Actual context of fight against the money laundring by means of credit institutions

Troaca, Victor (2008): Actual context of fight against the money laundring by means of credit institutions.

Abstract

Credit institutions, as well as the other institutions integrated into the financial system, are subject more and more to some attempts from the simpliest to the most sophisticated, with some most various means and instruments, of their perspicacity and utilization with a view of money laundering of some assets obtained from illegal activities, and also the assurance of funds necessary for terrorism financing, from the part of some groups with abstruse interests. In this context the financial community has to adopt measures meant to protect it from the implication in such actions. The more and more emphasized connection of Romanian financial to those European and international ones, brings upon that the Romanian credit institution should adopt the necessary measures, according to those adopted globally, so that to ensure their security and credibility.

• Item Type: MPRA Paper
• Language: English
• Keywords: money laundring/ clients/ clients’ knowledge/ banking control
• Subjects: G - Financial Economics > G2 - Financial Institutions and Services > G29 - Other; G - Financial Economics > G2 - Financial Institutions and Services > G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages; G - Financial Economics > G2 - Financial Institutions and Services > G20 - General

References

1. Directive 2005/60/EC of the European Parliament and of Council of October the 25th, 2005, regarding the prevention of using the financial system for whitening the capitals and financing the terorism, Official Journal of the European Union, l.309 of 25th of November, 2005

2.Duty of diligence of banks on the subject of clientele, Committee of Bales on the banking control, Bank of International Regulations, October, 2001

3.Textbook of intention for payment and of evaluators, FATI/GAFI, February, 2006

4.Duty of diligence of banks on the subject of clientele, Committee of Bales on the banking control, Bank of International Regulations, October, 2001

5.Law 656 from the 7th of December 2002, for prevention and sanctions of money laundring, as well as setting up some measures for the prevention and fighting gainst financing facts of terrorism, the Official Gazzette of Romania no.904/December the 12th, 2002, with the further modifications.

6.Regulation no. 3 of February the 26th, 2002, reffering the clients’knowledge standards, the National Bank of Romania, the Official Gazzette of Romania, Part.One, no.154 of 4th of March, 2002.