Ten years after the theft of $1 billion out of the Moldovan banking system and the laundering of more than $20 billion through Moldovan banks, with the involvement of Moldovan courts, in plain view of law enforcement agencies, while lacking robust oversight mechanisms, the main perpetrators of these fraudulent schemes continue to enjoy freedom. This is one of the takeaways of the report “THE OFFSHORE REPUBLIC”: Review of factors leading to systemic fraud and money laundering in Moldova’s banking, financial and insurance sectors.
The Independent Anti-Corruption Advisory Committee’s (CCIA) first report presents a comprehensive analysis of corruption in the financial, banking and insurance systems, seen in the broader context of systemic fraud in these sectors, embezzlement and money laundering. The publication illustrates the many ways in which legal amendments, questionable appointments of heads of institutions, lack of genuine independence of oversights institutions and the absence of stronger actions in respect of red flags, resulted in what is called a “captured state”.
Read the full report in English here, in Romanian here, and in Russian here.
