The Moldovan bank fraud has created huge public pressure on the banking system and the NBM in particular. The first development partners' reaction was to assist Moldova in creating a well-protected legal framework against banking abuses, but the major vulnerabilities of the system, especially linked to the transparency of shareholders in banks, remain unresolved so far. Although the Republic of Moldova seems to have the most restrictive EU legislation in the banking sector, we can not be sure of the stability of the system against new attempts to commit bank fraud, similar to the one that drove the system by stealing the billion, said journalist Victor Ursu in the show "15 minutes of economic realism".
Recently, the Government has approved the law by which banks and insurers are additionally supervised. The document comes to harmonize national legislation with the EU law, fortifying the protection of depositors', insurers' and investors' rights.
In particular, the draft law sets out the criteria for identifying a financial conglomerate and the issues to be pursued at its level, such as capital level, risk concentration, intra-group transactions, internal control systems and risk management procedures, reputation and the competence of the management of the financial groups.
Although the banking system of the Republic of Moldova is overregulated by the intervention of the NBM, Governor Sergiu Cioclea acknowledged in an interview that "the banks of the Republic of Moldova remain underdeveloped and lending activity is limited to large companies and the small ones suffer." He also says that "for the NBM, the transparency of the banking sector, the implementation of anti-money laundering rules and better supervision of credibility in society are very important." The transparency that ultimately promotes a form of "economic democracy."
"The banking sector of the Republic of Moldova is the neural point of the macroeconomic assistance program currently offered by the IMF. The mission to come to the RM will require the authorities to report the situation = diagnosis of the loans of affiliated persons and bank shareholders, a subject that is not fully clarified in Moldova, and it is not clear how the representatives of the IMF will react to unjustified delays, said Victor Ursu.
It is known that imposing tighter conditions by the IMF on the part of the IMF appeared against the backdrop of bank fraud in the three banks under liquidation after the Republic of Moldova concluded a Memorandum with the IMF. On the other hand, we find an apathetic disposition from the control and investigation bodies, which are responsible for the full recovery of the stolen money. We are witnessing a theater of absurd where charges are filed in the left and right that court trials have been filed, but no one has been convicted except for ex-PM Vlad Filat but who is also behind bars for influence trafficking and corruption, and not directly to steal money from fraudulent banks. "The impression is that the authorities intentionally delay the investigation against the backdrop of extensive political re-positions, which compromises the announced commitment of the national authorities to make light, in this case, the fraudster", concluded Victor Ursu.
The show is made by IDIS Viitorul in partnership with Radio Free Europe