1.1 The role of the National Office for Prevention and Control of Money Laundering within national and international system

Size: px
Start display at page:

Download "1.1 The role of the National Office for Prevention and Control of Money Laundering within national and international system"

Transcription

1 Main elements related to National Office for Prevention and Control of Money Laundering s activity, performed within the year Synthesis of the activity report 1.1 The role of the National Office for Prevention and Control of Money Laundering within national and international system The National Office for Prevention and Control of Money Laundering was established in 1999, as the Financial Intelligence Unit of Romania, initially having specific attributions on prevention and combating money laundering, further these being extended to: - prevention and combating terrorism financing (by adoption of the Law no. 230/2005 on amending and completion of the Law no. 656/2002 for prevention and sanctioning money laundering), - on-site and off-site supervision (by adoption of the Law no. 36/2006 for the approval of the Governmental Emergency Ordinance no. 135/2005 for amending of the Law no. 656/2002 on the prevention and sanctioning of money laundering and on setting up of certain measures for the prevention and combating terrorism financing), - supervision regarding implementation of international sanctions (by approval of the Governmental Emergency Ordinance no. 202/2008 regarding application of international sanctions, further adopted by the Romanian Parliament with amendments, by the Law no. 217/2009) and - prevention of nuclear proliferation (by approval of the Governmental Emergency Ordinance no. 128/2010 for amending and completion of the Governmental Emergency Ordinance no. 202/2008 on application of international sanctions). The Office is the national center for receiving 1, analysis and requesting information regarding possible suspicious transactions of money laundering and terrorism financing, and also regarding natural and legal persons involved within this kind of criminal activities, on this regard, having direct or indirect access, to financial, administrative and law enforcement information, for performing its own specialized analyses. A special role within this system is the relation of the Romanian FIU with law enforcement authorities, especially with the General Prosecutor s Office by the High Court of Cassation and Justice (GPO), which is the main beneficiary of the Office s notifications. As Financial Intelligence Unit (FIU), the Office is an independent institution of administrative type, which has the role of filter between financial and non-financial private sector, subject of reporting obligations, and prosecution and investigative authorities. The fact that FIU is an administrative law enforcement authority, not a judicial one, is helping within the psychology of financial and non-financial institutions, meaning that FIU performs its own analyses and filters only those information which lead to solid grounds of money laundering and terrorism financing, which are submitted to prosecution bodies. The FIU is seen as a neutral ethnic and specialized actor in financial 1 According to legal provisions, the Office receives from reporting entities three kind of reports: Suspicious transaction reports, Report on cash 1

2 analyses, within a close relationship to the reporting entities main source of information. The importance of FIU on international level is underlined, first of all, by the provisions of the communitarian aquis 2 in this area, which is fully implemented in Romania, as Member State of European Union, and also by other international regulations 3, which represent the official standards in this area. From its establishing until now, the action strategy of the Office on international sector, was aimed to respect the above mentioned legal instruments, on strengthening the international cooperation with Financial Intelligence Units and on its active involvement within initiatives of the responsible organizations. On this regard, we would like to underline the function of the Office as member of the Egmont Group, since May 2000, member of EU platform on exchange of information (FIU.NET), of specialized committees within European Commission and European Council, as well as member within the Romanian delegation participating at the meetings organized by Council of Europe (Moneyval Committee and Conference of Parties for implementation of the 2005 Warsaw Convention). 1.2 The activity performed by the Office in the year 2010 The specific attributions of the National Office for Prevention and Control of Money Laundering are fulfilled by a team of professionals, which, together with its collective management, is formed of personnel with legal, economic and informatic specialization, and of auxiliary specialized personnel, but also of contractual personnel, which occupy positions specific to budgetary sector, the total number of the employees on the end of December 2010, being of 96 persons. This figure is also currently valid. The attributions of the Office are sustained by a central unit which during its 12 years of activity, registered structural and technical developments. The Office is managed by a President, appointed by the Romanian Government among Members of the Board, who shall also act as credit release Authority. According to the Governmental Decision no. 767/2010, the President of the National Office for Prevention and Control of Money Laundering is the representative of the Ministry of Public Finances. The Board of the Office is the decisional and deliberative structure as regard the specialized files analyzed within the institution, the Board being formed by the representatives of the Ministry of Public Finances, Ministry of Justice, Ministry of Administration and Interior, General Prosecutor s Office by the High Court of Cassation 2 Directive 2005/60/EC on prevention of using financial system in scope of money laundering and terrorism financing, Directive 2006/70/EC of Commission for establishing measures for applying Directive 2005/60/EC as regard definition of politically exposed persons and technical criteria for application of simplified due diligence measures, and also for excluding based on occasionally performed financial activity, or at a limited scale and EU Council Decision no. 2000/642/JAI on cooperation modalities between Member States Financial Intelligence Units as regard exchange of information 3 The 40+9 FATF Recommendations, the UN Convention against illicit drug trafficking and psychotropic substances, adopted in Vienne on 20 December 1988, the UN International Convention on Combating Terrorism Financing, adopted in New York on 1999, European Council Convention on laundering, search, seizure and confiscation of the proceeds from crime and terrorism financing, adopted in Warsaw on 16 May 2005, UN Convention against transnational organized crime and related protocols, adopted in New York on 15 November 2000, Resolution of UN Security Council no (2001) and also Resolutions of UN Security Council which stipulates restrictive measures and application of international sanctions, etc. 2

3 and Justice, National Bank of Romania, Romanian Court of Accounts and Romanian Association of Banks, appointed for a period of 5 years, by Governmental Decision. The collective structure of the Board, creates the premises of a decisional equilibrium, especially as regard the analyzed reports, being considered an integrated mechanism of cooperation, which ensures cooperation of the FIU with institutions which are represented. Also, according to the conclusions from the Romanian Report on fifth round of mutual evaluation Financial criminality and financial investigations adopted by the EU Council Multidisciplinary Group on Organized Criminality, on 10 February 2010, the structure of the Office s Board is a good solution for stimulation of coordination, exchange of information and performing an efficient feedback, by this allowing also discovering of some trends and evolution of criminal activity on national area. In 2010, the activity of the Board was aimed on studying, debating and taking measures, aimed to a permanent efficiency, to ensure interoperability with other institutions and, obviously, to adoption of some decisions on notes submitted by the Directorate of Analysis and Processing of Information, following finalization of the analysis process the suspicious transactions reports, by the financial analysts within this structure. On this context, we would like to underline the participation of the members of the Board at over 80 meetings organized in 2009, within which were analyzed and debated over notes out of these, analyses were connected to analysis information process (95%). A figure showing categories of notes, depending on the solutions, is presented within Annex 1. Thus, specific activity of financial analysis, finalized by decisions assumed by the Board of the Office, can be presented as follows: - number of analyses finalized with notifications to GPO 175; - number of analyses finalized with notification to GPO and Romanian Intelligence Service 17; - number of analyses as punctual answer by request for information from GPO, based on art. 6(4) and 6(5) from the Law no. 656/2002, as amended and completed 259; - number of analyses sent to evidence, and with notifications the competent bodies, according to art. 6(8) from the Law no. 656/2002, as amended and completed 73; - number of analyses sent to evidence 561; - number of analyses connected to finalized analyses 11; - number of analyses finalized with answers to various institutions 2; - number of analyses put on hold 9; - number of analyses for which it was decided in-depth analyses 31; - other solutions 110. Also, following the receipt by the Office of 12 suspicious transactions reports, with unperformed transactions, the Board of the Office, decided: - suspending the operations in 6 cases, the total amount which was suspended being of euro and lei. Also, we would like to underline that in 2 cases, GPO was requested to prolong the suspension of operations, - un-suspending of operations in 6 cases. 3

4 Significant is the fact that from the total amount which was suspended by the Office, for the amount of euro and lei, it was disposed the measure of seizure by the prosecution units, and for the amount of euro the National Agency for Fiscal Administration disposed blocking measure. Additionally to the specialized analyses, within meetings of the Board from 2010, were debated the following analyses: - the Draft of the National Strategy for Prevention and Combating Money Laundering and Terrorism Financing, which was elaborated on objective whithin the twinning project Fight against money laundering and terrorism financing, implemented by the National Office for Prevention and Control of Money Laundering in The Action Plan for implementation of the National Strategy for Prevention and Combating Money Laundering and Terrorism Financing; - The draft law for protection of classified information in Romania; - Note for initiation and implementation of the projects which will be financed within the Agreement concluded with Switzerland, - Methodology for analysis of solution prepared by the prosecutor not to proceed to trial within files established following the notifications submitted by the Office and elaboration of complains against these solutions; - Working methodology on submission of suspicious transactions reports and of cross border reports above the threshold of euro; - Internal methodology of analysis and processing of information, as amended and completed; - Note on starting the on-site supervision activity over some categories of reporting entities; - Quarterly activity reports, etc. As it is resulting from decisions adopted by the Board of the Office, 2010 marked an improvement of the analysis process, through amending and completion of the methodology of processing of information, through establishment of a new structure, exclusively based on analysis of suspicious transactions reports and in correlation of data within a scoring system, which permits filtering of all reports which do not confirm, from the first stage, grounds of money laundering/terrorism financing and which lead to submission to in-depth analysis nucleus of those cases with high risk. Also, in 2010 in-depth financial analyses process was reevaluated, the scope being the one for NOPCML to ensure substantial support to law enforcement bodies, through an increased quality of notifications and a proactive approach. In order to perform an in-depth financial analysis, it is necessary to have a solid base of financial, administrative and law enforcement information, clear and complete, their main source being financial and non-financial private sector and authorities with competences on prevention and combating money laundering and terrorism financing. Thus, in 2010, the Romanian FIU received reports, with transactions suspected of money laundering and terrorism financing, which represented the starting point for the analyses performed within the Office, out of which, suspicious transaction reports (84% from the total amount) are from reporting entities provided at the art. 8 from the Law no. 656/2002, as amended and completed, and 518 represents notifications received from authorities with control and prudential supervision attributions and from law 4

5 enforcement authorities. From STRs submitted by the reporting entities, 90% are represented by the STRs submitted to the Office by credit and financial institutions. Comparing with the number of STRs received by the Office from reporting entities in 2009 (2.259 reports), in 2010 it was registered an increase of 29% of the number of reports (2.925 reports), this increasing being the result of training activities organized within the Twinning Project implemented by NOPCML in cooperation with FIU Poland and following the implementing in optimal parameters (starting with September 2010) of the on-line reporting system, developed within PHARE 2006 Programme. Also, within the reference period, the Office received reports on cash transactions, in lei or foreign currency, above the threshold of euro, out of which were submitted by notaries (75%) and by other reporting entities. Within the reports received from regulated entities, excepting notaries, are evidenced operations, out of which were cash deposit operations, amounting to euro, and were cash withdrawal operations, amounting to euro. Comparing with 2009, when were registered operations, amounting to euro, in 2010, it can be ascertained a significant increasing, meaning, within operations, the withdrawn/deposited amounts raising to the amount of euro, increase which cannot be correlated with economic situation from If the number annually received of reports on cross border transfers into and from the accounts, for amounts above the threshold of euro, it is relatively constant (7.971 reports in 2010 comparing with reports received in 2009, in case of operations performed in/from foreign countries from/to Romania, is registered an evolution of 11% ( operations in 2010 comparing with operations in 2009). This increasing is remarked also as regards the value of the amounts entered/outgoing from country. Thus, if in 2009, the amounts entered in Romania, reported to the Office as cross border transfers reports, were raised at the amount of euro, in 2010, these were increased at the amount of euro (9%). An exponential increase of 15% is registered for the amounts transferred from Romania in these two years ( euro in 2009 and euro in 2010). Also, it is important to notice that within the last two years, the amounts transferred from Romania, included within reports received by the Office, are above those transferred to Romania (in euro entered/ euro transferred from Romania, in euro entered in Romania/ euro transferred from Romania). The complete situation of the reports received by NOPCML is included in Annex no. 2. We would like to mention that in 2010 the process for putting at disposal reporting facilities for regulated entities, was continued, through the on line reporting system, which allowed tacking over and automatic validation of data and ensures simplifying and a faster collection activity of data submitted in accordance with provisions of the Law no. 656/2002, as amended and completed. For publicity of this application and for determining its usage by many reporting entities, there were performed training sessions in various regions of the country, at which were invited different categories of reporting entities, as credit institutions, notaries, lawyers, auditors, accountable experts, fiscal consultants, insurance companies, casinos, real estate agencies, currency exchange offices, etc. 5

6 In the same time, the Office obtained the on line access at the database of the National Authority of Cadastre and Real Estate Publicity, consequently to the conclusion the cooperation protocol between the two institutions, for obtaining data and information as regards the existing real estate properties. Also, the Office developed the existing connections with the National Office of Commerce Registry, Ministry of Public Finances, Ministry of Administration and Interior. In 2010, the relation between the Office and General Prosecutor s Office by the High Court of Cassation and Justice, had new valences, pointing out the passing from a static analysis, characteristic for previous years, to a proactive analysis which bring into attention of our representatives, the needs of the law enforcement bodies for receiving punctual, concrete and qualitative information, which can be transformed into indictments further being validated by courts. Starting with the second semester of 2010, NOPCML performed analyses of cases solved by prosecution unit as regards money laundering offences, starting from notifications of the Office. Also, an analysis of the statistical data of the last years, indicated a discrepancy between the number of notifications submitted to the prosecutors by NOPCML and number of indictments for money laundering offences, this analysis having as purpose increasing the percentage of notifications submitted by the Office, which are positively confirmed by prosecutors, during investigations. Also, the approaching way as regard the modality of concluding the notifications by the Office in 2010 had in mind the fact that these documents must constitute an important source of information regarding to money laundering, by this becoming a common problem of the Public Ministry and of the National Office for Prevention and Control of Money Laundering, and also had in mind increasing the quality of information submitted by the Office and also the ability of the prosecutors to transform them into evidence means. As consequence, the number and quality of the notifications submitted by the Office to GPO in 2010, were reevaluated, starting from a common vision regarding the concept of grounds of money laundering, way in which the number of notifications in 2010 was of 175 comprising solid grounds of money laundering (in 2009 this number was of 313), on this regard being avoided overloading the prosecution units. Also, on the reference period, the Office submitted 17 notifications both to General Prosecutor s Office by the High Court of Cassation and Justice and to the Romanian Intelligence Service, containing suspicions of terrorism financing. The static comparing between the number of notifications submitted to GPO in 2010 besides previous years is regarding the quantitative aspect of this institutional relations, which was criticized in the past by prosecutors, fact for which the new approach on techniques and methods of analysis, based on experience of other states from European Union, permitted that analysis of suspicious transaction reports and of information of the competent authorities, to be performed at the level of the Office by taking into consideration only the quality of notifications and decreasing the period for processing information. On this context, we would like to mention the reevaluation of the in depth financial analysis process, which must be focused on maximum use of structured information, available within its own databases or which the databases at which the Office has access, on purpose of limiting the number of request for information submitted to the public authorities and to the private sector, and also the reevaluation of the way of 6

7 presenting the product resulting from performed financial analysis, for efficiency of the assimilation process by its final beneficiary. Within the 192 notifications, it was involved the amount over 385 million of euro and the number of natural persons suspected for being involved in these operations were over 554. As regard the citizenship of the suspected persons for committing money laundering/terrorism financing offemces, included within these notifications, 47.58% are Romanian citizens, 28.64% Asian citizens and 22.63% citizens from other European states. Citizens from North America and Africa are represented in a lower percent of 0.69% and 0.46%. Analyzing the source of provenience of the amounts subject to recycling, ascertained within financial analyses finalized in 2010, it is resulting that among the most vulnerable activity area can enumerate interior commerce, cross border commerce, real estate, financial and services. Also, following analyses performed at the level of the Office in 2010 it was revealed that the main offences generating dirty money was tax evasion, which was identified in 65% from the cases revealing solid grounds of money laundering. In other 15% of cases the generating offence of dirty money was scamming, in 10% of cases was transnational crime, in 4% - offences provided within Customs Code and in 6% of cases were identified other offences generating dirty money (drug trafficking, corruption, fraudulent bankruptcy, offences under the Law no. 535/2004 on prevention and combating terrorism, etc). Among the methods of money laundering identified within the analyses performed in 2010, it can be noticed performing of illegal commerce activities with perishable products, using electronic payment systems for money laundering purposes, operations of laundering money obtained from informatics criminality, transfers from/to tax heavens, using shell companies for VAT fraud in case of intra-communitarian transactions, and also payment/collection of cash, followed by their externalization and exploitation, by the criminal groups, within international commerce. Although important steps were made as regards utilization of modern techniques and methods of analysis, we must admit that performing by the Office of some money laundering typologies, must be based, first of all, on practice of judicial bodies, being kept in mind only the ones validated through indictments and eliminated the ones constantly not confirmed, through solutions of not starting criminal prosecution. As component part of relation of cooperation of our institution with judicial bodies, in 2010, the Office paid attention on operative supplying of answers at the punctual requests sent by the GPO, just in terms of necessity to support, from intelligence point of view, instrumentation of money laundering and terrorism financing cases. Comparing with the previous period ( ), when the Office submitted to GPO 183 punctual answers (2008), respectively 201 answers (2009), in 2010 it is revealed a low increase of this type of information submitted to GPO (259 punctual answers). The new direction of proactive usage of legislative means assigned to the FIU (we are here refering to request for information concluded by the prosecution units which are competent based on provisions of the art. 6 para 4 and art. 5 from the Law no. 656/2002, consequently amended and completed, and to submission of notifications to the GPO, comprising solid grounds of money laundering and terrorism financing, according to the art. 6 para 1 from the Law no. 656/2002 as amended and completed), is representing one 7

8 of the effects of implementation of the Cooperation Protocol concluded between the General Prosecutor s Office by the High Court of Cassation and Justice and the National Office for Prevention and Control of Money Laundering, finalized in Based on this document, important for enhancing the cooperation relations between the two institutions, the Office had the objective to strength the role of GPO as main beneficiary of the supplied information, by a concrete adoption of institutional measures with significant impact for positive quantifying of notifications sent to the Office by the competent prosecution bodies, meaning: - reevaluation of the risk indicators used within the analysis process simultaneous with amending the internal methodology of analysis and processing of information and establishing a preliminary analysis compartment for sorting the suspicious transactions reports depending on the level of risk identified, established based on risk indicators on money laundering and terrorism financing, and on the other side, - operatively submission of answers at request for data and information addressed to the National Office for Prevention and Control of Money Laundering by the prosecution units, based on the art. 6 para 4 and 5 from the Law no. 656/2002, as amended and completed. As regards the involvement within activity of prevention and combating money laundering of the National Agency for Fiscal Administration within the Ministry of Public Finances, it must be noticed that this institution periodically elaborates information to NOPCML, that ascertains suspicions of money laundering within control operations developed according to the law. On this regard, in 2010, the number of notifications submitted by the fiscal administration and financial control bodies to the FIU, was of 184 notifications, out of which 123 were submitted by the Financial Guard. Also, we would like to mention the fact that in 2010, based on art. 5 para. 1 from the special law, the Office requested data and information from Financial Guard, on this regard submitting 142 requests. Following their submission, NOPCML received from Financial Guard, 113 answers, containing useful information for performing specialized financial analyses. Having regard the attribution established by art. 17 para. 1 from the Law no. 656/2002, as amended and completed, Financial Guard and other authorities with fiscal attributions, have the necessary authority for checking and control of the modalities of implementation of the provisions of the Law no. 656/2002 as amended and completed. The Office can perform common checking and control activities, together with specialist within above mentioned authorities, for controlling the conformity of reporting entities with the provisions of the special law on AML/CFT. In 2010, Financial Guard performed 140 control actions, based on requests received from the Office. On the same line regarding the relation between the Office and law enforcement authorities, we would like to mention also the implementation of technical assistance programme having as beneficiary NOPCML, as follows: 1. Twinning Project RO07-IB/JH-03 Increasing the investigation capacity of National Anticorruption Directorate, which benefited by the British expertise for strengthening the cooperation mechanisms and coordination, by adoption of the best practices within an anticorruption investigation. 8

9 2. Project FT 2007 Un-allocated Envelope 2007/ /IB/JH-23TL Consolidation of the practical and legal framework in Romania regarding assets recovery, this initiative being implemented by the General Prosecutor s Office by the High Court of Cassation and Justice, in partnership with Northern Ireland Public Sector Enterprises Limited (NI-CO). 3. The Twinning Project TF2007/IB/JH-14 TL Strengthening the Romanian system for combating money laundering, implemented by the Ministry of Justice in cooperation with the Spanish Institute of Fiscal Studies, having as objective the consolidation of the system for fighting against money laundering, through improvement of the investigation procedures and investigation of money laundering offences, and also by continuation of specialization of the persons involved in the application of these procedures. In 2010 there were renegotiated an/or updated the cooperation protocols concluded between the Office and the Romanian Intelligence Service, the National Authority of Customs, the National Union of Bars from Romania and the National Union of Public Notaries from Romania and there were concluded three new cooperation protocols with the National Agency of Cadastre and Real Estate Publicity, the Professional Association of Real Estate Agents from Romania and the Chamber of Fiscal Consultants from Romania. Based on these protocols, the Office extended the area for obtaining this information, by direct on line access, which is useful for an efficient financial analysis. Currently, the Office has 38 cooperation protocols concluded with other Romanian institutions and authorities. Also, in 2010, the Office elaborated and implemented training programmes dedicated to reporting entities, among them are 30 seminars performed within Project 2007/ Fight against money laundering and terrorism financing, implemented by the Office together with Ministry of Finance from Poland General Inspector of Financial Information (Polish Financial Intelligence Unit), where over representatives of reporting entities from real estate sector, casinos, notaries and lawyers, insurance companies, private pension system, credit institutions, non-banking financial institutions, accountants, fiscal consultants, expert accountants, financial auditors participated. The general objective of this project was aimed on strengthening the capacity of institutional system on fighting against money laundering, according with international standards, by improving the capacity of the National Office for Prevention and Control of Money Laundering, and the main registered results can be presented, as follows: Elaboration of the National Strategy for Prevention and Combating Money Laundering and Terrorism Financing, as coordination mechanism of policies in this area, this strategy being approved by Decision of Superior Council for State Defence, no. 72/28 June The Action Plan which comprises the necessary measures for implementation of the objectives and measures established within the strategy, with terms, responsible institutions and evaluation indicators for the measures which will be adopted, was approved through a Protocol on organization of cooperation for implementation of the National Strategy for Prevention and Combating Money Laundering and Terrorism Financing, document signed in September 2010, by all authorities which are components of 9

10 the national mechanism of prevention and combating money laundering and terrorism financing. Increasing the capacity of the Office for supervision of reporting entities and improvement of professional training of financial analysts within the Office as regard recovery/analyses of data and information connected with suspected transactions within these objectives were organized training seminars at the national level and internships in EU Member States, as follows: 5 three days seminars for 15 financial analysts within Supervision and Control Directorate, 4 two weeks internships organized for financial analysts within the Office, at the FIU and law enforcement authorities within Portugal, Poland, Bulgaria and Cyprus, within which 16 financial analysts have been trained within the Office and performing two seminars on strategic analyses through IT instruments and statistical methods, each of them having the length of three days. At these training sessions all specialists within the Directorate of Information Technology and Statistic and Directorate of Analysis and Processing of Information, meaning 41 persons, participated. Increasing the investigation/criminal prosecution capacity of law enforcement agencies as regards cases of money laundering and terrorism financing, this objective permitting the organization of 6 activities of internship type, in EU Member States, on a period of two weeks each, dedicated for training prosecutors within the Public Ministry, commissioners within the Financial Guard and police officers within the General Inspectorate of Romanian Police. Thus, as result of these activities, we can mention training of 16 prosecutors (at the law enforcement authorities from Spain 2 internships, Portugal 1 internship and France 1 internship), 4 commissioners of Financial Guard and 4 police officers (the internship were organized at law enforcement authorities from Poland). Elaboration of new guidelines regarding risk based approach and training for personnel belonging to reporting entities, this objective being performed through elaboration and dissemination of the Manual on risk based approach and indicators of suspicious transactions, which represents a useful tool for the conformity activity of compliance officers within the reporting entities. The dissemination process of this manual was comprised of 6 training seminars organized at the territorial level, dedicated to reporting entities, with participation, as lecturers of the Romanian and Polish experts, at which participated over 260 representatives of reporting entities (lawyers, expert accountants, financial auditors, real estate agents, fiscal consultants, casinos, non-banking financial institutions, compliance officers within real estate agencies from Constanta, Galati, Brasov, Ilfov. Girgiu, Timis, Bihor, Arad, Cluj, Covasna, Sibiu, Targu- Mures, Valcea, Prahova, Arges). For a large dissemination of the Manual on risk based approach and indicators of suspicious transactions, we would like to mention that this manual was published on the Office s website ( in English and Romanian language, and dissemination of over samples which were put at the disposal of prudential supervision authorities, law enforcement authorities and professional associations of reporting entities which are provided within the Law no. 656/2002, as amended and completed, in order to be used by specialists with competences in this area. 10

11 Another important activity within this objective had as result the training of independent legal professions, reporting entities provided at the art. 8 letter f) from the Law no. 656/2002, as amended and completed, during 6 training seminars which were organized at territorial level, in Brasov, Timisoara, Iasi, Bucuresti, Constanta. The total number of participants was of 170 notaries and lawyers, in an equal proportion. Organizing, in Bucharest, on the period November 2010, of the Regional conference on New Trends and Techniques of Money Laundering and Terrorism Financing, an activity with special impact as regard visibility of the Twinning Project RO/2007-IB/JH/05 Fight against money laundering and terrorism financing, financed by European Commission, through Transition Facility Programme 2007 for Romania. This event was a premiere as regards this type of actions in the area of combating money laundering and terrorism financing, representing also the closing event of the project. The Conference benefited by participation of managers and experts within the Financial Intelligence Units of the EU Member States and candidate countries (22 foreign experts), experts within international organizations (Council of Europe Moneyval Committee and FIU.NET Bureau), representatives of the Romanian Presidency and the Romanian Government and also officials within diplomatic missions from Romania, as welle as foreign experts of law enforcement authorities and authorities of financial control, experts within prudential supervision authorities, professional associations and other institutions with competences in this area (over 100 Romanian experts). On international level, we would like to highlight the active involvement of the representatives of the Office within initiatives developed by competent organizations, as Committee for Prevention of Money Laundering and Terrorism Financing and EU FIUs Platform within Council of European Union, Moneyval Committee and Conference of Parties regarding implementation of Warsaw Convention 2005, within Council of Europe, Egmont Group and FIU.NET Platform. Moreover, within the context of strengthening cooperation relations with FIUs, the Office emphasized the performance of exchange of information. Generally, the requests for information submitted by the Office to other FIUs in 2010 was aimed to obtaining information which must support solutions of financial analyses and to complete the financial flows, subject to money laundering process. Comparing with the previous years, when was registered a boom of number of requests sent by NOPCML to its foreign partners, this year was reduced to 145 requests for information. On this regard, we would like to mention that in 2010, the Office adopted a new position as regard the instrument of exchange of information, first of all, based on existence of a balance between input and output, being avoided overloading the FIUs with the requests of the Office and submissions with responsibility of these. Also, in 2010, NOPCML received form foreign FIUs 188 requests for information, more than the ones received in 2008 (100 requests) and similarly with the number of requests received in 2009 (185 requests of information). Thus, in 2010, NOPCML was the cooperating partner as regards the requests for information received, from 38 FIUs, especially from EU Member States. 11

OFFICE FOR PREVENTION OF LAUNDERING OF PROCEEDS DERIVED FROM CRIMINAL ACTIVITY Report for 2014

OFFICE FOR PREVENTION OF LAUNDERING OF PROCEEDS DERIVED FROM CRIMINAL ACTIVITY Report for 2014 1 OFFICE FOR PREVENTION OF LAUNDERING OF PROCEEDS DERIVED FROM CRIMINAL ACTIVITY Report for 2014 1. General description of the Control Service Legal basis The new Law On the Prevention of Money Laundering

More information

NATIONAL OFFICE FOR PREVENTION AND CONTROL OF MONEY LAUNDERING

NATIONAL OFFICE FOR PREVENTION AND CONTROL OF MONEY LAUNDERING 2013 NATIONAL OFFICE FOR PREVENTION AND CONTROL OF MONEY LAUNDERING OPERATIONAL STRATEGY FOR THE PERIOD 2013-2016 The National Office for Prevention and Control of Money Laundering is considering the strategic

More information

Content. 1. Introduction of AML/CFT Legislation

Content. 1. Introduction of AML/CFT Legislation ANNUAL REPORT On 2008 Activities of the Financial Monitoring Center of the Republic of Armenia Central Bank in the Field of Combating Money Laundering and Terrorism Financing Yerevan, 2009 Content This

More information

The Romanian Government adopts this decision.

The Romanian Government adopts this decision. Governmental Decision no. 594/04.06.2008 on the approval of the Regulation for application of the provisions of the Law no. 656/2002 for the prevention and sanctioning money laundering as well as for instituting

More information

PROJECT AGAINST CORRUPTION IN ALBANIA (PACA) TECHNICAL PAPER

PROJECT AGAINST CORRUPTION IN ALBANIA (PACA) TECHNICAL PAPER PROJECT AGAINST CORRUPTION IN ALBANIA (PACA) TECHNICAL PAPER ASSESSMENT OF THE REVISED PROPOSED AMENDMENTS TO THE LAW ON PREVENTION OF MONEY LAUNDERING AND TERRORISM FINANCING Opinion of the Department

More information

MONEY LAUNDERING - The EU and Malta

MONEY LAUNDERING - The EU and Malta MONEY LAUNDERING - The EU and Malta Author: George Farrugia α Background The new Prevention of Money Laundering Regulations 2003, which have just been published in August, implement the second European

More information

S/2004/450. Security Council. United Nations

S/2004/450. Security Council. United Nations United Nations Security Council Distr.: General 3 June 2004 Original: English S/2004/450 Letter dated 1 June 2004 from the Chairman of the Security Council Committee established pursuant to resolution

More information

OFFICE FOR PREVENTION AND FIGHT AGAINST MONEY LAUNDERING

OFFICE FOR PREVENTION AND FIGHT AGAINST MONEY LAUNDERING 1 Table of contents CHAPTER I... 3 Development of the Draft Law on prevention and combating of money laundering and terrorism financing... 3 National Strategy to Prevent and Combat Money Laundering and

More information

Strasbourg, 6 November 2015 C198-COP(2015)PROG3-ANALYSIS

Strasbourg, 6 November 2015 C198-COP(2015)PROG3-ANALYSIS Strasbourg, 6 November 2015 C198-COP(2015)PROG3-ANALYSIS CONFERENCE OF THE PARTIES Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing

More information

Eva Rossidou Papakyriacou Senior Counsel of the Republic Head of the Unit for Combating Money Laundering (MOKAS)

Eva Rossidou Papakyriacou Senior Counsel of the Republic Head of the Unit for Combating Money Laundering (MOKAS) Eva Rossidou Papakyriacou Senior Counsel of the Republic Head of the Unit for Combating Money Laundering (MOKAS) The process by which criminals conceal the true origin and ownership of the proceeds of

More information

Second Evaluation Round

Second Evaluation Round DIRECTORATE GENERAL OF HUMAN RIGHTS AND LEGAL AFFAIRS DIRECTORATE OF MONITORING Strasbourg, 5 December 2008 Public Greco RC-II (2006) 3E Addendum Second Evaluation Round Addendum to the Compliance Report

More information

THE KINGDOM OF LESOTHO ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM REGIME

THE KINGDOM OF LESOTHO ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM REGIME THE KINGDOM OF LESOTHO ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM REGIME ----------------------------------------------------------------- NATIONAL STRATEGY JANUARY 2010 1 TABLE OF

More information

JIT GUIDELINES ON THE USE OF JOINT INVESTIGATION TEAMS THB WB. Co-funded by the Prevention of and Fight against Crime Programme of the European Union

JIT GUIDELINES ON THE USE OF JOINT INVESTIGATION TEAMS THB WB. Co-funded by the Prevention of and Fight against Crime Programme of the European Union JIT THB WB GUIDELINES ON THE USE OF JOINT INVESTIGATION TEAMS Co-funded by the Prevention of and Fight against Crime Programme of the European Union JIT THB WB GUIDELINES ON THE USE OF JOINT INVESTIGATION

More information

Council of Europe COMMITTEE OF MINISTERS

Council of Europe COMMITTEE OF MINISTERS Word FranГais Explanatory Memorandum Council of Europe COMMITTEE OF MINISTERS Recommendation Rec(2001)11 of the Committee of Ministers to member states concerning guiding principles on the fight against

More information

Fifth Report of the Principality of Liechtenstein to the Counter-Terrorism Committee established by Security Council resolution 1373 (2001) 9 May 2006

Fifth Report of the Principality of Liechtenstein to the Counter-Terrorism Committee established by Security Council resolution 1373 (2001) 9 May 2006 Fifth Report of the Principality of Liechtenstein to the Counter-Terrorism Committee established by Security Council resolution 1373 (2001) 9 May 2006 With the following report, Liechtenstein is submitting

More information

THE THIRD EU DIRECTIVE ON MONEY LAUNDERING AND TERRORIST FINANCING

THE THIRD EU DIRECTIVE ON MONEY LAUNDERING AND TERRORIST FINANCING 11 THE THIRD EU DIRECTIVE ON MONEY LAUNDERING AND TERRORIST FINANCING Ján Vyhnálik, Izabela Fendeková National Bank of Slovakia In May of this year, the European Parliament and Council adopted the Directive

More information

To whom it may concern. Implementation of the 4th EU Anti Money Laundering Directive

To whom it may concern. Implementation of the 4th EU Anti Money Laundering Directive To whom it may concern Executive Office/ Legal and International Affairs Contact: Philipp Röser Phone: +423 236 62 37 E-Mail: philipp.roeser@fma-li.li Vaduz, January 18, 2018 AZ: 7404 Implementation of

More information

José Lopes da Mota Deputy Prosecutor General Former President of Eurojust

José Lopes da Mota Deputy Prosecutor General Former President of Eurojust * José Lopes da Mota Deputy Prosecutor General Former President of Eurojust 1 2 Fraud and corruption in health care recognised as a global problem Different players (persons, companies, entities) Acting

More information

Practical Implementation of UN Standards and Financial Action Task Force on Money Laundering (FATF) Recommendations: Challenges and Assistance

Practical Implementation of UN Standards and Financial Action Task Force on Money Laundering (FATF) Recommendations: Challenges and Assistance 2007/ACT/WKSP/005 Practical Implementation of UN Standards and Financial Action Task Force on Money Laundering (FATF) Recommendations: Challenges and Assistance Submitted by: United Nations Office on Drugs

More information

Standard Summary Project Fiche. Project number: TR Twinning number: TR02-JH-05

Standard Summary Project Fiche. Project number: TR Twinning number: TR02-JH-05 Standard Summary Project Fiche 1. Basic Information Project number: TR 0204.04 Twinning number: TR02-JH-05 1.1 Desiree Number 2.1 Title Strengthening the Fight against Money Laundering 3.1 Sector AD 4.1

More information

Strasbourg, 11 February 2000 PC -R-EV (99) 28 Summ. EUROPEAN COMMITTEE ON CRIME PROBLEMS (CDPC)

Strasbourg, 11 February 2000 PC -R-EV (99) 28 Summ. EUROPEAN COMMITTEE ON CRIME PROBLEMS (CDPC) Strasbourg, 11 February 2000 PC -R-EV (99) 28 Summ. EUROPEAN COMMITTEE ON CRIME PROBLEMS (CDPC) Select Committee of Experts on the Evaluation of Anti-Money Laundering Measures (PC -R-E V ) FIRST MUTUAL

More information

Japan Financial Intelligence Center (JAFIC) Annual Report

Japan Financial Intelligence Center (JAFIC) Annual Report Japan Financial Intelligence Center (JAFIC) Annual Report 2016 JAFIC: Japan Financial Intelligence Center Introduction It has been 10 years since the enactment of the Act on Prevention of Transfer of Criminal

More information

JERSEY FINANCIAL SERVICES COMMISSION 5 TH ANNIVERSARY SEMINAR FATF REVISED 40 RECOMMENDATIONS

JERSEY FINANCIAL SERVICES COMMISSION 5 TH ANNIVERSARY SEMINAR FATF REVISED 40 RECOMMENDATIONS JERSEY FINANCIAL SERVICES COMMISSION 5 TH ANNIVERSARY SEMINAR 1. Introduction 1.0 The FATF Forty Recommendations have been revised and these revised Recommendations are with immediate effect the new international

More information

Govern d Andorra Missió Permanent del Principat d Andorra a l OSCE NOTE VERBALE

Govern d Andorra Missió Permanent del Principat d Andorra a l OSCE NOTE VERBALE Govern d Andorra Missió Permanent del Principat d Andorra a l OSCE FSC.EMI/42/10 1 April 2010 ENGLISH only NOTE VERBALE The Permanent Mission of the Principality of Andorra to the Organization for Security

More information

Having regard to the Treaty establishing the European Community, and in particular Article 47(2), first and third sentences, and Article 95 thereof,

Having regard to the Treaty establishing the European Community, and in particular Article 47(2), first and third sentences, and Article 95 thereof, L 344/76 EN Official Journal of the European Communities 28.12.2001 DIRECTIVE 2001/97/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 4 December 2001 amending Council Directive 91/308/EEC on prevention

More information

Austria. Follow-up report. Anti-money laundering and counter-terrorist financing measures

Austria. Follow-up report. Anti-money laundering and counter-terrorist financing measures Anti-money laundering and counter-terrorist financing measures Austria 1st Enhanced Follow-up Report & Technical Compliance Re-Rating Follow-up report December 2017 The Financial Action Task Force (FATF)

More information

AN OVERVIEW OF THE UN CONVENTIONS AND THE INTERNATIONAL STANDARDS CONCERNING ANTI-MONEY LAUNDERING LEGISLATION

AN OVERVIEW OF THE UN CONVENTIONS AND THE INTERNATIONAL STANDARDS CONCERNING ANTI-MONEY LAUNDERING LEGISLATION ANTI-MONEY LAUNDERING UNIT/ G LOBAL PROGRAMME AGAINST MONEY LAUNDERING AN OVERVIEW OF THE UN CONVENTIONS AND THE INTERNATIONAL STANDARDS CONCERNING ANTI-MONEY LAUNDERING LEGISLATION Vienna, February 2004

More information

Conference of the States Parties to the United Nations Convention against Corruption

Conference of the States Parties to the United Nations Convention against Corruption United Nations CAC/COSP/2013/L.11/Rev.1 Conference of the States Parties to the United Nations Convention against Corruption Distr.: Limited 28 November 2013 Original: English Fifth session Panama City,

More information

Screening report Serbia

Screening report Serbia ORIGIN:COMMISSION WP ENLARGEMENT + COUNTRIES NEGOTIATING ACCESSION TO EU MD 2/16 11.01.16 Screening report Serbia Chapter 4 Free movement of capital Date of screening meetings: Explanatory meeting: 13

More information

Federal Act on Combating Money Laundering and Terrorist Financing

Federal Act on Combating Money Laundering and Terrorist Financing English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force. Federal Act on Combating Money Laundering and Terrorist

More information

Member States capabilities in fighting tax crimes

Member States capabilities in fighting tax crimes Belgium Tax avoidance is understood as a legal act - unless deemed illegal by the tax authorities or, ultimately, by the courts - of using tax regimes to one's own advantage to reduce one's tax burden.

More information

THE REPUBLIC OF ARMENIA LAW ON COMBATING MONEY LAUNDERING AND TERRORISM FINANCING CHAPTER 1 GENERAL PROVISIONS

THE REPUBLIC OF ARMENIA LAW ON COMBATING MONEY LAUNDERING AND TERRORISM FINANCING CHAPTER 1 GENERAL PROVISIONS THE REPUBLIC OF ARMENIA LAW ON COMBATING MONEY LAUNDERING AND TERRORISM FINANCING Adopted May 26, 2008 CHAPTER 1 GENERAL PROVISIONS The purpose of this Law is to protect the rights, freedoms, and legitimate

More information

BRIEFING NOTE ON THE BAILIWICK OF GUERNSEY S NATIONAL RISK ASSESSMENT 7 July 2016

BRIEFING NOTE ON THE BAILIWICK OF GUERNSEY S NATIONAL RISK ASSESSMENT 7 July 2016 BRIEFING NOTE ON THE BAILIWICK OF GUERNSEY S NATIONAL RISK ASSESSMENT 7 July 2016 Introduction The purpose of this briefing note is to provide financial services businesses, prescribed businesses and e-gambling

More information

Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL EUROPEAN COMMISSION Strasbourg, 17.4.2018 COM(2018) 213 final 2018/0105 (COD) Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL laying down rules facilitating the use of financial

More information

INTERNATIONAL COOPERATION IN THE FIELD OF CONFISCATION AND RECOVERY OF CRIMINAL ASSETS: TOOLS AND INSTRUMENTS

INTERNATIONAL COOPERATION IN THE FIELD OF CONFISCATION AND RECOVERY OF CRIMINAL ASSETS: TOOLS AND INSTRUMENTS INTERNATIONAL COOPERATION IN THE FIELD OF CONFISCATION AND RECOVERY OF CRIMINAL ASSETS: TOOLS AND INSTRUMENTS Luis Rodríguez Sol Prosecutor. Spanish Liaison Magistrate to Italy Leipzig, 29 November 2017

More information

Assessment of money laundering and terrorist financing risks in the Principality of Liechtenstein

Assessment of money laundering and terrorist financing risks in the Principality of Liechtenstein Assessment of money laundering and terrorist financing risks in the Principality of Liechtenstein National Risk Assessment (NRA) Summary (for publication) July 2018 The first step in the risk management

More information

Executive Summary. A. Key Findings

Executive Summary. A. Key Findings Executive Summary 1. This report provides a summary of the anti-money laundering and combating the financing of terrorism (AML/CFT) measures in place in Portugal as of the date of the on-site visit (28

More information

EUROPEAN COMMITTEE ON CRIME PROBLEMS (CDPC)

EUROPEAN COMMITTEE ON CRIME PROBLEMS (CDPC) Strasbourg, 14 May 2004 MONEYVAL (04) 7Summ EUROPEAN COMMITTEE ON CRIME PROBLEMS (CDPC) SELECT COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES MONEYVAL SECOND ROUND EVALUATION

More information

THE LAW OF UKRAINE On Prevention and Counteraction to Legalization (Laundering) of the Proceeds from Crime

THE LAW OF UKRAINE On Prevention and Counteraction to Legalization (Laundering) of the Proceeds from Crime THE LAW OF UKRAINE On Prevention and Counteraction to Legalization (Laundering) of the Proceeds from Crime (With amendments introduced by the Laws of Ukraine dated 24 December 2002 # 345-IV, dated 6 February

More information

Anti-Money Laundering Training Seminar for Prosecutors, Public Legal Sector, Judges, Magistrates and Registries

Anti-Money Laundering Training Seminar for Prosecutors, Public Legal Sector, Judges, Magistrates and Registries Anti-Money Laundering Training Seminar for Prosecutors, Public Legal Sector, Judges, Magistrates and Registries PRESENTATION BY THE HON ATTORNEY GENERAL May I first of all extend my thanks to the National

More information

ESTONIA. Report on Fourth Assessment Visit Executive Summary. Anti-Money Laundering and Combating the Financing of Terrorism

ESTONIA. Report on Fourth Assessment Visit Executive Summary. Anti-Money Laundering and Combating the Financing of Terrorism COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES AND THE FINANCING OF TERRORISM (MONEYVAL) MONEYVAL(2014)20 SUMM Report on Fourth Assessment Visit Executive Summary Anti-Money Laundering

More information

ANTI-FRAUD STRATEGY INTERREG IPA CBC PROGRAMMES BULGARIA SERBIA BULGARIA THE FORMER YUGOSLAV REPUBLIC OF MACEDONIA BULGARIA TURKEY

ANTI-FRAUD STRATEGY INTERREG IPA CBC PROGRAMMES BULGARIA SERBIA BULGARIA THE FORMER YUGOSLAV REPUBLIC OF MACEDONIA BULGARIA TURKEY ANTI-FRAUD STRATEGY INTERREG IPA CBC PROGRAMMES 2014-2020 BULGARIA SERBIA BULGARIA THE FORMER YUGOSLAV REPUBLIC OF MACEDONIA BULGARIA TURKEY VERSION NOVEMBER 2016 1 TABLE OF CONTENTS PRINCIPLE 3 FOREWORD

More information

NATIONAL STRATEGY AGAINST MONEY LAUNDERING AND THE FINANCING OF TERRORISM

NATIONAL STRATEGY AGAINST MONEY LAUNDERING AND THE FINANCING OF TERRORISM Pursuant to Article 45(1) of the Law on Government (Official Gazette of RS, No 55/05, 71/05 corr., 101/07, 65/08, 16/2011, 68/2012 CC decision, 72/2012, 7/2014 CC decision and 44/2014), The Government

More information

AML/CFT TRAINING FOR ACCOUNTANTS AND AUDITORS

AML/CFT TRAINING FOR ACCOUNTANTS AND AUDITORS AML/CFT TRAINING FOR ACCOUNTANTS AND AUDITORS 1 16 MARCH 2016 BANK USE PROMOTION & SUPPRESSION OF MONEY LAUNDERING UNIT 2 3 What is Money Laundering? the process of concealing illicit gains from criminal

More information

S/2003/273. Security Council. United Nations

S/2003/273. Security Council. United Nations United Nations Security Council Distr.: General 6 March 2003 Original: English S/2003/273 Letter dated 3 March 2003 from the Chairman of the Security Council Committee established pursuant to resolution

More information

Organization of American States OAS Inter-American Drug Abuse Control Commission CICAD. Multilateral Evaluation Mechanism MEM.

Organization of American States OAS Inter-American Drug Abuse Control Commission CICAD. Multilateral Evaluation Mechanism MEM. Organization of American States OAS Inter-American Drug Abuse Control Commission CICAD Multilateral Evaluation Mechanism MEM Bolivia 2005 PROGRESS REPORT IN DRUG CONTROL IMPLEMENTATION OF RECOMMENDATIONS

More information

This publication has been produced within the framework of the Joint Project of the European Commission and the Council of Europe against corruption,

This publication has been produced within the framework of the Joint Project of the European Commission and the Council of Europe against corruption, This publication has been produced within the framework of the Joint Project of the European Commission and the Council of Europe against corruption, money laundering and terrorist financing in the Republic

More information

Counterfeiting of Euro (penal aspects) Ministry of Interior General Police Directorate Criminal Police Directorate

Counterfeiting of Euro (penal aspects) Ministry of Interior General Police Directorate Criminal Police Directorate Counterfeiting of Euro (penal aspects) Ministry of Interior General Police Directorate Criminal Police Directorate Overview of the legislation National legislation Constitution Criminal Code Criminal Procedure

More information

INTERREG - IPA CBC ROMANIA-SERBIA PROGRAMME

INTERREG - IPA CBC ROMANIA-SERBIA PROGRAMME ANTI-FRAUD STRATEGY INTERREG - IPA CBC ROMANIA-SERBIA PROGRAMME VERSION 2016 1 TABLE OF CONTENTS PRINCIPLE 4 FOREWORD 4 LEGAL BASIS 4 DEFINITIONS 5 I. GENERAL CONSIDERATIONS 5 I.1. AIM 5 I.2. MISSION 6

More information

SWITZERLAND BENEFICIAL OWNERSHIP TRANSPARENCY

SWITZERLAND BENEFICIAL OWNERSHIP TRANSPARENCY SWITZERLAND BENEFICIAL OWNERSHIP TRANSPARENCY Switzerland is fully compliant with two of the G20 Principles. The establishment of a beneficial ownership registry could significantly strengthen the ability

More information

COMMISSION STAFF WORKING DOCUMENT Accompanying the document. Report from the Commission to the European Parliament and the Council

COMMISSION STAFF WORKING DOCUMENT Accompanying the document. Report from the Commission to the European Parliament and the Council EUROPEAN COMMISSION Brussels, 26.6.2017 SWD(2017) 241 final PART 1/2 COMMISSION STAFF WORKING DOCUMENT Accompanying the document Report from the Commission to the European Parliament and the Council on

More information

ANTI-MONEY LAUNDERING/ COUNTERING THE FINANCING OF TERRORISM STRATEGY GROUP

ANTI-MONEY LAUNDERING/ COUNTERING THE FINANCING OF TERRORISM STRATEGY GROUP ANTI-MONEY LAUNDERING/ COUNTERING THE FINANCING OF TERRORISM STRATEGY GROUP AN ISLAND STRATEGY TO COUNTER MONEY LAUNDERING AND THE FINANCING OF TERRORISM UPDATE MARCH 2011 Contents 1 Introduction...3 2

More information

MONEY LAUNDERING AND TERRORISM FINANCING IN THE CORPORATE SERVICE PROVIDERS SECTOR. Domestic Trends

MONEY LAUNDERING AND TERRORISM FINANCING IN THE CORPORATE SERVICE PROVIDERS SECTOR. Domestic Trends MONEY LAUNDERING AND TERRORISM FINANCING IN THE CORPORATE SERVICE PROVIDERS SECTOR Domestic Trends 31 May 2016 AGENDA ML/TF Trends National Risk Assessment Findings Sector Vulnerabilities Shell companies

More information

FRANCE BENEFICIAL OWNERSHIP TRANSPARENCY

FRANCE BENEFICIAL OWNERSHIP TRANSPARENCY FRANCE BENEFICIAL OWNERSHIP TRANSPARENCY France is fully compliant with two of the G20 Principles. The ability of competent authorities to access beneficial ownership could be significantly strengthened

More information

Objectives for FATF XXV ( ) Paper by the incoming President

Objectives for FATF XXV ( ) Paper by the incoming President Objectives for FATF XXV (2013-2014) Paper by the incoming President Main tasks for the FATF in 2013-2014, in line with the Ministerial Mandate of 20 April 2012: I. INTRODUCTION Promoting and facilitating

More information

The Fight against Money Laundering

The Fight against Money Laundering The Fight against Money Laundering Monique EGLI COSTI Visiting Scholar Victoria University of Wellington Law School, New Zealand Kobe Seminar on International Law Regulation of Cross-Border Economic Crime

More information

FIRST ROUND MUTUAL EVALUATIONS POST EVALUATION PROGRESS REPORT OF LESOTHO. Covering the period August 2017 July 2018

FIRST ROUND MUTUAL EVALUATIONS POST EVALUATION PROGRESS REPORT OF LESOTHO. Covering the period August 2017 July 2018 FIRST ROUND MUTUAL EVALUATIONS POST EVALUATION PROGRESS REPORT OF LESOTHO Covering the period August 2017 July 2018 ESAAMLG (2018), First Round Mutual Evaluation Post Evaluation Progress Report of Lesotho

More information

SUMMARY Seychelles National Risk Assessment Report for Money Laundering & Terrorist Financing 2017

SUMMARY Seychelles National Risk Assessment Report for Money Laundering & Terrorist Financing 2017 SUMMARY Seychelles National Risk Assessment Report for Money Laundering & Terrorist Financing 2017 Introduction The National Risk Assessment (NRA) is a process of identifying and evaluating the Money Laundering

More information

INTERNATIONAL COOPERATION IN THE FIELD OF CONFISCATION AND RECOVERY OF CRIMINAL ASSETS: TOOLS AND INSTRUMENTS

INTERNATIONAL COOPERATION IN THE FIELD OF CONFISCATION AND RECOVERY OF CRIMINAL ASSETS: TOOLS AND INSTRUMENTS INTERNATIONAL COOPERATION IN THE FIELD OF CONFISCATION AND RECOVERY OF CRIMINAL ASSETS: TOOLS AND INSTRUMENTS Luis Rodríguez Sol Prosecutor. Spanish Liaison Magistrate to Italy Malta, 11 June 2018 To fight

More information

Chapter IV Fight against Money Laundering

Chapter IV Fight against Money Laundering Chapter IV Fight against Money Laundering Structure of the presentation Legal framework Institutional framework and Capacities Plans EU legal framework Directive 2005/60 EC (the Third AMLD ); Directive

More information

ANNUAL REPORT 2014 FIU SINT MAARTEN

ANNUAL REPORT 2014 FIU SINT MAARTEN ANNUAL REPORT 2014 FIU SINT MAARTEN Table of Contents Table of Contents LIST OF ABBREVIATIONS... 4 MISSION STATEMENT... 5 VISION STATEMENT... 5 MESSAGE OF THE DIRECTOR... 6 1. OVERVIEW OF ACTIVITIES AND

More information

The former Yugoslav Republic of Macedonia

The former Yugoslav Republic of Macedonia COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES AND THE FINANCING OF TERRORISM (MONEYVAL) MONEYVAL(2009)33 The former Yugoslav Republic of Macedonia Progress report 1 21 September

More information

Standard 2.4. Customer identification and customer due diligence; Prevention of money laundering, terrorism financing and market abuse

Standard 2.4. Customer identification and customer due diligence; Prevention of money laundering, terrorism financing and market abuse Standard 2.4 Customer identification and customer due diligence; Prevention of money laundering, terrorism financing and market abuse Regulations and guidelines THE FINANCIAL SUPERVISION AUTHORITY 2 Code

More information

Conference of the States Parties to the United Nations Convention against Corruption

Conference of the States Parties to the United Nations Convention against Corruption United Nations CAC/COSP/WG.2/2011/3 Conference of the States Parties to the United Nations Convention against Corruption Distr.: General 22 June 2011 Original: English Open-ended Intergovernmental Working

More information

International Monetary Fund Washington, D.C.

International Monetary Fund Washington, D.C. 2004 International Monetary Fund April 2004 IMF Country Report No. 04/119 South Africa: Report on the Observance of Standards and Codes FATF Recommendations for Anti-Money Laundering and Combating the

More information

NOTICE TO BANKS MONETARY AUTHORITY OF SINGAPORE ACT, CAP. 186

NOTICE TO BANKS MONETARY AUTHORITY OF SINGAPORE ACT, CAP. 186 MAS 626 2 July 2007 Last revised on 23 January 2013 (Refer to endnotes for history of amendments) NOTICE TO BANKS MONETARY AUTHORITY OF SINGAPORE ACT, CAP. 186 PREVENTION OF MONEY LAUNDERING AND COUNTERING

More information

GENERAL SCHEME OF A CRIMINAL JUSTICE (MONEY LAUNDERING AND TERRORIST FINANCING) (AMENDMENT) BILL

GENERAL SCHEME OF A CRIMINAL JUSTICE (MONEY LAUNDERING AND TERRORIST FINANCING) (AMENDMENT) BILL 1 GENERAL SCHEME OF A CRIMINAL JUSTICE (MONEY LAUNDERING AND TERRORIST FINANCING) (AMENDMENT) BILL CONTENTS PAGE HEAD 1 - SHORT TITLE, COLLECTIVE CITATION AND 5 COMMENCEMENT HEAD 2 - INTERPRETATION 6 HEAD

More information

Law on. Combating Money Laundering and Terrorism Financing LAW ON COMBATING MONEY LAUNDERING AND TERRORISM FINANCING

Law on. Combating Money Laundering and Terrorism Financing LAW ON COMBATING MONEY LAUNDERING AND TERRORISM FINANCING LAW ON COMBATING MONEY LAUNDERING AND TERRORISM FINANCING Law on Combating Money Laundering and Terrorism Financing PUBLISHED BY: AL ALAWI & CO., ADVOCATES & LEGAL CONSULTANTS CORPORATE ADVISORY GROUP

More information

Drugs Assets Funds a preliminary insight

Drugs Assets Funds a preliminary insight Drugs Assets Funds a preliminary insight March 2005 Danilo Ballotta, Brendan Hughes Jaume Bardolet Mr. Chairman, distinguished drug coordinators, dear colleagues, It s a privilege for the EMCDDA to open

More information

MONTENEGRO. Report on Fourth Assessment Visit Executive Summary. Anti-Money Laundering and Combating the Financing of Terrorism

MONTENEGRO. Report on Fourth Assessment Visit Executive Summary. Anti-Money Laundering and Combating the Financing of Terrorism COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES AND THE FINANCING OF TERRORISM (MONEYVAL) MONEYVAL(2015)12 SUMM Report on Fourth Assessment Visit Executive Summary Anti-Money Laundering

More information

2 nd Enhanced Follow-Up Report for Tunisia Re- Ratings Request

2 nd Enhanced Follow-Up Report for Tunisia Re- Ratings Request Middle East and North Africa Financial Action Task Force 2 nd Enhanced Follow-Up Report for Tunisia Re- Ratings Request Anti-Money Laundering and Combating the Financing of Terrorism 6 December 2017 The

More information

ANTI-MONEY LAUNDERING AND COUNTER FINANCING OF TERRORISM (AML/CFT): TANZANIA PERSPECTIVE

ANTI-MONEY LAUNDERING AND COUNTER FINANCING OF TERRORISM (AML/CFT): TANZANIA PERSPECTIVE ANTI-MONEY LAUNDERING AND COUNTER FINANCING OF TERRORISM (AML/CFT): TANZANIA PERSPECTIVE S.E. Nyakulinga Assistant Commissioner of Police Money Laundering & Asset Recovery Investigation Unit Outline Definition

More information

Federal Act on Combating Money Laundering and Terrorist Financing

Federal Act on Combating Money Laundering and Terrorist Financing English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force. Federal Act on Combating Money Laundering and Terrorist

More information

The Financial Intelligence Service

The Financial Intelligence Service Guernsey Authorities Official Guernsey Government Website: http://www3.gov.gg/ccm/navigation/government/ Financial Investigation Unit (FIU) Website: http://www.guernseyfiu.gov.gg/ The Financial Intelligence

More information

CRS-2 develop and promote policies to combat money laundering and terrorist financing. 3 Recently, China and South Korea were granted observer status,

CRS-2 develop and promote policies to combat money laundering and terrorist financing. 3 Recently, China and South Korea were granted observer status, Order Code RS21904 Updated January 30, 2008 Summary The Financial Action Task Force: An Overview James K. Jackson Specialist in International Trade and Finance Foreign Affairs, Defense, and Trade Division

More information

FINANCIAL ACTION TASK FORCE ON MONEY LAUNDERING THE FORTY RECOMMENDATIONS OF THE FINANCIAL ACTION TASK FORCE ON MONEY LAUNDERING

FINANCIAL ACTION TASK FORCE ON MONEY LAUNDERING THE FORTY RECOMMENDATIONS OF THE FINANCIAL ACTION TASK FORCE ON MONEY LAUNDERING FINAL FATF-VII ANNEX 1 FINANCIAL ACTION TASK FORCE ON MONEY LAUNDERING THE FORTY RECOMMENDATIONS OF THE FINANCIAL ACTION TASK FORCE ON MONEY LAUNDERING 28 June 1996 1 Introduction 1. The Financial Action

More information

INTER-GOVERNMENTAL ACTION GROUP AGAINST MONEY LAUNDERING IN WEST AFRICA. Second Follow Up Report. Mutual Evaluation SIERRA LEONE

INTER-GOVERNMENTAL ACTION GROUP AGAINST MONEY LAUNDERING IN WEST AFRICA. Second Follow Up Report. Mutual Evaluation SIERRA LEONE INTER-GOVERNMENTAL ACTION GROUP AGAINST MONEY LAUNDERING IN WEST AFRICA Second Follow Up Report Mutual Evaluation SIERRA LEONE MAY 2009 2014 GIABA. All rights reserved. No reproduction or translation of

More information

Report on cooperation challenges faced by the Court with respect to financial investigations. Workshop October 2015, The Hague, Netherlands

Report on cooperation challenges faced by the Court with respect to financial investigations. Workshop October 2015, The Hague, Netherlands Report on cooperation challenges faced by the Court with respect to financial investigations Workshop 26-27 October 2015, The Hague, Netherlands Forward-looking conclusions Strengthening financial investigations

More information

LATVIA. Report on Fourth Assessment Visit Summary. Anti-Money Laundering and Combating the Financing of Terrorism

LATVIA. Report on Fourth Assessment Visit Summary. Anti-Money Laundering and Combating the Financing of Terrorism COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES AND THE FINANCING OF TERRORISM (MONEYVAL) MONEYVAL(2012)16 SUMM Report on Fourth Assessment Visit Summary Anti-Money Laundering

More information

Introduction. February, Hirofumi Naito Director for Prevention of Money Laundering. JAFIC: Japan Financial Intelligence Center

Introduction. February, Hirofumi Naito Director for Prevention of Money Laundering. JAFIC: Japan Financial Intelligence Center JAFIC: Japan Financial Intelligence Center Introduction Three years have passed since "the Act on Prevention of Transfer of Criminal Proceeds" fully came into effect, and specified business operators such

More information

CONSULTATION PAPER NO JUNE 2016 PROPOSED CHANGES TO THE ANTI MONEY LAUNDERING, COUNTER- TERRORIST FINANCING AND SANCTIONS MODULE

CONSULTATION PAPER NO JUNE 2016 PROPOSED CHANGES TO THE ANTI MONEY LAUNDERING, COUNTER- TERRORIST FINANCING AND SANCTIONS MODULE CONSULTATION PAPER NO. 107 20 JUNE 2016 PROPOSED CHANGES TO THE ANTI MONEY LAUNDERING, COUNTER- TERRORIST FINANCING AND SANCTIONS MODULE CONSULTATION PAPER NO. 107 PROPOSED CHANGES TO THE ANTI MONEY LAUNDERING,

More information

COMMISSION OF THE EUROPEAN COMMUNITIES INTERIM REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL

COMMISSION OF THE EUROPEAN COMMUNITIES INTERIM REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL EN EN EN COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 12.2.2009 COM(2009) 69 final INTERIM REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL On Progress in Bulgaria under the Co-operation

More information

ANTI-MONEY LAUNDERING POLICY. (2 nd Edition)

ANTI-MONEY LAUNDERING POLICY. (2 nd Edition) APPROVED by the Board of Directors on 27 th of June, 2018 Effective from 16 th of July, 2018 ANTI-MONEY LAUNDERING POLICY (2 nd Edition) Riga, 2018 1 1. TERMS AND ABBREVIATIONS GRUPEER GRUPEER SIA, registration

More information

A NATIONAL RISK ASSESSMENT REGARDING AML-CFT

A NATIONAL RISK ASSESSMENT REGARDING AML-CFT A NATIONAL RISK ASSESSMENT REGARDING AML-CFT Symposium `Enhancing Integrity in the Dutch Caribbean` Aruba, November 15, 2010 Mrs. J.A. Kellermann De Nederlandsche Bank Executive Director Overview Introduction

More information

Anti-Money Laundering, counter Terrorist Financing and sanctions Procedure

Anti-Money Laundering, counter Terrorist Financing and sanctions Procedure Anti-Money Laundering, counter Terrorist Financing and sanctions Procedure Approved by: The Management Board Appointed Control Person: Arsen Martyn Date of approval: 1.10.2018 References to external rules:

More information

REPUBLIC OF NAMIBIA NATIONAL STRATEGY ANTI-MONEY LAUNDERING COMBATTING THE FINANCING OF TERRORISM

REPUBLIC OF NAMIBIA NATIONAL STRATEGY ANTI-MONEY LAUNDERING COMBATTING THE FINANCING OF TERRORISM REPUBLIC OF NAMIBIA NATIONAL STRATEGY ON ANTI-MONEY LAUNDERING AND COMBATTING THE FINANCING OF TERRORISM 2 GLOSSARY AND ABBREVIATIONS ACC AML AMLAC BoN CFT DNFBPs ESAAMLG FATF FI Anti-Corruption Commission

More information

BRAZIL BENEFICIAL OWNERSHIP TRANSPARENCY

BRAZIL BENEFICIAL OWNERSHIP TRANSPARENCY BRAZIL BENEFICIAL OWNERSHIP TRANSPARENCY Brazil is only fully compliant with one of the G20 Principles (Principle 10). The country still lacks an adequate definition of beneficial ownership and mechanisms

More information

This document is meant purely as a documentation tool and the institutions do not assume any liability for its contents

This document is meant purely as a documentation tool and the institutions do not assume any liability for its contents 2005L0060 EN 04.01.2011 004.001 1 This document is meant purely as a documentation tool and the institutions do not assume any liability for its contents B DIRECTIVE 2005/60/EC OF THE EUROPEAN PARLIAMENT

More information

IPA TWINNING NEWS NEAR SPECIAL

IPA TWINNING NEWS NEAR SPECIAL IPA TWINNING NEWS NEAR SPECIAL European IPA Twinning Projects Pipeline 2018 Project title ALBANIA IPA 2015 (indirect management CFCU) Title "Support to the Bank of Albania for Q3 2018 the Technical Cooperation

More information

FATF Mutual Evaluation of Ireland 2017

FATF Mutual Evaluation of Ireland 2017 FATF Mutual Evaluation of Ireland 2017 Introduction Background The Financial Action Task Force ( FATF ) was established in 1989 with a high level objective that: Financial systems and the broader economy

More information

Question 1 - Money Laundering: Definition

Question 1 - Money Laundering: Definition Question 1 - Money Laundering: Definition Money Laundering is criminalised under the Prevention of Money Laundering Act (Chapter 373 of the Laws of Malta). In terms of article 2 of the Prevention of Money

More information

Summary. Research question

Summary. Research question Summary Research question In the Netherlands combating money laundering has been for many years an important policy objective. It is one of the national priorities for the police, determined in 2011, and

More information

International Standards on Combating Money Laundering and the Financing of. The FATF Recommendations

International Standards on Combating Money Laundering and the Financing of. The FATF Recommendations International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation The FATF Recommendations February 2012 INTERNATIONAL STANDARDS ON COMBATING MONEY LAUNDERING AND THE

More information

Addressing Money Laundering, Terrorist Financing, Preventive Measures and the Proceeds of Crime. Common Law Legal Systems Model Provisions

Addressing Money Laundering, Terrorist Financing, Preventive Measures and the Proceeds of Crime. Common Law Legal Systems Model Provisions Executive Summary Common Law Legal Systems Model Provisions Addressing Money Laundering, Terrorist Financing, Preventive Measures and the Proceeds of Crime Executive Summary \ 1 Common Law Legal Systems

More information

Money Laundering in Bulgaria: State of Affairs and Policy Implications

Money Laundering in Bulgaria: State of Affairs and Policy Implications Money Laundering in Bulgaria: State of Affairs and Policy Implications Policy Brief No. 69, May 2017 1. Background Bulgaria is still in the process of performing a comprehensive National Risk Assessment,

More information

CONFISCATION OF CRIMINAL PROCEEDS IN THE EUROPEAN UNION CRIMINAL LAW

CONFISCATION OF CRIMINAL PROCEEDS IN THE EUROPEAN UNION CRIMINAL LAW AGORA International Journal of Juridical Sciences, www.juridicaljournal.univagora.ro ISSN 1843-570X, E-ISSN 2067-7677 No. 3 (2013), pp. 1-5 CONFISCATION OF CRIMINAL PROCEEDS IN THE EUROPEAN UNION CRIMINAL

More information

MONTENEGRO. Support to the Tax Administration INSTRUMENT FOR PRE-ACCESSION ASSISTANCE (IPA II) Action summary

MONTENEGRO. Support to the Tax Administration INSTRUMENT FOR PRE-ACCESSION ASSISTANCE (IPA II) Action summary INSTRUMENT FOR PRE-ACCESSION ASSISTANCE (IPA II) 2014-2020 MONTENEGRO Support to the Tax Administration Action summary This Action aims to support Montenegro in the process of fulfilling the EU preaccession

More information

ISRAEL: FOLLOW-UP TO THE PHASE 3 REPORT & RECOMMENDATIONS

ISRAEL: FOLLOW-UP TO THE PHASE 3 REPORT & RECOMMENDATIONS ISRAEL: FOLLOW-UP TO THE PHASE 3 REPORT & RECOMMENDATIONS November 2017 This report, submitted by Israel for discussion at the Working Group on Bribery s June 2017 plenary, provides information on the

More information

Act 3 Anti-Money Laundering (Amendment) Act 2017

Act 3 Anti-Money Laundering (Amendment) Act 2017 ACTS SUPPLEMENT No. 3 ACTS SUPPLEMENT 26th May, 2017. to The Uganda Gazette No. 30, Volume CX, dated 26th May, 2017. Printed by UPPC, Entebbe, by Order of the Government. Act 3 Anti-Money Laundering (Amendment)

More information

TECHNICAL PAPER: A risk-based approach to AML/CFT inspections Prepared by Council of Europe Expert Ms Maud Bokkerink

TECHNICAL PAPER: A risk-based approach to AML/CFT inspections Prepared by Council of Europe Expert Ms Maud Bokkerink Project against Money Laundering and Terrorist Financing in Serbia MOLI Serbia DGI(2013) 29 September 2013 TECHNICAL PAPER: A risk-based approach to AML/CFT inspections Prepared by Council of Europe Expert

More information