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Council of Europe: Romania monitors bank operations preventing  money laundering and terrorism  financing

Romania is one of the countries which apply laws of the Council of Europe about monitoring bank operations for the prevention of money laundering and financing terrorism, according to a report released in Strasbourg on Wednesday.

 

More exactly, the Council evaluates the way in which states signatories of the Warsaw Convention on money laundering and financing terrorism monitor bank operations for prevention purposes.

 

According to the report, most countries, apply, with significant differences, two articles of the Convention – 7(2c) and 19 (1)- which offer a specific instrument to competent authorities to monitor, for a certain period of time, bank operations carried out through one or more identified accounts.

 

The report mentions that Romania applies the two articles and encourages Bucharest authorities to carry on in the same direction.

 

Opened to be signed in Warsaw in 2005, the Convention of the Council of Europe on money ,laundering and financing terrorism is now in force in 27 member states. Six other member states signed but have not ratified it yet.

 

The Convention is the first international treaty covering both the prevention and control of money laundering and terrorism financing. The document mentions the fact that a quick access to financial information on active stock held by criminal organizations, terrorist groups included, is essential for prevention measures and successful sanctioning and the best way of fighting them.

 

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