The banking surveillance of N.B.R. - A component of international regulations

• Author: Carmen Adriana Gheorghe
• Position: Law Department, Transilvania University of Brasov
• Pages: 155-162

Bulletin of the Transilvania University of Braşov

Series VII: Social Sciences • Law • Vol. 8 (57) No. 1 - 2015

THE BANKING SURVEILLANCE OF N.B.R.

– A COMPONENT OF INTERNATIONAL

REGULATIONS

Carmen Adriana GHEORGHE 1

Abstract: In their positive form, sanctions are a powerful tool of social

control. A sanction is imposed through the coercive powers of the state. A

sanction comprises the consequences of failing to comply with regulations

and is defined as the measures that competent authorities of the state can

take against persons in violation of legal provisions or against individuals

failing to comply with the requirements of the law. Sanctions are always

presented in the final chapter of the law and their goal is to re-establish

order, to discourage future law-breaking and to rehabilitate those found

guilty.

Key words: banking surveillance, competent authorities, N.B.R.

1 Law Department, Transilvania University of Braşov.

1. Introduction

Unlike local regulations, international

law does not stipulate a set of given

sanctions for failure to comply with its

provisions, but this doesn’t mean such

provisions are in any way dispensable.[6]

As states are the ones drawing

international regulations, via treaties or

customary practices, they are presumably

acting in good faith, in light of

international regulations. In conclusion,

public international law is not generally

based on coercion, although the latter is

not excluded in certain cases [3].

International public law stipulates

sanctions are to be used when an actor

takes illegal action against another or when

an actor breaks a peremptory norm (“jus

cogens”), committing an international

crime, for example.

The UN, the interested parties and other

regional organizations have the

competence of asserting whether a certain

action or deed is illegal and thus impose

sanctions.

International sanctions consist in

restrictions or obligations imposed to the

government of a state, to non-state actors

or to legal and natural persons, as ruled by

the UN Security Council, by the EU or by

other international organizations or by the

unilateral decision of a state, the final goal

consisting in: preventing or fighting

against terrorism, insuring human rights

and fundamental freedoms, developing and

consulting democracy and the rule of law

and other goals found in conformity with

the objectives of the international

community, international law and EU law.

The use of international sanctions has

been argued in favor of by the need to

increase the efficiency of the political tools

acting in the service of diplomacy [1].