Investment Screening in Moldova: What Investors Should Know
By Vladislav Mocanu
CEO, Managing Partner
21.06.2026
In modern transactions, legal analysis is no longer limited to contracts, price and timing. For certain investments in sensitive sectors, it is necessary to check whether the operation falls under the mechanism for reviewing investments of importance for state security.
In the Republic of Moldova, this mechanism is regulated by Law No. 174/2021, with important subsequent amendments, including those introduced by Law No. 33/2025. The core idea is that certain investments, acquisitions of participation, asset transactions, concessions or public-private partnerships in sectors of importance for state security may require prior approval.
In the Republic of Moldova, this mechanism is regulated by Law No. 174/2021, with important subsequent amendments, including those introduced by Law No. 33/2025. The core idea is that certain investments, acquisitions of participation, asset transactions, concessions or public-private partnerships in sectors of importance for state security may require prior approval.
What should be understood correctly
Screening does not mean that every foreign investment is blocked or suspicious. It means that, in certain sectors, the state examines who invests, what control is acquired, who the beneficial owner is, which assets are involved and whether the transaction may affect state security.
In practice, the analysis should be carried out before signing or at least before implementing the transaction. Ignoring a prior approval obligation may lead to delays, inability to close, sanctions or difficulties with authorities, banks and contractual partners.
Questions to ask before investing
The investor should check whether the target sector is sensitive, whether the transaction results in control or a relevant participation, whether the assets have significance for state security and whether the beneficial owner or source of funds may raise compliance concerns.
Transaction structure matters
Two transactions with the same economic objective may have different legal treatment depending on their structure: share acquisition, asset acquisition, financing, concession, public-private partnership or investment agreement. The structure should therefore be selected not only from a tax or commercial perspective, but also considering approval requirements and security-related risks.
Conclusion
For serious investors, investment screening should be part of transaction planning. Early analysis can prevent blockages and demonstrate transparency towards authorities, banks and partners.
Mocanu Legal assists investors and companies in assessing the applicability of the screening mechanism, structuring transactions and preparing the documents required for investment projects in the Republic of Moldova.
Screening does not mean that every foreign investment is blocked or suspicious. It means that, in certain sectors, the state examines who invests, what control is acquired, who the beneficial owner is, which assets are involved and whether the transaction may affect state security.
In practice, the analysis should be carried out before signing or at least before implementing the transaction. Ignoring a prior approval obligation may lead to delays, inability to close, sanctions or difficulties with authorities, banks and contractual partners.
Questions to ask before investing
The investor should check whether the target sector is sensitive, whether the transaction results in control or a relevant participation, whether the assets have significance for state security and whether the beneficial owner or source of funds may raise compliance concerns.
Transaction structure matters
Two transactions with the same economic objective may have different legal treatment depending on their structure: share acquisition, asset acquisition, financing, concession, public-private partnership or investment agreement. The structure should therefore be selected not only from a tax or commercial perspective, but also considering approval requirements and security-related risks.
Conclusion
For serious investors, investment screening should be part of transaction planning. Early analysis can prevent blockages and demonstrate transparency towards authorities, banks and partners.
Mocanu Legal assists investors and companies in assessing the applicability of the screening mechanism, structuring transactions and preparing the documents required for investment projects in the Republic of Moldova.
