The Law for preventing and combating money laundering and terrorist financing, which transposes the 4th Anti-Money Laundering Directive, Directive (EU) 2015/849, was published in the Romanian Official Gazette and came into force at July 21st 2019 – replacing the Law no. 656/2002.
Among the most relevant regulations we mention:
- Regulates the way in which the reporting entities will report exclusively to the National Anti-Money Laundering Office all suspicious transactions or transactions that provide reasonable grounds for suspecting the existence of elements of money-laundering offense
- Defines suspicious transactions by identifying hypotheses
- Establishes the framework through which tax authorities have access to relevant information in the field of money laundering
- Defines rules and approaches to perform the client’s identification and verification
- Legal entities have the obligation to declare the real beneficiary, they are obliged to submit to the Trade Registry / Register of Associations and Foundations, through the legal representative, a statement regarding the real beneficiary of the respective entity, for registration in the Register of Real Beneficiaries of the Companies / other entities. The legal deadline for submitting the statement is 12 months after the law enters into force.
- The law prohibits the issuance of new bearer shares and the carrying out of operations with the existing bearer shares. The law provides the obligation of the companies to convert the bearer shares in nominative shares and to submit to the Register of Commerce the updated constitutive act. In order to carry out the conversion, the owners of bearer shares are obliged to deposit them at the headquarters of the company within 18 months from the date of entry into force of the Law.
Within the present law was also defined the money laundering, which has three assumption.
Non-compliance by the company’s manager with the obligation to register the beneficiaries is a liability and is sanctioned by a fine from 5,000 to 10,000 lei.