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San Marino Steps Up Efforts to Prevent Terrorist Financing, MONEYVAL Report Reveals

San Marino has made significant strides in strengthening its anti-money laundering and combating the financing of terrorism measures, according to a follow-up report released by MONEYVAL. The country’s sanctions regime, in particular, has been improved with amendments introduced in 2023 to address previous deficiencies.

Improvements to Sanctions Regime

San Marino has been re-rated from Partially Compliant to Largely Compliant on Financial Action Task Force Recommendation 35, which pertains to sanctions. This achievement is a significant step forward for the country, demonstrating its commitment to combating money laundering and terrorist financing.

Progress in Addressing Technical Compliance Shortcomings

San Marino’s progress in addressing technical compliance shortcomings identified in its 2021 Mutual Evaluation Report has been notable. The country currently meets the requirements on:

• Compliant: 18 recommendations
• Largely Compliant: 18 recommendations
• Partially Compliant: 4 recommendations
• Non-Compliant: None

Future Expectations

The country is expected to report back to MONEYVAL in May 2028, providing an update on further progress made towards strengthening its anti-money laundering and terrorist financing system.

About MONEYVAL

MONEYVAL (Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism) is a monitoring body of the Council of Europe responsible for assessing compliance with international standards to counter money laundering, terrorism financing, and proliferation of weapons of mass destruction. The organization evaluates 33 states and territories and provides recommendations to national authorities to improve their anti-money laundering and counter-terrorism financing systems.

Full Report Available Online

The full report can be accessed online.