THE IMPACT OF ACT NO. 129/2019 FOR THE PREVENTION AND COMBATING OF MONEY LAUNDERING AND TERRORIST FINANCING ON THE FUNCTIONING OF CIVIL SOCIETY
THE IMPACT OF ACT NO. 129/2019 FOR THE PREVENTION AND COMBATING OF MONEY LAUNDERING AND TERRORIST FINANCING ON THE FUNCTIONING OF CIVIL SOCIETY

Summary/Abstract: This article deals with the impact of Act no. 129/2019 for the prevention and combating of money laundering and terrorist financing on the functioning of civil society, analyzing in particular the impact of the new provisions in the matter of preventing and combating money laundering and terrorist financing on the rules of incorporating associations and foundations and on their reporting activity of the ultimate beneficial owner. The article focuses on the analysis of the changes made to the Government Ordinance no. 26/2000 on associations and foundations, which sets new rules regardingthe incorporation and functioning of NGOs, taking into account the new rules imposed by Act no. 129/2019 and also deals with the problem of identifying the ultimate beneficial owner of an association and foundation, an aspect that has generated numerous reactions at the level of civil society, analyzing at the same time how the Act no. 129/2019 transposedthe provisions of the Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and the opportunity of the sanctions provided for the non-observance of the law provisions by the associations and foundations.

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