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San Marino Takes Significant Steps to Strengthen Anti-Money Laundering Measures
Strasbourg - In a major breakthrough, San Marino has made significant progress in tackling money laundering and terrorist financing, according to a follow-up report released by the Council of Europe’s MONEYVAL monitoring body.
Major Breakthrough in Combating Financial Crime
The report highlights improvements in the country’s compliance with international standards for sanctions, marking a major step forward in its efforts to combat financial crime. The amendments introduced to San Marino’s anti-money laundering legislation in 2023 have largely addressed deficiencies previously identified in its sanctions regime.
Progress Towards Compliance
San Marino’s overall progress is reflected in its current ratings across 40 international standards for anti-money laundering and counter-terrorism financing. The country now boasts:
- 18 Recommendations rated as Compliant
- 18 Recommendations rated as Largely Compliant
- 4 Recommendations rated as Partially Compliant, and
- No Recommendations classified as Non-Compliant
MONEYVAL’s Praise for San Marino
MONEYVAL’s report praises San Marino for its efforts to strengthen its anti-money laundering and terrorist financing system. However, the country is expected to continue working towards further improvements, with a follow-up report due in May 2028.
Background on MONEYVAL
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has been monitoring San Marino’s progress since its first evaluation in 2021. The body assesses compliance with international standards to counter money laundering, terrorist financing, and the financing of proliferation of weapons of mass destruction.
Conclusion
San Marino’s significant strides towards strengthening its anti-money laundering measures are a welcome development for European authorities seeking to combat financial crime.