The beneficial owners (BO) of entities will be able to be identified and verified more effectively, based on international standards, following an event organized by the Council of Europe in cooperation with the Service for Prevention and Combating Money Laundering of the Republic of Moldova (SPCSB). Representatives of banks, non-bank lending organizations, representatives of the Public Services Agency, the State Tax Service, as well as lawyers, notaries and bailiffs improved their skills in beneficial ownership identification and reporting through a series of group-targeted training events organized in Chisinau from 22-25 July 2024.

The subject of beneficial ownership transparency has gained prominence in recent years. Misuse of legal entities (companies, foundations, partnerships, trusts, etc.) facilitates tax evasion, corruption, and money laundering, therefore determining who the beneficial owners are is crucial to guaranteeing fiscal transparency, financial sector integrity, and law enforcement activities. A complicated beneficial ownership landscape mandates that professionals stay abreast of advancing regulatory norms and sophisticated ownership structures.

During this event, participants gained a thorough understanding of complex ownership structures, national and global regulatory standards, and techniques for identifying and verifying beneficial owners. Financial compliance officers, legal professionals and regulatory consultants  participated, in person and online, in case studies analysing risk management strategies and improved reporting practices. As a result, they became better equipped to navigate and mitigate the risks associated with beneficial ownership.

These training events resulted in reporting entities being better equipped with the necessary skills to identify the beneficial owners of their customers and being able to properly assess the level of money laundering and terrorist financing risks associated with corporate customers and to apply a risk-based approach.

The participants were engaged in discussions led by two Council of Europe experts - Daniele Canestri and Andres Knobel - and benefited from opportunities to share relevant information.

The trainings have better prepared institutions in Moldova to meet international compliance standards in the area of beneficial ownership transparency. This initiative underlines the country's commitment to strengthen the integrity of its financial sector and its resilience to economic crime.

This event is part of the joint European Union and Council of Europe program "Partnership for Good Governance", co-funded by the European Union and the Council of Europe and implemented by the Council of Europe, in the framework of the project "Strengthening the regime for the prevention of money laundering and asset recovery in the Republic of Moldova".