Financial Crime World

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

The Financial Action Task Force (FATF) has announced that San Marino has made significant progress in addressing technical compliance deficiencies identified in its Mutual Evaluation Report (MER). The country has upgraded its level of compliance with Recommendation 35, related to the prevention of the misuse of companies and other legal arrangements.

Progress Highlights

  • San Marino has demonstrated a greater commitment to implementing effective measures to prevent money laundering and terrorist financing.
  • The country’s efforts have resulted in an upgrade from Partially Compliant to Largely Compliant with Recommendation 35.
  • The report highlights San Marino’s progress in strengthening its legal framework, enhancing the supervision of financial institutions, and improving international cooperation.

Mutual Evaluations: A Key Tool in Fighting Financial Crime

The FATF conducts Mutual Evaluations of its member countries on a regular basis. These evaluations assess each country’s level of compliance with the FATF Recommendations, which aim to prevent criminal abuse of the financial system. The process involves a thorough review of each country’s legal framework, supervisory mechanisms, and international cooperation.

Next Steps: Continued Monitoring and Improvement

While San Marino has made significant progress, there is still work to be done to ensure that its AML/CFT regime is effective and robust.

  • The FATF will continue to monitor the country’s implementation of the necessary measures and provide technical assistance where needed.
  • Several areas for improvement have been identified, including the need for greater transparency in beneficial ownership information and enhanced cooperation with foreign authorities.

Global Cooperation is Key

The fight against money laundering and terrorist financing requires global cooperation and coordination. The FATF works closely with its member countries to share best practices and expertise in combating financial crime.

Conclusion

San Marino’s progress in strengthening its measures to tackle money laundering and terrorist financing is a welcome development. The country’s commitment to implementing effective AML/CFT measures will help to protect the integrity of the global financial system and prevent criminal abuse of the financial system.

  • FATF Recommendations: The FATF Recommendations are the basis on which all countries should meet the shared objective of tackling money laundering, terrorist financing, and the financing of proliferation.
  • Mutual Evaluations: The FATF conducts peer reviews of each member country to assess its level of implementation of the FATF Recommendations.
  • San Marino’s Measures to Combat Money Laundering and Terrorist Financing: A report summarizing San Marino’s anti-money laundering and combating the financing of terrorism measures in place as of September 2020.

Download the Report

The full report, “San Marino: Progress in Strengthening Measures to Tackle Money Laundering and Terrorist Financing,” is available for download on the FATF website.