San Marino Takes Significant Steps in Combating Money Laundering and Terrorist Financing

San Marino has strengthened its sanctions for breaches of anti-money laundering (AML) and combating terrorism measures, according to a recent report released by MONEYVAL.

Improved Compliance with Financial Action Task Force Recommendation 35

The country has made significant progress in improving its compliance with Financial Action Task Force Recommendation 35 on sanctions. This improvement was achieved through amendments introduced in 2023 to San Marino’s AML legislation, which addressed the deficiencies identified regarding the sanctions regime.

As a result of these efforts, San Marino has been re-rated from Partially Compliant to Largely Compliant with respect to this recommendation.

MONEYVAL: Monitoring Compliance with International Standards

MONEYVAL, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, is responsible for monitoring compliance with international standards to counter money laundering, terrorist financing, and proliferation financing. The organization evaluates 33 states and territories and makes recommendations to national authorities for necessary improvements to their AML and counter-terrorist financing systems.

Progress Made in Addressing Technical Compliance Shortcomings

San Marino has made progress in addressing technical compliance shortcomings identified in its 2021 Mutual Evaluation Report. As of the current assessment, out of 40 Recommendations:

• 18 are rated Compliant
• 18 are Largely Compliant
• 4 are Partially Compliant
• None are Non-Compliant

Future Progress Expected

The country is expected to report back to MONEYVAL in May 2028 on further progress made towards strengthening its AML and terrorist financing system.

This significant step forward demonstrates San Marino’s commitment to combating money laundering and terrorist financing, and we look forward to continuing to monitor the country’s progress in this area.