Romania has made limited progress in enhancing its framework against money laundering, terrorist financing, and proliferation financing, according to a recent report from the Council of Europe’s committee of experts on the evaluation of anti-money laundering measures and the financing of terrorism, or Moneyval.
The committee noted that the country has taken several steps to counter money laundering in the recent period, but that there is still a need to address several moderate shortcomings.
According to a follow-up report released on Thursday, June 26, Romania has made limited progress in addressing technical compliance deficiencies affecting the application of Financial Action Task Force recommendations on targeted financial sanctions, virtual assets, and virtual asset service providers, and statistics.
The report highlights that the progress made was not sufficient to upgrade the compliance ratings of the four recommendations concerned, which remain rated “partially compliant.”
Out of the 40 FATF recommendations, Romania continues to be rated as compliant on seven recommendations, largely compliant on 18 recommendations, and partially compliant on 15 recommendations.
As a result of these shortcomings, Romania will remain under Moneyval’s enhanced follow-up procedure. The country is expected to report back on its overall progress in strengthening its measures to counter money laundering, terrorist financing, and the financing of proliferation of weapons of mass destruction in May 2026.
Established in 1997, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, or Moneyval, is a permanent monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering and the financing of terrorism and the effectiveness of their implementation, as well as with the task of making recommendations to national authorities in respect of necessary improvements to their systems.
(Photo source: Konstantinos Papaioannou | Dreamstime.com)
Leave a Reply