A new report from the Council of Europe’s anti-money laundering body MONEYVAL calls on the Romanian authorities to further strengthen measures to combat money laundering (ML) and the financing of terrorism (TF) (See Executive Summary). The report provides a comprehensive assessment of the country’s level of compliance with standards set by the Financial Action Task Force (FATF).
Since 2014, when MONEYVAL last evaluated Romania, the country has taken a number of steps to strengthen its legal and institutional framework to tackle money laundering and the financing of terrorism (AML/CTF) and has started to put in place the elements of an AML/CTF effective system. MONEYVAL notes that Romania has achieved moderate levels of effectiveness in all areas assessed except for international cooperation, where it has achieved a substantial level of effectiveness and has been commended by other countries for its constructive assistance.
However, the evaluation found that the authorities have yet to pursue the investigation and prosecution of ML as a priority overall. Additional measures are required to ensure more consistency in investigations and prosecutions. While investigations and prosecutions of the laundering of the proceeds of domestic tax crimes and corruption are effectively conducted, investigations and prosecutions of trafficking of human beings and drugs focus on the predicate offences rather than on the laundering of the proceeds of those crimes.
Romania is expected to report back to MONEYVAL under the enhanced follow-up reporting process in May 2025.
