Charles Vernon on Compliance in Romania [Podcast]

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By Adam Turteltaub
adam.turteltaub@corporatecompliance.org

While Romania is a part of the European Union (EU), it has a corruption problem typical of less-developed states.  Admitted to the EU under a Cooperation and Verification Mechanism, it is subject to monitoring, according to Charles Vernon, an attorney in Bucharest with a large compliance practice.

Lately, the country has not fared well with its EU monitors who have added eight additional steps for the country to take.

The reason for the remedial action is what Charles describes as steps backward when it comes to fighting corruption.  The leadership has tried to loosen anticorruption laws and constitutional courts have stepped in, overturning verdicts on narrow technical grounds, he reports.

At the same time, however, the public has not been quiet, taking to the streets in protest.  In addition, the younger generation recognizes the need for better governance nationally and looks to multinational companies as places where they can work with integrity and rise on their own merits.

Listen in as Charles explains the risks of doing business in the country, the need for greater vetting of suppliers, and what’s going on in privacy laws.  GDPR is not as well implemented as elsewhere in Europe, but it is still a force to be reckoned with, and privacy is already closely monitored in the healthcare industry.