According to its commitments, National Bank of Moldova (NBM) published a detailed summary of the banking fraud investigation received along with the second report of the Kroll and Steptoe & Johnson companies (see the cover letter here here)
The summary consists of 57 pages and discloses how funds have been stolen and the countries where these funds circulated or reached. The document comprises eight chapters describing, inter alia, the methodology of the international investigation, the analysis of the defrauded banks’ exposures in 2012-2014, the Shor group liaison with the defrauded banks’ ownership, the money laundering mechanisms and the destination of the fraudulent funds (see the detailed summary here)
The publication of this information was possible after the discussions of the Republic of Moldova authorities with the Kroll and Steptoe & Johnson representatives, where it was highlighted the importance of informing the public and development partners about the investigation results without prejudicing the chances of recovering the defrauded assets.
The investigation report itself will be analyzed by the National Bank of Moldova in order to identify the weaknesses of the system and the application of the relevant measures. Kroll and Steptoe & Johnson representatives will make a visit to Chisinau at the beginning of next year for a working session on the investigation report. The meeting will conclude with a press briefing.
During the mission, the international consortium will provide to the investigation bodies of the Republic of Moldova information and intelligence on fraudulent funds tracing, including the list of the presumed beneficiaries.
The representatives of the Kroll and Steptoe & Johnson companies confirmed their availability to collaborate with the investigation bodies in order to support the effort for the recovering the fraudulent funds at the international level and to strengthen the evidence basis in the procedures initiated at the national level.
