Abstract
Nowadays, in the context of interconnected economies, the phenomenon of money laundering and terrorist financing has escalated, with a direct impact in Romania as well. The European Union has intensified the fight against this phenomenon, which risks making the financial system vulnerable, through the 4th and 5th European Directives, which extend the professional obligations of accounting experts and financial auditors in the field of preventing and combating money laundering and terrorist financing. Because professional accountants must act in the public interest, IFAC has developed a guide that supports professional accountants in their efforts to limit the phenomenon of corruption and money laundering at an international level.
Highlights
Money laundering is the process by which financial offenders try to hide the origin and real property of the proceeds from their criminal activities
Through the content of this study, answers will be formulated to questions such as: - What are the latest decisions taken at European Union (EU) level to step up the fight against money laundering and terrorist financing? - What is the content of the guide developed by International Federation of Accountants (IFAC), starting with 2020, and entitled
The reform proposed by the European Commission in the field of combating money laundering will mainly aim: - for the existing national registers of bank accounts to be connected, which will ensure the intensification of financial investigations; - for the future anti-money laundering rules to be extended to cryptoassets, with anonymous cryptocurrencies being banned; - for the € 10,000 cash payment ceiling to be extended to all EU Member States, given that today only two thirds of Member States have imposed value limits on cash payments, with values differing from one state to another
Summary
Money laundering is the process by which financial offenders try to hide the origin and real property of the proceeds from their criminal activities (www.onpcsb.ro). (www.ceccar.ro) according to a report published in 2021 by the European Court of Auditors, which is the guardian of EU finances, Europol estimates that, at European level, the value of suspicious transactions in the field of money laundering and terrorist financing reaches hundreds of billions of Euros, respectively 1.3% of the EU’s gross domestic product (GDP) and global estimates are close to 3% of world GDP. The phenomenon of money laundering has crystallized, in an incipient form, since ancient times. In 1989, the International Financial Action Task Force (GAFI/FATF) was set up in France at the G7 Summit to promote international policies and standards to combat money laundering and terrorist financing. GAFI is the global intergovernmental body for monitoring money laundering and terrorist financing (www.fatf-gafi.org)
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