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San Marino Makes Progress in Combating Money Laundering and Terrorist Financing

San Marino has made significant progress in addressing technical compliance deficiencies identified in its latest Mutual Evaluation Report (MER), according to a new report released by the Financial Action Task Force (FATF).

Improvements in Customer Due Diligence

The report, which assesses San Marino’s measures to combat money laundering and terrorist financing, found that the country has improved its implementation of FATF Recommendations, particularly in the area of customer due diligence.

“We are pleased to see San Marino taking concrete steps to strengthen its anti-money laundering and counter-terrorist financing regime,” said a FATF spokesperson. “This progress demonstrates the country’s commitment to combating financial crime and protecting its financial system.”

Areas of Progress

The report highlighted several areas where San Marino has made significant progress, including:

  • Recommendation 35: San Marino has upgraded from Partially Compliant to Largely Compliant in implementing customer due diligence measures.
  • Other recommendations: The country has also made progress in implementing other FATF Recommendations, including those related to beneficial ownership and transparency.

Next Steps

San Marino is expected to continue to strengthen its anti-money laundering and counter-terrorist financing regime, particularly in areas such as:

  • Beneficial ownership
  • Transparency

The country will also need to implement the recommendations made by MONEYVAL to ensure that it meets international standards.

FATF’s Role

The FATF will continue to monitor San Marino’s progress and provide technical assistance to support the country’s efforts to combat money laundering and terrorist financing.

About the FATF

The Financial Action Task Force (FATF) is an inter-governmental organization that sets standards and promotes effective implementation of anti-money laundering and counter-terrorist financing measures. The FATF is responsible for assessing the effectiveness of member countries’ anti-money laundering and counter-terrorist financing systems.

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