Romania

New Documents

Five European Ministries Issue Statement About Russia

The Finance Ministries of Poland, the Czech Republic, Romania, the Slovak Republic, and Bulgaria in a statement notified the public of their decisions to withdraw participation in the International Bank for Economic Cooperation and International Investment Bank.

May 31, 2022

COE, Romanian Authorities Discuss First National Risk Assessment of Romania

Authorities from Romania during a workshop presented the results of the nation’s first Money Laundering and Terrorist Financing National Risk Assessment to members of the Council of Europe.

May 20, 2022

Five EU Nations Withdraw Participation from IBEC, IIB

April 29, 2022

OECD Report Evaluates Romanian National Anti-Corruption Strategy

January 13, 2022

GRETA Calls for Further Anti-Human Trafficking Resources, Measures in Romania

June 8, 2021

News

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

White House pledges to protect humanitarian aid, Wells Fargo processes first U.S.-bound wire from Sudan since country’s removal from terrorism list, and more, in the midweek roundup.

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

Weekly Roundup: AML Reform Bill Clears US Senate, FinCEN Encourages Banks to Share Financial Intelligence, and More

December 11, 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

Technical Effectiveness
Compliant : 7 High :
Largely Compliant : 18 Substantial :
Partially Compliant : 23 Moderate :
Non-Compliant : 0 Low :
Not-Applicable : 1

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