Romania

New Documents

The Court of Justice of the European Union fined Ireland €2,000,000 while Romania was penalized €3,000,000 for failures related to the EU Fourth Anti-Money Laundering Directive. 

The National Anticorruption Center of Moldova announced meeting with Romania’s General Inspectorate of Border Police concerning border corruption schemes.

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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 : 87/125
Score : 4.76/10

TRANSPARENCY INTERNATIONAL i

Rank : 70/180
Score : 44/100

Tax Justice Network i

Rank : 56/133
Score : 63/100