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San Marino Makes Progress in Strengthening Measures to Combat Money Laundering and Terrorist Financing
The Financial Action Task Force (FATF) has announced that San Marino has made significant progress in addressing technical compliance deficiencies identified in its Mutual Evaluation Report (MER). The country has upgraded its rating for Recommendation 35, moving from Partially Compliant to Largely Compliant.
FATF’s Mutual Evaluation Report
The FATF’s MER assesses the effectiveness of a country’s Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) systems. San Marino’s progress was achieved through improvements in its legislation, regulations, and implementation of AML/CFT measures.
Improvements Achieved
San Marino has made significant improvements in several areas, including:
- Enhancing customer due diligence requirements
- Improving reporting and suspicious transaction reporting mechanisms
- Strengthening its regulatory framework
FATF’s Response
“We welcome San Marino’s efforts to strengthen its AML/CFT regime,” said a FATF spokesperson. “The country’s progress demonstrates its commitment to combating money laundering and terrorist financing.”
Recommendations for Further Improvement
The FATF has urged San Marino to continue to strengthen its AML/CFT regime, particularly with regards to beneficial ownership transparency and the regulation of virtual assets.
Conclusion
San Marino’s progress is a positive development for the international community, as it demonstrates the country’s commitment to combating money laundering and terrorist financing. The FATF will continue to monitor San Marino’s progress and provide support to help the country maintain its efforts to strengthen its AML/CFT regime.
Related Materials
- FATF Recommendations
- Mutual Evaluations
- FATF Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems
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