term if, in the stage of financial
investigations and verifications of the source of the goods involved in activities or
transactions, the initial suspicions are confirmed, if the Office is awaiting the
answers to the request sent to foreign institution, or if the owner, possessor of
goods or their representative avoids to disclosure the complete information on the
legality of the source of the goods which constitute the object of verification, as well
as in other circumstances that impede to establish of the source of goods that
constitute the object of verification.

(9) The court, on the basis of decision, disposes the prolongation or rejection
of the prolongation of the freezing decision of the execution of suspicious activity or
transaction or of the freezing of suspicious goods on the basis of a motivated
request submitted by the Office at least one day before the expiration of the term
of decisions provided in par. (4). Prolongation of the term established by the judge
can not exceed 60 working days on each case separately. About decision of the
judge on the prolongation of the term of freezing shall be brought to attention of
natural or legal person in respect of whom the freezing was disposed.

(10) Before the expiration of the term provided in par. (9), the Office shall take
all necessary measures, in accordance with the provisions of present law, in order to
disseminate the materials to the competent authorities for adoption of subsequent
decisions.
 51

(11) Decisions of the Office, issued on the basis of the provisions of par. (4)
could be claimed in appeal using the administrative litigation procedure, and
decision of the judge on the prolongation or rejection of the prolongation of the term
of decisions provided in par. (4) could be claimed in appeal, in the manner
established by legislation, by the person that is considered to be injured in rights.

(12) Administrative litigation court or, as the case may be , the appeal court
may order the suspending of the execution of decisions of the Office provided in par.
(4) and, respectively, of decisions of the judge on prolongation of the term only
based on the request of person that is considered to be injured in rights,
simultaneously or after submission claiming of the appeal and only in case in which
the following conditions are met cumulatively:
a) the reasons invoked in support of the appeal are pertinent and well
founded;
b) are presented the arguments that circumstances of dispute require an
urgent order of the suspending of the execution of the contested act in order to
avoid serious and irreparable prejudice of the interests of persons that are
considered injured in rights;
c) damage that may be caused exceeds the public interest pursued by issuing
of the contested act.

(13) The claim for suspending of the contested acts, submitted in accordance
with par. (12), shall be examined no later than 5 working days after submission, with
mandatory citation of the parties, and the court shall deliver a motivated decision on
suspending or refusal of the suspending of the contested acts execution.

(14) The reporting entities identify the activities, transactions, persons and
entities suspected of money laundering, associated offences, terrorism financing or
proliferation of weapons of mass destruction, subject to provisional measures
provided in par. (2), applying own programs for prevention and combating money
laundering and terrorism financing.

(15) If, within the terms indicated in par. (4) and (9), there were not identified
beneficial owners of the goods in respect of which there were applied provisional
measures, the Office shall request the court from the territorial jurisdiction in which
it has residence the freezing of the execution of suspicious activity or transaction or
freezing of suspicious goods before the identification of the beneficial owner, but
not more than one year.
 52

(16) If beneficial owners of the goods were not identified within the term of
up to one year since the date of application of provisional measures provided in par.
(15), the Office or Prosecutor’s Office request the court of the territorial jurisdiction
in which they have residence to order the transfer these goods in the property of
state proportionally to the quota held by the unidentified beneficial owner. The funds
obtained as a result of sale, according to the established procedure, of the
respective goods will be transferred to state income. Beneficial owners of goods can
claim their restitution or their equivalent value within 3 years since the date of the
transfer of the goods in state property.

(17) Through derogation from the provisions of par. (2), the reporting entity,
based on written permission of the Office, carries out suspicious activity or
transaction when refraining from their execution is impossible or may create
impediments to trace the beneficiaries of an suspicious activity or transaction of
money laundering, associated offences, terrorism financing or proliferation of
weapons of mass destruction-. These provisions do not affect the obligations
resulting from the execution of financial sanctions related to terrorism activities and
proliferation of weapons of mass destruction-.

Article 34. Implementation of targeted financial sanctions related to

terrorism activities and proliferation of weapons of mass destruction

(1) The reporting entities shall immediately apply restrictive measures in

respect of goods, including of those obtained from or generated by goods owned or
held or controlled, directly or indirectly, by persons, groups and entities included in
the list mentioned in par. (11), as well as by legal entities which are owned or
controlled, directly or indirectly, by such persons, groups and entities.

(2) The reporting entities shall refrain from performing of activities and
transactions in the favor or benefit, directly or indirectly, of the persons, groups and
entities included in the list mentioned in par. (11), as well as legal entities which are
owned or controlled, directly or indirectly, by whose persons, groups and entities.

(3) The restrictive measures provided in par. (1) and (2) shall be immediately
applied and shall be maintained for an undetermined period. These shall be removed
only on the date indicated in the decision on removal of restrictive measure
communicated by the Office in accordance with par. (10).

(4) The reporting entities shall transmit without delay the information on the
application of restrictive measure to the Office, not later than 24 hours since the
moment of restrictive measure application, which in its turn shall inform not later
 53

than 24 hours, the Intelligence and Security Service and Ministry of Foreign Affairs
and European Integration for transmission of information to competent bodies and
authorities of the United Nations Organization and European Union.

(5) The reporting entities accept additional payments, provided by a third

party, or increase of the value of goods to which were applied restrictive measures
provided in par. (1) and (2) and prolong the applicability of restrictive measures to
additional goods. Information on the prolongation of restrictive measures to
additional goods shall be transmitted without delay, not later than 24 hours, to the
Office, which acts in accordance with par. (4).

(6) In case of any doubts or suspicious which do not allow to establish a firm
certitude of the identity of the person, group or entity included in the list mentioned
in par. (11), the reporting entities inform the Office about this without delay, in a
period of not later than 24 hours. Within the term of not later than 24 hours, the
Office, after consultation of the Intelligence and Security Service, informs the
reporting entity about the necessity of application or non-application of restrictive
measures.

(7) The reporting entities do not establish business relations with the persons,
groups or entities involved in terrorism activities and proliferation of weapons of
mass destruction included in the list mentioned in par. (11). About the refusal of
establishing business relations with them, the reporting entities shall inform the
Office without delay, in term not later than 24 hours, by presenting all data held
regarding this case.

(8) On the request of person, group, entity or any other interested party, the
Office, in coordination with the Intelligence and Security Service, may authorize the
performance of payments from the amount of goods subject of restrictive measures
for:
a) ensuring of minimum living standard according to official indices estimated
for the Republic of Moldova;
b) urgent medical treatment;
c) payment of taxes and duties to budget and mandatory insurance premiums;
d) other extraordinary expenses or related to maintenance of goods to which
the restrictive measures have been applied.

(9) The decision of the Office on authorization or refusal of the authorization

of payments mentioned in par. (8) can be claimed in the administrative litigation
procedure and the decision of judge can be claimed on appeal in the manner
established by the legislation.
 54

(10) The decision on removal of restrictive measure shall be adopted by the

Intelligence and Security Service on the basis of the amendments on the exclusion
of one or more persons, groups or entities from the lists mentioned in par. (11) let.
a)-c) or of amendments of the list mentioned in par. (11) let. d) in case of
disappearance of criteria that formed the basis for the inclusion of person, group or
entity in the supplementary list. The decision shall be taken immediately, but no
later than 24 hours from the moment of amendment and shall be communicated to
the Office for subsequent information of the reporting entity that applied restrictive
measure.

11. The list of persons, groups and entities involved in terrorism activities and
proliferation of weapons of mass destruction that are subject of targeted measures
shall include:
a) list of the United Nations Security Council regarding the persons, groups and
entities involved in terrorism activities;
b) list of the United Nations Security Council regarding the persons, groups and
entities involved in proliferation of weapons of mass destruction activities;
c) list of the European Union regarding the persons, groups and entities
involved in terrorism activities;
d) supplementary list of the Intelligence and Security Service regarding the
persons, groups and entities involved in terrorism activities.

(12) Lists of the United Nations Security Council and of the European Union
regarding the persons, groups and entities involved in terrorism activities and
proliferation of weapons of mass destruction shall be applied directly and have
immediate effect on the territory of the Republic of Moldova.

(13) The supplementary list of the Intelligence and Security Service regarding
the persons, groups and entities involved in terrorism activities shall be applied and
take effect immediately after its publication on the official web site of the Service.

(14) Criteria forming the basis of the identification, listing and delisting of
certain categories from supplementary list shall be approved by the Intelligence and
Security Service. The supplementary list includes:
(a) natural persons that commit or attempt to commit a terrorist act, participate
in such an act or facilitate its commitment;
b) groups or entities that commit or attempt to commit a terrorist act,
participate in such an act or facilitate its commitment;
c) legal persons, groups or other entities owned or controlled by one or more
persons, groups or entities mentioned in let. a) and b);
 55

d) natural or legal persons, groups or other entities acting on behalf of or at the

order of one or more persons, groups or entities mentioned in let. a) and b).

(15) The Intelligence and Security Service informs the concerned persons,
groups and entities about the fact of their listing, reasons for listing and legal ways
for claiming of decision.

(16) The Intelligence and Security Service shall elaborate, update and publish
in Official Gazette of the Republic of Moldova the consolidated list of persons,
groups and entities involved in terrorism and in proliferation of weapons of mass
destruction activities which includes all categories of the lists mentioned in
paragraph (11) let. a)-d).

(17) The information on the amendment of the lists mentioned in par. (11)
let. (a)-(d), related to listing or delisting of one or more persons, groups or entities,
shall be transmitted immediately by the Intelligence and Security Service to the
reporting entities, authorities with supervision functions of the reporting entities and
to the Office.

(18) In order to ensure the applicability and legal effect of the lists of persons,
groups and entities involved in terrorism and in proliferation of weapons of mass
destruction activities, in accordance with par. (12) and (13), the reporting entities
shall monitor the official web sites of the United Nations Organization, of the
European Union and of the Intelligence and Security Service.

Article 35. Sanctions

(1) The breaching of the provisions of the present law shall be subject of
disciplinary, pecuniary, contravention, criminal or other types of liability in
accordance with the legislation in force.

(2) In case of non-compliance of the provisions of the present law and the
acts subordinated to this law, in respect to reporting entities provided in art. 4 par.
(1) let. a)-l) the following types of sanctions are applied:
a) public statement in mass media referring to natural or legal person and
nature of breaching;
b) prescription through which the natural or legal person is required to
terminate the respective behavior and to refrain from repeating it;
c) withdrawal or suspension of authorization, license of activity, in case in
which the activity of the reporting entity constitutes the object of authorization or
licensing;
 56

d) temporary ban to hold management positions in the reporting entities by

any person with senior degree management positions in the reporting entity or by
any other natural person declared liable for the breach;
e) pecuniary sanctions in the form of fine:
- in twice amount of the value of benefit derived from the breach of the
obligations provided by the present law, in case in which the respective benefit can
be determined, or in the amount of equivalent in lei of the sum of up to 1000000
euro, calculated according to the official exchange rate of Moldovan leu at the date
of the commitment of breach;
- in the amount up to the equivalent in lei of the sum of up to 5000000 euro,
calculated at the official exchange rate of Moldovan leu at the date of the
commitment of breach, or 10% of the turnover for the previous year – for the
reporting entities under art. 4 par. (1) let. a), c), h) and i).

(3) During applying the sanctions provided in par. (2) shall be taken into
consideration the gravity,, duration and frequency of breach, intention, degree of
responsibility, financial capacity of subject, benefit obtained as a result of breach,
prejudice caused to third parties by breach, cooperation of subject, previous
breaches.

(4) The sanctions provided in par. (2) let. a)-d) are applied by the authorities
with supervision functions, specified in art. 15 par. (1) let. a)-h), in accordance with
the normative acts regulating the supervision activity.

(5) Authorities with supervision functions of the reporting entities, during the
application of the sanctions provided in par. (2), carried out consultations on the
decision of publication of the decision on the applied sanctions with the Office, by
respecting the provision of the legislation on the protection of personal data.
(6) Pecuniary sanctions provided in par. (2) let. e) are applied by the competent
authorities.

(7) The fines shall be applied to legal, natural persons and persons with
senior management positions.

(8) Decisions on application of fine may be claimed in the administrative

litigation procedure, in the manner established by the legislation, by the person that
is considered to be injured in rights, in compliance with the procedure provided in art.
33 par. (12) and (13).
 57

(9) The published information regarding the applied sanctions shall be kept on
the official web site of the authorities with supervision functions of the reporting
entities and of the competent authorities for at least 5 years.

(11) The sanctions provided in par. (2) let. e) shall be applied in accordance
with the law on the procedure of establishment of breaches in the area of money
laundering and terrorism financing and manner of the application of fine.11) Legal
persons are liable based on the provisions of par. (2) let. (e) for breaches committed
for their benefit by any person acting individually or as part of an authority of the
respective legal person and that holds a senior management position within the
legal person on the basis of:
a) power to represent the respective legal person;
b) power to take decisions on behalf of the respective legal person;
c) power of the exercise of control within the respective legal person.

(12) Legal persons are also held liable when lack of supervision or control by
a person mentioned in par. (11) made it possible to commit the breaches subject to
liability provided in par. (2) let. e) for their benefit by a person under the authority of
legal person.

Article 36. Protection of personal data

(1) Processing of personal data on the basis of the present law is carried out
under the conditions of Law No. 133/2011 on the protection of personal data.

(2) The actions provided by the present law, which involve the processing of
personal data, fall within the activity specified in art. 2 par. (2) let. d) of the Law No.
133/2011 on the protection of personal data.

(3) Subject of personal data shall be restored in the restricted rights only upon
termination of the situation that justifies their processing under present law, but not
more than 5 years since the date of processing of personal data.

(4) The Office may transmit cross-border personal data, under the conditions
provided in art. 32 par. (7) and par. (9) let. e) of the Law No. 133/2011 on protection
personal data, to countries (jurisdictions) that provide an adequate level of
protection of personal data. During the transmission of personal data, the Office
informs about the confidential nature of the transmitted data, the obligation of the
processing of personal data for a period necessary for achievement of the purpose
for which it was transmitted, as well as the necessity to inform without delay in case
of security incidents appearance
 58

(5) The control over the compliance of personal data processing in accordance
with the requirements of the present law shall be performed by the competent
authority of control of personal data processing.

(6) The access to the automated recording systems containing personal data
shall be carried out with the authorization of the authority of control of personal
data processing.

Article 37. Final and transitional provisions

(1) The present law shall enter into force on the date of its publication, with the
exception of the art. 35 par. (2) let. e), which will enter into force on the date of the
adoption of the law on the procedure of establishment of breaches in the area of
money laundering and terrorism financing and manner of the application of fine, and
of the art. 14 par. (20), which will enter into force on January 1st, 2019.

(2) Sanctions provided in art. 35 par. (2) let. (e) shall be applied only to
breaches admitted since the date of entry into force of the law on the procedure of
establishment of breaches in the area of money laundering and terrorism financing
and manner of the application of fine.

(3) On the date of entry into force of the present law, the Law No. 190/2007
on prevention and combating money laundering and terrorism financing (Official
Gazette of the Republic of Moldova, 2007, No. 141-145, article 597) shall be
abrogated.

(4) All rights and attributions of the National Anticorruption Centre and of the
Office for Prevention and Fight against Money Laundering as a part of the National
Anticorruption Centre in the area of prevention and combating money laundering
and terrorism financing resulting from the treaties and agreements, include
international, set out before the entry into force of the present law, shall be
transferred to the newly created Office.

(5) During a period of 6 months from the date of publishing of the present
law, the Government will present to the Parliament proposal for amendment of the
legislation in force to harmonize it with the provision of the present law.

(6) The Government, in a period of 30 days:

a) will appoint the director and deputy directors of the newly created Office
under the conditions of the present law;
 59

b) will approve the structure and the staff-limit of the newly created Office,
upon the proposal of the director of the Office
c) will identify and provide to the newly created Office the premises and
resources appropriate to the performance of its attributions.

(7) The National Anticorruption Centre will transmit, within 20 days from the
date of publication of the present law, from its management to the management of
the newly created Office, financial means and goods used in the area of prevention
and combating money laundering and terrorism financing by the Office for
Prevention and Fight against Money Laundering of the National Anticorruption
Centre.

(8) Byway of derogation from art. 23 and 24, within 30 days from the date of
entry into force of the present law, the personnel of the Office for Prevention and
Fight against Money Laundering of the National Anticorruption Centre shall be
employed, by transfer, within the Office, in the newly created positions in accordance
with labor legislation.

(9) Head of Office for Prevention and Fight against Money Laundering and its
deputy head that are in carrying out their attributions on the date of entry into force
of the present law, shall exercise their attributions until the appointment of the
director and deputy directors of the newly created Office, in accordance with the
present law.

(10) The newly created Office, within 6 months from the date of publication of
the present law, will adopt the acts, regulations, guidelines necessary for the
enforcing of the present law.

(11) The entities provided in art. 15, within 4 months from the date of
publication of the present law, will harmonize their normative acts in accordance
with the present law.

(12) The entities provided in art. 4 par. (1), within 6 months from the date of
publication of the present law, will adopt the documents of internal policy in
accordance with the present law.

(13) Before the establishment of the protected electronic channel, the

reporting entities shall submit to the newly created Office the special form regarding
the reporting of activities or transactions provided in art. 11 par. (1) - (3) in the
written form, in paper format.
 60

PRESIDENT OF THE PARLIAMENT

ANDRIAN CANDU

22/12/2017