Anti-Money Laundering and Combating the Financing of Terrorism

Project completed

The objective of this project is to reduce Money Laundering and Terrorism Financing activities in Romania by strengthening the financial intelligence analysis capacity of the Romanian Financial Intelligence Unit.

Country/region Topic Period Budget
Romania
Promoting economic growth and improving working conditions
Regulation of the financial sector
22.04.2014 - 22.04.2016
CHF 2'150'500

Note: the texts under all the headings, with the exception of 'Results achieved', describe the situation before the start of the project.

Background

Money Laundering and Terrorism Financing are global phenomena. Due to its geographical location, Romania is especially vulnerable to financial activities associated with Money Laun­dering and Terrorism Financing. For instance, Romania is a significant transit country for narcotics as it lies along the well-established Northern Balkan route for opium, morphine base, heroin, and chemical precursors moving from Afghanistan to Central and Western Europe. In order to prevent and combat the misuse of the Romanian and international financial system for money laundering and terrorism financing purposes, the Romanian AML/CFT legislation is based on the Financial Action Task Force (FATF) 40+9 recommendations and harmonized with European communitarian acquis.

Objectives

The goals of the project are reducing corruption and related crimes in Romania by strengthen-ing the Romanian AML/CFT institutional system. In particular, the project will focus on strengthening the professional capacity of NOPCML and other main actors in the fight against Money Laundering and Terrorism Financing.

Target groups

The direct beneficiary is the National Office for Prevention and Control of Money Laundering (NOPCML, Romania's Financial Intelligence Unit) as the institution responsible for the implementation of the project, as well as reporting entities, law enforcement authorities and supervision bodies. The indirect beneficiary is the general public in Romania.

Activities
  • Procurement of IT software for analysis of the financial information.
  • Procurement of hardware supporting acquired software solution for analysis of the financial information.
  • Strengthening professional capacity of main actors involved in AML/CFT.
Results

Achieved results:   Due to insufficient progress in the past years, Switzerland was obliged to terminate the project. No results can be reported.


Directorate/federal office responsible SECO
Credit area Swiss Contribution to the enlarged EU
Project partners Contract partner
  • Romanian Ministry of Public Finance

Implementing partner
National Office for Prevention and Control of Money Laundering (the Romanian Financial Intelligent Unit)

Budget Current phase Swiss budget CHF   2'150'500 Swiss disbursement to date CHF   0
Project phases

Phase 10 22.04.2014 - 22.04.2016   (Completed)