Government clamps down on exceptionally big transactions

The Government has put forward amendments to the Measures Against Money Laundering Act in response to recommendations in the latest report of the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL). With the changes, all institutions bound by the law (banks, credit companies, insurers, notaries, the National Revenue Agency, the National Customs Agency, etc.) will be required to monitor more strictly unusually large and exceptionally complex deals or operations. Financial institutions will be obliged to examine the purpose and nature of these operations, and then keep the records of their findings for further use by the State Agency for National Security's Financial Intelligence Directorate (FID) and all relevant regulators and auditors for a period of five years. In some cases, under instructions by the director of FID, details of customers and conducted transactions and operations will be kept for 7 years. The new legal framework will give the head of FID power to instruct financial institutions in relation to operations involving countries that adhere partially to international standards or ignore them altogether, especially when operations seem to lack sound economic reasoning or even a valid reason to be conducted.

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