Moldova authorized for mutual exchange of data on financial accounts

Chisinau, 25 September /MOLDPRES/ - The Global Forum of the Organization for Economic Cooperation and Development (OECD) has adopted and published  the Report on the confidentiality and security of data. Thus, Moldova is authorized for the mutual exchanges of data on financial accounts. A programme manager of the Expert Grup Independent Analytical Centre, economic expert Stas Madan explained the advantages of the decision for MOLDPRES.       

The State Fiscal Service (SFS) informed that the automatic exchange of data on financial accounts was an international instrument for reducing the shadow economy, counteracting the illegal flows of capital abroad, combating the fiscal evasion and was an additional source for collecting budget revenues.   

According to economic expert Stas Madan, „the fact that Moldova is authorized for mutual exchanges of data on financial accounts at the Global Forum of the Organization for Economic Cooperation and Development gives Moldova two advantages.’’   

„On the one hand, this certifies the fact that the national fiscal authorities have set the mechanisms needed to ensure the security and confidentiality of fata. On the other hand, there is the practical aspect, through which our country has an extra instrument to more efficiently combat the fiscal evasion and to detect the private people and legal entities who evade the payment of taxes to the public budget,’’ Stas Madan said.      

Under the legislation, the reporting financial institutions annually submit the information which makes the subject of reporting till the date of 31 May of the calendar year next to the year to which it refers, in electronic format, through the Information System of the State Fiscal Service.  

On 21-24 May 2024, Moldova was subjected to an assessment on behalf of the Global Forum of the Organization for Economic Cooperation and Development as regards the confidentiality and security of data. The evaluation took place following Moldova’s commitment to implement the standard concerning the Automatic Exchange of Information (AEOI).