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Romania Should Go Back To 24h Reporting Term On Banking Transactions Topping EUR15,000 – President

Romania should go back to its previous rule which required banking transactions exceeding EUR15,000 to be reported to the Office for the Prevention and Fight against Money Laundering within 24 hours, President Traian Basescu said Friday.
Romania Should Go Back To 24h Reporting Term On Banking Transactions Topping EUR15,000 - President
18 iul. 2008, 12:28,

Basescu added the recently amended rule, which allows a ten-day term for reporting, is “too lax”.

In a debate on money laundering and organized crime, Basescu said that considering “the technical means and globalized system that banks dispose of, a ten-day term is too lax”.

The president added that simple reporting, however, does not solve issues and Romania needs to create an institutional structure to include the Interior Ministry, the money laundering office, prosecutors specialized in organized crime , the Foreign Affairs ministry and other institutions, to cope with the phenomenon.