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San Marino Makes Progress in Strengthening Measures to Tackle Money Laundering and Terrorist Financing

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San Marino has made significant progress in addressing technical compliance deficiencies identified in its Mutual Evaluation Report (MER). The country has successfully upgraded its rating on Recommendation 35 from Partially Compliant to Largely Compliant.

Improvements in Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Measures

According to the Financial Action Task Force (FATF), San Marino’s AML/CFT measures have shown improvement in several key areas. Specifically, the country has:

Strengthened its regulations regarding beneficial ownership
Enhanced its efforts to prevent the proliferation of weapons of mass destruction
Made significant strides in digitalizing its financial sector and implementing measures to combat environmental crime

Recognition from the MONEYVAL Group

San Marino’s improvements were recognized during a recent meeting of the MONEYVAL (Monetary Laundering and Financing of Terrorism) group, which conducts peer reviews of member countries to assess their implementation of AML/CFT measures. The country’s progress is seen as a significant step forward in its efforts to strengthen its financial system and prevent illegal activities.

FATF Recommendations

The FATF Recommendations are widely recognized as the global standard for preventing money laundering, terrorist financing, and the financing of proliferation. The recommendations provide a framework for countries to implement effective AML/CFT measures and ensure the integrity of their financial systems.

San Marino’s Commitment to Strengthening its Financial System

San Marino’s progress is a testament to the country’s commitment to strengthening its financial system and complying with international standards. The FATF assessment serves as a useful tool for identifying areas for improvement and provides guidance for San Marino as it continues to enhance its AML/CFT regime.

Source

MONEYVAL, Financial Action Task Force (FATF)