TRENDS IN COMBATING MONEY LAUNDERING IN THE EUROPEAN CONTEXT

• Published in: DIEM (Dubrovnik International Economic Meeting) Vol. 7; no. 1; pp. 142 - 152
• Main Authors: (Bodescu) Cotoc, Corina-Narcisa, Șcheau, Mircea Constantin, Achim, Monica Violeta
• Format: Journal Article Conference Proceeding
• Language: English
• Published: Dubrovnik University of Dubrovnik 01.02.2022; Sveučilište u Dubrovniku
• Subjects: Annual reports; Beneficiaries; Councils; Criminal statistics; EU directives; financial crime evolution; Financial institutions; Informal economy; International cooperation; investigations; measures implemented; Money laundering; Prevention; Terrorism financing; Trends; Romania
• DOI: 10.17818/DIEM/2022/1.14
• ISSN: 1849-5206; 1849-3645

The purpose of this study is to evaluate the result of the decisions addressed in preventing and combating money laundering by Romania, together with the other member states of the European Union, following the regulations changes in the field. Against the background of technological developments and new threats, regulators have developed rules and procedures to prevent the exploitation of the financial system for the purpose of money laundering, with clear deadlines for transposition into national law. In order to determine the impact of the joint effort in the fight against money laundering, we analyzed the annual reports of European Financial Intelligence Units for 2018 and 2019 and the reports for the last ten years (2011-2020) of the National Office for Preventing and Combating Money Laundering in Romania. Based on the data from these reports, the study presents trends by using, inter alia, descriptive statistics. The results of our study draw attention to the increase in the number of reports of suspicious transactions, the number of cases sent for investigation to the competent authorities, the number of requests for information or dissemination of information to foreign FIUs, the volume of suspended transactions and amounts seized or confiscated by authorities. Although European Union Member States have responded to the obligation to transpose European directives, further steps are needed to create a common framework for action and reporting, so that the combined efforts have real results in line with the expectations of the European institutions. Through the results presented, the study supports governmental and non-governmental entities, highlighting the areas that need immediate attention.