State of the art CASSCF and CASPT2 calculations have been performed to elucidate the nature of the electronic transitions observed in the experimental spectrum of the octacyanomolybdate(V) cation. Assuming a triangular dodecahedral structure for this complex gives a convincing agreement between theory and experiment. All absorption bands are assigned to low-lying charge-transfer transitions involving excitations from ligand orbitals to 4dx2-y2. The calculated molecular orbitals reveal weak pi interactions between the metal and ligand orbitals, compared to much stronger sigma interactions. This calculated electronic structure substantiates the previous hypothesis concerning the giant spin ground states of magnetic clusters and networks containing Mo(CN)8(3-) as a constituent part.