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Money laundry legislative framework in Romania

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Prosecutor where the office considers there is data about committing money laundry (and. probably terrorist financing in the near future). ...

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Money laundry legislative framework in RomaniaPage 1The legislative framework on combating money laundering in Romania Iarina Ioana Prelipceanu Legal adviser The Law Drafting Department Ministry of Justice Romania The Romanian new Criminal Code which will enter into force in 2006 expressly criminalizes money laundering in Article 268 as a crime against patrimony. The intent and knowledge required to prove the offence of money laundering may be inferred from objective factual circumstances. Also penal provisions which will enter into force in 2005 establish the criminal liability of legal persons including liability for money laundering. At first money laundering was sanctioned by Law no.21/1999 regarding theprevention and sanctioning of money laundering. In 2002 a new law on the prevention and sanctioning of money laundering was issued Law no.656/2002 which is now in force and which aimed at implementing the Council Directive 91/308/EEC of 10 June 1991 on prevention of the use of the financial system for the purpose of money laundering and also the Directive 2001/97/EC of the European Parliament and of The Council modifying the Directive 91/308/CEE of the Council. In December 2002 the Law no.656/2002 on the prevention and sanctioning of money laundering came into effect changing the list of predicate offences to the allcrimes approach and requiring that every banking operation involving a sum exceeding 10000 euros be reported to the National Office for Preventing and Combating Money Laundering (NOPCML) and monitored. The law also revised certain provisions in the former law andimproved the legal framework in the field. In addition the new law expanded the number and types of entities required to report to the NOPCML. Some of these new entities include art dealers travel agents privatization agents postal officials money transferors and real estateagents. The law also provided for both suspicious t ...

Source: www.eplc.gr

 

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