Ex-minister of finance Anatol Arapu said the case of laundering of about US$22 billion lei from Russia wouldn’t have happened if harsher banking surveillance instruments had been in place in Moldova. In an interview for Radio Free Europe, the former minister said the judicial system also didn’t take the appropriate steps at the right moment, IPN reports.

Anatol Arapu said the laundering of money from Russia through the Moldovan banking system affected the country’s credibility. The investors cannot be sure that honest business can be done here, that the justice sector can protect the interests of local and foreign investors as well. “And this is a long-lasting effect. The investors that hear that something like this happens in a country will think very well before taking the first steps to enter the market, regardless of the sector and area,” he stated.

In another development, the ex-minister referred to the necessity of publishing the second report by Kroll, which investigates the banking fraud committed in Moldova. According to him, the first Kroll report clearly described the situation, noting the fraud was possible owing to the lack of transparency in the management of the banking sector. This company should present a report to show in detail where the money went, with companies, names and other information required for working out a recovery plan. The final goal is to recover the money stolen from Moldova’s banking system.

Asked if the stolen money can be recovered, Anatol Arapu said he cannot pronounce on the percentage of money that can be recovered as the investigation lasts long.