Annual financial frauds figure around USD 1 bln

According to a report by the American State Department quoting data of the National Bank of Romania (BNR), the total value of the financial frauds in Romania ranges between USD 1 bln and USD 1.5 bln per year.

The trade with counterfeit goods, the fraudulent bankruptcy, the tax frauds and those related to consumption credits are the main financial frauds. Romania has also registered most cases of fraud with Internet cards. The frauds connected to value added tax account for 10 per cent of the total amount. “As regards the money laundry, the actions are caused mainly by the international organized crime groups expanding their activity in Romania and clean their profits through phantom limited liability companies.” The authors of the report stated that the trade with goods such as cigarettes, alcohol, coffee or other goods submitted to taxes represents another source of money laundry.

The report reminds the actions undertaken by Romania over the years in order to reduce the number of financial frauds. The authors of the research stress though the lack of efficiency regarding the prevention of money laundry. Romania has become a transit and deposit country for drugs. Drugs like opium and heroine are transported from South-West Asia through Turkey to the Central and Western Europe. Marijuana and heroine are the main drugs used in Romania. The drugs are introduced in the country through Constanta, brought by commercial ships but also through Moldavia.

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