Financial Crime World

Romania Fights Money Laundering with Comprehensive Strategy

Introduction

Romania is facing a severe problem with money laundering, driven by illegal activities such as drug trade, financial crimes, fraud, tax evasion, and smuggling. The country has recently seen an increase in profit-earning activities like illegal immigration and human trafficking.

Comprehensive Strategy to Combat Money Laundering

To combat this issue effectively, Romanian authorities are implementing a comprehensive strategy involving:

  • Law enforcement
  • Regulations
  • International cooperation
  • Public awareness campaigns

This approach aims to address the root causes of money laundering and protect Romania’s financial system and society.

Romania has made significant progress in improving its legal and institutional framework to combat money laundering and terrorism financing (AML/CTF) since the Council of Europe’s anti-money laundering body, MONEYVAL, last rated it in 2014. The country has also begun implementing elements of a successful AML/CTF system.

MONEYVAL Assessment

According to MONEYVAL’s assessment, Romania has achieved moderate levels of effectiveness in most sectors, except international cooperation, where it has reached a significant degree of effectiveness. Romania will report to MONEYVAL under the enhanced follow-up reporting process in May 2025.

Entities Subject to Anti-Money Laundering Requirements

Romanian institutions subject to anti-money laundering requirements include:

  • Credit institutions and branches of foreign credit institutions
  • Private pension fund managers
  • Auditors
  • Notaries
  • Lawyers
  • Bailiffs
  • Realtors
  • Other natural or legal persons trading in goods and services with a minimum value of EUR 10,000

FATF Membership

The Financial Action Task Force (FATF) is an intergovernmental organization that combats money laundering and terrorist financing globally. Romania is a member of the FATF and is expected to adhere to its recommendations and standards.

Conclusion

While Romania has made progress in combating money laundering, there is still room for improvement. The country’s commitment to implementing anti-money laundering measures is evident, but practical effectiveness remains a challenge.

Advanced Solutions for Compliance Efforts

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