San Marino Makes Progress in Combating Money Laundering and Terrorist Financing

Overview

The Mutual Evaluation Report (MER) conducted by MONEYVAL has highlighted San Marino’s progress in strengthening its measures to tackle money laundering and terrorist financing. This report provides an update on the country’s efforts to address technical compliance deficiencies, particularly with regards to Recommendation 35.

Progress in Addressing Technical Compliance Deficiencies

San Marino has made significant strides in addressing some of the technical compliance deficiencies identified in its MER. These efforts have resulted in:

• Upgrading of Recommendation 35: The country has addressed the deficiencies in respect of Recommendation 35, which has been re-rated as Largely Compliant.
• Continued efforts needed: Despite this progress, San Marino needs to continue its efforts to strengthen its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) measures and address remaining technical compliance deficiencies.

MONEYVAL’s Assessment

MONEYVAL’s assessment of San Marino’s MER is based on the FATF Recommendations, which are the basis for all countries to effectively implement measures to prevent criminal abuse of the financial system. The report encourages continued efforts to address remaining technical compliance deficiencies and strengthen AML/CFT measures.

Key Takeaways

• Progress in addressing technical compliance deficiencies: San Marino has made progress in addressing some of the technical compliance deficiencies identified in its MER.
• Continued efforts needed: Despite this progress, San Marino needs to continue its efforts to strengthen its AML/CFT measures and address remaining technical compliance deficiencies.

By continuing to work towards strengthening its AML/CFT measures, San Marino can effectively prevent criminal abuse of the financial system and maintain a secure and stable financial environment.