There's a suite of actions on the resource web page called Last FM Suite. The issue with lats.fm is that a lot of their annotations do not make any sense as genres or moods. The suite allows you to train a database with tags which you want to be ignored. There is a sample action in the suite which imports the tags.

If you just want to download all album tags, such as they are and store them to Genre or Mood that can be done with the following action:

1: Last.fm album tags to Variable 0 using Artist(Album Artist), Album(Album)
2: Replace "\~" in Variable 0 with "\m"
3: Set the Mood field to "\v0"

Statement 1 gets the tags. Statement 2 changes the default list delimiter to the multi value delimiter. (Careful the mailer sometimes strips out backslash characters). Statement 3 store the results to Mood.