Money Laundering in Romania
Money laundering usually means the use of black money in the legal economy.
The prevention of such practices is an international concern, thus there are numerous conventions regarding it.
On the other hand, at a national level, there are preventive mechanisms, as well as a criminal charge for it.
According to art. 269 of the Romanian Criminal Code, money laundering can mean:
- exchanging or transferring goods, knowing that they origin from criminal activities, with the purpose of hiding their illicit origin or helping the person that committed the crime to subtract from criminal proceedings;
- hiding the true nature, origin, location, circulation, or property over assets, knowing that they originated in criminal activities;
- acquiring, holding, or using goods knowing that they origin from criminal activities.
In short, this crime regards actions that tend to bring assets of criminal origin into a legal economic circuit.
Money Laundering Penalties
The Romanian Criminal Code provisions a 3 to 12-year imprisonment penalty for money laundering.
In case of a conviction, the judge will determine the exact penalty according to the facts, as well as other elements.
Money Laundering and Other Crimes
Although incriminated as a distinct crime, it is often related to other crimes.
One such example is tax evasion when the undeclared amount of tax is used for legal commercial purposes.
On the other hand, tax evasion is not the only crime behind it. Any attempt to hide the illicit origin of assets is susceptible to being regarded as laundering.
If you want to get a general idea of how a Romanian criminal trial works click here to see a short guide.
If you need more information about this subject, you can contact us at any time and we will be glad to answer any questions that you may have.