Thus, in accordance with Art. 61 of the Project, the credit institutions may be required to submit daily the operations with cash, in local or foreign currency, whose minimum limit represents the equivalent in lei of EUR 5,000, whether the transaction is carried out by one or more operations which seem to have a connection between them.
Operations which seem to have a connection between them means “operations related to a single transaction arising out of a single contract or agreement of any kind between the same parties whose value is fragmented into smaller installments of EUR 5,000 or the equivalent in lei, when they are done in the same banking day “.
In addition, credit institutions may submit daily also the external transfers in and from accounts for amounts whose minimum limit represents the equivalent in lei of 5,000 euro, according to the Project.
Also, another obligation for the credit institutions could be to communicate to the National Agency for Fiscal Administration a list of individuals, legal persons or other entities without legal personality that open or close accounts, their legal form, address or headquarters. This communication shall be made twice a month, referring to accounts opened or closed during the period prior to this, based on procedures to be developed between the Ministry of Finance and National Bank of Romania.
Moreover, credit institutions may and must, at the request of central fiscal authority, communicate all turnovers and / or balances held, information and documents on the operation of the accounts, the identification data of the persons who have the right of signature, and if the taxpayer / payer has rented safe deposit boxes. The application will be done for each holder in part.
Distinct from the current provisions, the Project also includes the obligation of credit institutions, at the request of the central fiscal authority to communicate the real beneficiaries of banking operations, as defined in art. 4 of Law no. 656/2002 on preventing and sanctioning money laundering, as well as the establishment of measures to prevent and combat terrorist financing, republished, as amended and supplemented.
These new regulations come in the context in which, in the present legislation, reports on the operations of banks with cash, in local or foreign currency of at least 5,000 Euro, is performed by the National Office for the Prevention and Control of Money Laundering, whom is prohibited to provide these data to tax authorities.
Currently, the draft of Fiscal Procedure Code has not entered into force and is in public debate.