Money Laundering and Terrorism Financing Risk Compliance: Implementing a National Mechanism to Assess and Manage Money Laundering and Terrorism Financing Risks in Romania

Within the framework of the 2020 CoE/EU Structural Reform Support Programme (SRSP) envelope, the Economic Crime and Cooperation Division is assisting Romanian authorities with enhancing national AML/CFT framework to ensure effective mitigation of money laundering and terrorism financing risks. The project begun on 29 June 2020, and will last for 24 months. Through tailored activities, the project seeks to contribute to:

• A nation-wide assessment of AML/CFT risks;
• Putting in place appropriate AML/CFT risk mitigation mechanisms.

Areas of specific focus include conduct of a National ML/TF Risk Assessment (NRA), development of the NRA Action Plan, training and guidance on implementation of the Action Plan measures, high-risk sectoral risk assessments, and regulation of virtual assets and virtual assets service providers.

The total project budget 723,674.95 Euros. The project was funded by the European Union via the Structural Reform Support Programme and implemented by the Council of Europe - Economic Crime and Cooperation Division, in cooperation with the European Commission.