Fighting money laundry through financial consultancy

The Official Gazette of Romania, part I, no. 216 dated the 2nd of April 2012 published the Decision of the Superior Council  of the Chamber of Fiscal Consultancy number 7/2012 in its 2nd of April 2012 edition. The decision was on instating prevention procedures for fighting against money laundry and financed terrorism acts through fiscal consulting.

The new measures establish rules that are in accordance with the provisions of of Law nr.656/2002 for preventing and sanctioning money laundry, establishing measures of prevention and controlling the financed terrorism issue.

The fiscal consultants and consulting companies are required to appoint one or more in charge of applying the provisions regarding the mentioned above activities.  Their name shall be communicated to the National Gazette, along with the nature and limits of the assigned responsibilities.  They will be required to keep records of all financial operations that will emerge from a certain business relation or an occasional transaction, on which matter they have been consulted, for a period of at least 5 years from the moment at which the deal was closed.  The records will be kept in the manner that will allow it to be used as evidence in court, if necessary.   They will also be required to monitor transactions or types of transactions that and when suspicions arouse they are required to inform the Gazette immediately that there is a threat of either activities of money laundry or financing acts of terrorism.

Consultancy companies must report (in max 10 working days) to CCF (Chamber of Fiscal Consultants) any transactions involving a minimum value of 15.000 Euros, whether the transactions is made through one or more related accountant operations. The CCF must also report the received information in a maximum of 3 working days to the Gazette.

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