Romania Romania

New Documents

OECD Shares First Report on Anti-Bribery Framework of Romania

The Organisation for Economic Cooperation and Development Working Group on Bribery issued it a Phase 1 Report, following Romania’s entry into the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions and related provisions.

October 20, 2023

GRECO Report Details Additional Anti-Corruption Measures Needed in Romania

The Council of Europe’s Group of States against Corruption published its fifth round evaluation report on Romania’s anti-corruption measures.

September 7, 2023

Moneyval Finds Moderate Levels of Effectiveness in Romanian AML/CTF Regime

July 24, 2023

GRECO Publishes Interim Compliance Report on Romania

January 26, 2023

Five European Ministries Issue Statement About Russia

May 31, 2022

News

Midweek Roundup: OFAC Penalizes Swedbank, Emails Purportedly Link Hunter Biden to Satabank and Burisma, and More

Bank of China restricts Russia-linked transactions, European professional enablers helped blacklisted oligarchs shield wealth, and more, in the midweek roundup.

June 21, 2023

Weekly Roundup: Binance Curried Favor with Kremlin, OCC Dings Anchorage Digital, and More

U.K. politician linked to Russian oligarch-controlled company, OFAC fines mining company, and more, in the weekly roundup.

April 22, 2022

Midweek Roundup: France Fines ING, FinCEN Seeks Budget Increase, and More

March 3, 2021

Midweek Roundup: Supreme Court Upholds Trump Subpoena, EU Issues 4AMLD Warning, and More

February 24, 2021

Weekly Roundup: US Regulators Pitch SAR Waiver, Credit Suisse Charged with Money Laundering, and More

December 18, 2020

Enforcement Actions

0 Items Found

Key Documents

Romania Amends AML/CTF Law Implementing Third EU Directive

December 5, 2011

Romania Develops National System to Combat Terrorism

November 25, 2004

Romanian Government Updates Regulation Implementing AML/CTF Law

November 2, 2011

Romanian FIU Approves AML/CTF Norms for Certain Regulated Entities

June 11, 2006

Romania's FIU Establishes Methodology for STR/CTR Submission

May 29, 2008

Romania Establishes Framework for Implementation of International Sanctions

December 4, 2008

Romanian Government Approves Norms for Supervision of Compliance With Sanctions

June 8, 2011

Important Facts

  • The U.S. State Department identifies Romania as a jurisdiction of concern. Although Romania is not a major financial hub, evidence suggests that organized criminal groups from neighboring countries invest in Romanian assets. The country's geographical location makes it a natural transit country for trafficking in narcotics, arms, stolen vehicles and persons by transitional organized criminal groups. As a result, Romania is vulnerable to financial activities associated with such crimes, including money laundering. Furthermore, the country’s economy is primarily cash-based. Fiscal evasion and criminal proceeds generated in Romania make up 15 percent of the GDP. Romania has one of the highest rates of cybercrime and online credit fraud in the world, with victims from the United States and parts of Europe.
  • KYC Covered Entities: Banks; institutions issuing consumer, commercial, and specialized credit; mortgage/real estate lenders; micro-lenders; factors, forfeiture agents, and financial leasing firms; guarantors; financial investment service providers; insurers and re-insurers; securities brokers; private pension funds; accounting, consulting, audit and law firms; notaries; casinos; persons responsible for privatizations; nongovernmental organizations; real estate brokers; and individuals or corporate traders of goods and/or services with a minimum 15,000 euro cash turnover
  • STR Covered Entities: Banks; institutions issuing consumer, commercial, and specialized credit; mortgage/real estate lenders; micro-lenders; factors, forfeiture agents, and financial leasing firms; guarantors; insurers and re-insurers; securities brokers; private pension funds; accounting, consulting, audit and law firms; notaries; money transfer agencies; real estate brokers, retailers, and commercial service providers; nongovernmental organizations; and officials in charge of the privatization process
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 69 (Jan. 1, 2015 – Oct. 31, 2015); Convictions: 50 (Jan. 1, 2015 – Oct. 31, 2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 7 High : 0
Largely Compliant : 18 Substantial : 1
Partially Compliant : 15 Moderate : 10
Non-Compliant : 0 Low : 0

BASEL i

Rank : 89/141
Score : 4.79/10

TRANSPARENCY INTERNATIONAL i

Rank : 70/180
Score : 44/100

Tax Justice Network i

Rank : 56/133
Score : 63/100