Financial Crime World

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San Marino Makes Progress on Financial Sanctions Implementation, Says MONEYVAL Report

Strasbourg, May 28, 2024

The Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has released a follow-up report concluding that San Marino has improved its measures for tackling money laundering and terrorist financing.

Significant Progress Made in Financial Sanctions Implementation

According to the report, amendments introduced to San Marino’s anti-money laundering legislation in 2023 have largely addressed shortcomings in the sanctions regime. As a result, the country has been re-rated from Partially Compliant to Largely Compliant with Financial Action Task Force Recommendation 35 on sanctions.

Progress Towards Strengthening Anti-Money Laundering and Terrorist Financing System

San Marino has made significant progress in addressing technical compliance shortcomings identified in its 2021 Mutual Evaluation Report. Of the 40 Recommendations, the country currently has:

  • 18 rated as Compliant
  • 18 rated as Largely Compliant
  • 4 rated as Partially Compliant
  • 0 rated Non-Compliant

Next Steps

The report highlights that 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.

Commitment to Combating Financial Crime

San Marino’s efforts are a testament to its commitment to combating financial crime and protecting the integrity of the global financial system.

About MONEYVAL

MONEYVAL, as a monitoring body of the Council of Europe, evaluates 33 states and territories and makes recommendations to national authorities in respect of necessary improvements to their anti-money laundering and counter terrorist financing systems. The organization’s assessment is based on the country’s compliance with the principal international standards to counter money laundering, the financing of terrorism, and the financing of proliferation of weapons of mass destruction.