Financial Crime World

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Romania Grapples with Money Laundering Crisis

Money laundering has become a significant concern in Romania, driven by illegal activities such as drug trafficking, financial crimes, fraud, tax evasion, and smuggling. The country’s financial system and society are under threat, making it imperative for authorities to take a comprehensive approach to combat this issue.

Regulatory Bodies Step Up Efforts

The Romanian Parliament, the National Office for the Prevention and Control of Money Laundering (NOPCML), the Romanian National Bank, and other institutions are working together to prevent money laundering. These bodies have several obligations:

  • Conducting Know Your Customer (KYC) procedures
  • Obtaining information about actual beneficiaries
  • Appointing an Anti-Money Laundering Officer
  • Reporting suspicious transactions
  • Freezing transactions pending permission from NOPCML
  • Preserving relevant evidence
  • Keeping investigations confidential

Progress Made, but Room for Improvement

Romania has made significant strides in improving its legal and institutional framework to combat money laundering and terrorism financing (AML/CTF) since MONEYVAL’s last rating in 2014. The country has also begun implementing elements of a successful AML/CTF system. However, according to MONEYVAL’s assessment, Romania still needs to improve its effectiveness, particularly in international collaboration.

Institutions Subject to AML Requirements

A wide range of institutions is subject to Anti-Money Laundering (AML) requirements in Romania, including:

  • Credit institutions
  • Private pension fund managers
  • Casinos
  • Auditors
  • Notaries
  • Lawyers
  • Realtors

Romania Meets FATF Standards

The Financial Action Task Force (FATF) is an intergovernmental organization that aims to combat money laundering and terrorist financing globally. Romania is a member of the FATF and has committed to implementing its recommendations and standards in its national AML/CTF framework. The country was found to be compliant with 7 out of 40 FATF recommendations and mostly compliant with 18, according to the most recent Mutual Evaluation Report.

US Department of State Identifies Romania as a Concern

The US Department of State has designated Romania as an Authority of Concern in its International Narcotics Control Strategy Report (INCSR). The country’s geographical location makes it a natural transit point for organized crime groups involved in drug trafficking, human trafficking, and other illicit activities. Despite efforts to combat money laundering, Romania remains vulnerable to financial crimes.

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