Romania’s National Bank (BNR) will not carry out controls at local banks as a result of the Panama Papers scandal.

The scandal can’t affect the Romanian lenders, said Adrian Vasilescu, BNR strategy advisor, reports local Hotnews,ro.

Given the freedom of movement of capital, it is legal to open your account at any bank anywhere in the world. Since Romania has joined the European Union, Romanians don’t need to notify BNR on opening accounts abroad. However, the transactions that exceed a certain level need to be notified to The National Office for the Prevention and Control of Money Laundering.

In Austria, however, the Banking Supervisory Authority has decided to open an investigation into the case of two banks, following the Panama scandal.

editor@romania-insider.com