Romania

New Documents

EU: Ireland, Romania Fined for Failing to Fully Transpose Fourth EU Money Laundering Directive by Deadline

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. 

July 16, 2020

NAC, Romanian Border Police Agree to Collaborate on Combating Border Corruption Schemes

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

September 6, 2019

Romania Discusses Ongoing Battle Against Corruption Following UK Summit

May 12, 2016

UK Publishes Country Statements at Anti-Corruption Summit

May 12, 2016

Thirty-Three Countries Issue Joint Statement on Initiative for Sharing Beneficial Ownership Information

May 3, 2016

News

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

Maltese couple detained for allegedly laundering funds through Satabank, Swiss court confirms conviction of ex-UBS banker for violating bank secrecy, and more, in the weekly roundup.

December 18, 2020

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

Dutch ruling exposes bank executives to criminal liability for AML lapses, former Goldman Sachs president refuses 1MDB clawback, and more, in this week’s roundup.

December 11, 2020

Weekly Roundup: Error Caused Westpac’s AML Breaches, JPMorgan Bankers Target of Indian Money Laundering Probe, and More

June 5, 2020

Weekly Roundup: Germany Raids ABN Amro, Romania Investigates 16 Banks for AML Failures, and More

February 28, 2020

EU Launches Cases Against 5AMLD Latecomers

February 12, 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