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Money Laundering and Its Understanding by the Current Romanian Legal System – Origins, Mechanisms and Implications

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  • Akad Yassar Al-Kasawnih

    (The Bucharest University of Economic Studies)

Abstract

Money laundering benefits from the evolution of technology. It is developing as a way of financial crime, from both perspectives: the prevention and sanctioning tools that are getting more and more sophisticated, but also the way in which this crime is being committed. Last but not least, having a banking system that encourages money laundering is not only counter-productive for the law enforcement officers and judicial system, but also for the economy system of a developing country, which will fail to attract investors. The purpose of this article is to present the legal framework of the Romanian judicial system when it comes to money laundering, but also to underline its flaws and its perspectives of improvement. It will also focus on the main methods that are being used in Romania for money laundering.

Suggested Citation

  • Akad Yassar Al-Kasawnih, 2021. "Money Laundering and Its Understanding by the Current Romanian Legal System – Origins, Mechanisms and Implications," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 21-26, December.
    • Handle: RePEc:ovi:oviste:v:xxi:y:2021:i:2:p:21-26
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    More about this item

    Keywords

    money laundering; methods; legal framework; legislative proposals;
    All these keywords.

    JEL classification:

    • K40 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - General
    • K49 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Other
    • P44 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - National Income, Product, and Expenditure; Money; Inflation
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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