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Romania Steps Up Efforts to Combat Terrorist Financing
The National Bank of Romania has been working diligently to prevent financial transactions linked to money laundering and terrorist financing.
Primary Tasks
According to the bank, its primary tasks include:
- Overseeing the enforcement of relevant legal provisions
- Adopting specific regulations for supervising the legislation on preventing money laundering and combating terrorism financing
- Imposing sanctions on entities that fail to comply with the law
International Campaign
The National Bank’s efforts are part of a broader international campaign to combat terrorist financing. The Financial Action Task Force (FATF), an intergovernmental organization, has placed Romania under increased monitoring due to concerns over its ability to prevent and detect these illegal activities.
Measures Implemented
To address these concerns, the National Bank has implemented a range of measures aimed at strengthening its anti-money laundering and counter-terrorism financing regime. These include:
- Adopting regulatory technical standards for credit and financial institutions
- Guidelines for conducting risk-based supervision and identifying high-risk third countries with strategic deficiencies
Collaboration with European Authorities
The bank has also worked closely with other European authorities to develop joint guidelines on the characteristics of a risk-based approach to anti-money laundering and terrorist financing supervision.
Detection and Management of Fund Transfers
Additionally, the bank has implemented measures aimed at detecting missing or incomplete information on fund transfers and managing transfers lacking required information.
European Banking Authority’s Report
Romania’s efforts have not gone unnoticed. In its latest report, the European Banking Authority praised the country’s progress in addressing money laundering and terrorist financing risks affecting its financial sector. The authority noted that Romania has made significant strides in implementing anti-money laundering and counter-terrorism financing measures, but emphasized the need for continued vigilance to prevent these illegal activities.
Conclusion
The National Bank’s commitment to combating terrorist financing is a critical step in ensuring the stability of Romania’s financial system and preventing the misuse of its financial institutions. As the country continues to implement new measures aimed at preventing money laundering and terrorist financing, it is clear that its efforts are making a positive impact on the global fight against these illegal activities.