The new law on preventing and combating money laundering and terrorist financing, submitted to the Government for consideration, foresees enormous fines for illicit financial transactions.
Thus, cash transactions exceeding 5,000 euros will be reported for monitoring to the Office for Prevention and Fight against Money Laundering. It also establishes the obligation to report transactions by transfer, when a single transaction exceeds the amount of 25 000 euro.
The document stipulates high penalties for those breaking the law. Thus, the amount of penalty for gross and systematic violations, which damages the state, can reach 5 million euros for financial institutions and 1 million euros for other reported entities.
The project involves the prohibition to register legal entities and individual entrepreneurs in the absence of data on the beneficial owner, or if the information is incomplete or untrue.
The same document obliges the Ministry of Justice to ascertain, in the registration process, that the founders or managers of non-profit organizations are not included on national or international lists, as persons involved in terrorist activities or in proliferation of weapons of mass destruction. The Ministry concerned shall have the right to deny registration "in case of existence of reasonable suspicion of involvement of directors or founders in terrorist activities".
The bill also targets the activities of lawyers, notaries and other freelancers with respect to their participation, in the customer's name, in any financial or real estate transaction, in cases of sale of immovable property, donation of goods, opening and managing bank accounts, etc.