New regulations on the fight against money laundering and terrorist financing!

The Emergency Ordinance regarding amending and supplementing Law no. 129/2019, for the   prevention and fight against money laundering and terrorist financing, as well as for amending of some normative acts, in order to complete art. 218 from G.E.O. no. 99/2006 on credit institutions and capital adequacy, for the amendment and completion of Law no. 207/20115 on the Fiscal Procedure Code, as well as for completing art. 12, para. 5 of Law no. 237/2015 on the authorization and supervision of the insurance and reinsurance activity was adopted.

On February 13th, 2020, the European Commission communicated to the Romanian authorities the letter of formal notice for initiating an action in finding the non-fulfillment of the obligations (infringement) for failure to notify national measures of transposing (EU) Directive no. 2018/843, regarding the prevention of use of the financial system for the purpose of money laundering or terrorist financing. In order to avoid this situation and to fulfill the obligation to transpose Directive (EU), it was necessary to amend the legal framework on Law 129/2019 of 18 July 2019 as a matter of urgency.