San Marino Strengthens Financial Sanctions Regime, MONEYVAL Report Reveals
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San Marino has made significant improvements in its measures to combat money laundering and terrorist financing, according to a follow-up report released by MONEYVAL. The country’s sanctions regime, in particular, has been strengthened following amendments introduced in 2023 to its anti-money laundering legislation.
Progress Made
As a result of these efforts, San Marino has moved from being Partially Compliant with Financial Action Task Force (FATF) Recommendation 35 on sanctions to being Largely Compliant. This development is seen as a major step forward for the country, which had previously faced deficiencies in its sanctions regime.
MONEYVAL’s Report Highlights Progress
MONEYVAL’s report also highlights San Marino’s progress in addressing technical compliance shortcomings identified in its 2021 Mutual Evaluation Report. The country now has:
- 18 out of 40 Recommendations rated Compliant
- 18 rated Largely Compliant
- Only four rated Partially Compliant
Future Developments
San Marino is expected to report back to MONEYVAL in May 2028 on further progress made towards strengthening its anti-money laundering and terrorist financing system. The country’s efforts are being closely monitored by the international community, which sees San Marino as a key player in the fight against financial crime.
About MONEYVAL
MONEYVAL is the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, a monitoring body of the Council of Europe responsible for assessing 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 to improve their anti-money laundering and counter-terrorist financing systems.
Access the Full Report
The full report is available online at [link].