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Effective implementation of sanctions for AML/CFT breaches – bilateral exchange between Romanian and Spanish practitioners

Bucharest, Romania 19-20 July 2022
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© Shutterstock

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In parallel to the ongoing efforts aimed at supporting the Romanian authorities with the identification and implementation of specific mitigation measures and the development of the anti-money laundering and countering the financing of terrorism (AML/CFT) Action Plan of Romania, the Council of Europe Economic Crime and Cooperation Division (ECCD) is assisting the beneficiary institutions with the implementation of specific measures identified as priorities during the AML/CFT National Risk Assessment (NRA) process conducted pursuant to the Methodology developed by the ECCD.

One of priority areas identified by the National Bank of Romania (NBR) relates to the criteria for application of sanctions for AML/CFT infringements of obliged entities under their supervision. Taking into consideration the encountered challenges, the NBR has requested Council of Europe’s support in learning more about the existing frameworks and good practices from other EU Member States.
To address this request, the ECCD has organised a two-day workshop "Effective implementation of sanctions for AML/CFT breaches” with the participation of practitioners from the General Directorate of the Treasury and Financial Policy of the Spanish Ministry of Economy and Business. The event took place on 19-20 July 2022 in Bucharest, Romania.

In addition to the NBR’s representatives, the invitation to participate in the Workshop was extended to the representatives of the Financial Supervisory Authority (FSA) and the National Office for Prevention and Control of Money Laundering (Romanian FIU). Participants could benefit from a presentation of the Spanish model of legislative and regulatory framework for sanctioning AML/CFT breaches by obliged entities, as well as of the procedures, criteria and good practices in applying sanctions for AML/CFT breaches in Spain. During the second day of the Workshop, representatives of Romanian competent authorities presented their national legislative and regulatory framework for sanctioning AML/CFT breaches by obliged entities, as well as the practical application of AML/CFT sanctions in Romania. Finally, the event allowed an exchange of experience regarding the challenges identified in the practical application of sanctions. The discussion further focused on the identification of concrete features of an effective and robust sanctioning system capable of addressing practical challenges.

 This event was organised within the framework of the Structural Reform Support Programme initiative “Money Laundering and Terrorism Financing Risk Compliance: Implementing a National Mechanism to Assess and Manage Money Laundering and Terrorism Financing Risks in Romania”, funded by the European Commission’s Directorate General for Structural Reform Support and the Council of Europe and implemented by the Council of Europe.