On 18 March 2024, Resolution no. 4 of 11 March 2024 of the Chamber of Tax Consultants was published in the Official Gazette. The Resolution contains the set of rules with which tax consultants and tax consultancy companies must comply with respect to the prevention and combating of money laundering.
The rules establish the measures and activities aimed at preventing and combating money laundering and terrorist financing that are to be carried out at sectoral level by tax advisors and tax consultancy companies, with these entities being overseen and verified by the Chamber of Tax Advisors.
Key aspects:
- The management of tax consultancy companies must designate one or more persons as being responsible for the application of Law no. 129/2019 on the prevention and combating of money laundering and terrorist financing (Law no. 129/2019).
- The designated person(s) must have direct and permanent access to all data and information held at the level of the regulated entities, which are necessary for the fulfillment of legal obligations and duties.
- There must exist internal mechanisms at company level to protect designated persons.
- The Chamber of Tax Advisers must be informed of the designated person(s).
- The employees of tax consultancy companies must be regularly informed as to the existence of internal procedures to prevent and combat money laundering, and companies must ensure that these procedures are implemented.
- Employees shall undergo regular training specific to their roles and duties within the entity, including through participation in special ongoing professional training programmes and assessments of knowledge and its application.
- Tax advisors and tax consultancy companies must carry out and regularly update their own risk assessments, thereby identifying, assessing and managing money laundering risks at the client level, at the level of the services provided and at the level of the entire business.
- Tax advisors and tax consultancy companies must apply simplified, standard or additional know-your-client measures, as applicable, i.e. they must verify the identity of clients and beneficial owners before establishing a business relationship or carrying out an occasional transaction.
- Tax advisors and tax consultancy companies are immediately required to submit a suspicious transaction report to the National Office for the Prevention of Money Laundering if, after applying customer due diligence and risk assessment measures, they identify any suspected instances of money laundering or terrorist financing.
- The application of the provisions of Law no. 129/2019 is overseen and verified, within the remit of their responsibilities, by the National Office for the Prevention and Combating of Money Laundering and by the Chamber of Tax Consultants, in its capacity as a self-regulatory organisation.
Source: Decision no. 4 of 11 March 2024 approving the sectoral professional rules on the establishment of measures to prevent and combat money laundering and terrorist financing specific to the field of tax consultancy.
