Moldova Adopts International Transparency Standards List: Implications for Foreign Investors

On 6 March 2024, the Government of Moldova has taken a significant step in its commitment to international transparency and combating financial malfeasance by adopting a list of jurisdictions and autonomous regions not adhering to international transparency standards of transparency regarding founders, partners, shareholders, directors and beneficial owners of legal persons.

This measure, adopted Government Decision No. 167/2024, is crucial for foreign investors and businesses operating or considering operations in Moldova, emphasizing the

government's dedication to transparency, legality, and international cooperation in financial activities.

The list must be used by Moldovan public authorities, Moldovan state enterprises, and Moldovan companies with public capital when setting eligibility requirements in privatization procedures, public-private partnership, public activity and concessions targeted by the offshoring mechanism provided for by Law no. 215/2020 for the amendment of some normative acts (so called de-offshorization Law).

The list will be applicable to all procedures and contracts that fall under the scope of one of the following laws:

* Law No. 121/2007 on the administration and privatization of public property;

* Law No. 179/2008 on public-private partnership;

* Law No. 131/2015 on public procurement;

* Law No. 82/2017 on integrity;

* Law No. 121/2018 on works concessions and service concessions;

* Law No. 71/2023 on subsidies in agriculture and the rural environment.

The list includes 75 jurisdictions and autonomous regions, including the Russian Federation¹. 

This decision reflects Moldova's ongoing efforts to foster a trustworthy and transparent

business environment, aligning with international efforts against money laundering and the

financing of terrorism. Foreign investors are advised to review these updates closely as they

may impact investment strategies and compliance requirements.

The list does not apply for the purposes of Moldovan AML law. A separate list, adopted by

Office for Prevention and Fight Against Money Laundering² applies.