Anti Money Laundering (AML) By Country: Romania

Anti-Money Laundering (AML) in Romania

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Money laundering in Romania is a significant problem. Some of the major sources of illegal proceeds are the illicit trafficking of drugs, fraud, financial crimes, customs and tax crimes, and the smuggling of goods. In recent years, illegal immigration and human trafficking have increased among profit-generating activities.

Romania's Law no. 656/2002 and its subsequent amendments have laid the groundwork for the AML regime in the country. Law no. 496/2006 set out the local regulatory framework for the prevention and sanctioning of money laundering, as well as for establishing measures for the prevention of and fight against financing terrorist act.

Additional legislation aiding in Romania’s fight against money laundering and terrorist financing includes the Criminal Procedure Code, which sets confiscation provisions for property including the proceeds of crime, equivalent value, income, or valuable benefits obtained from the proceeds of crime.

The Financial Intelligence Unit (FIU) of Romania is the National Office for the Prevention and Control of Money Laundering (ONPCSB), which is responsible for developing and coordinating the implementation of an AML system. It is also responsible for receiving Suspicious Transaction Reports (STRs) from financial institutions throughout the country. Other organizations working to combat money laundering in Romania include the National Bank of Romania and the Financial Supervisory Authority.

AML Training in Romania

Romania’s Financial Intelligence Unit, the ONPCSB, oversees the implementation of AML guidelines for the financial sector and works to ensure that adequate training is provided to the employees of all financial institutions.

The Economy of Romania

Romania is a country of considerable potential: rich agricultural lands; diverse energy sources (coal, oil, natural gas, hydro, and nuclear); a substantial industrial base encompassing almost the full range of manufacturing activities; an educated work force; and opportunities for expanded development in tourism on the Black Sea and in the Carpathian Mountains.

In the aftermath of the global financial crisis, Romania signed on to a $26 billion emergency assistance package from the IMF, the EU, and other international lenders, but the country’s GDP contracted until 2011. Economic growth rebounded in 2013, driven by strong industrial exports and an excellent agricultural harvest, and the account deficit was reduced substantially. In 2014, the Government of Romania succeeded in meeting its annual target for the budget deficit, the external deficit remained low, and inflation was the lowest since 1989, allowing a gradual loosening of the monetary policy throughout the year. However, progress on structural reforms has been uneven and the economy is still vulnerable to external shocks. An aging population, weak domestic demand, tax evasion, and insufficient health-care represent top vulnerabilities.

Banking in Romania

Romania’s Central Bank is the National Bank of Romania. The Central Bank is responsible for implementing the country’s monetary policy, establishing and supervising the exchange rate, managing the reserves of Romania, and acting as the regulatory body over the financial system. The Central Bank is also the sole issuer of currency in Romania.

Romanian Currency

The Romanian leu is the national currency of Romania. One leu is subdivided into 100 ban. Banknotes are issued in 1, 5, 10, 50, 100, 200 and 500 lei denominations. Coins in circulation appear in 1 and 5 ban and 10 and 50 bani denominations.

Other Key Statistics of Romania

Time Zone: UTC+2 (7 hours ahead of Washington, DC during Standard Time).

Daylight Savings Time: +1hr, begins last Sunday in March; ends last Sunday in October.

Location: Southeastern Europe, bordering the Black Sea, between Bulgaria and Ukraine.

Population: 21,729,871 (July 2014 est.)

Labor Force: Of the jobs held by Romanians, 29% work in agriculture, 28.6% in industry, and 42.4% work in services (2012 est.). The unemployment rate is 7% (2014 est.)..

Languages Spoken: Romanian (official), Hungarian, Romany (Gypsy), and other.

Trade Organizations: Romania is a member of the World Trade Organization (WTO).


A Free Overview Of Anti Money Laundering (AML) For Romania.