San Marino Cracks Down on Money Laundering and Terror Financing with New Legislation
In a significant move to strengthen its anti-money laundering (AML) and combating the financing of terrorism (CFT) measures, the microstate of San Marino passed new legislation and received positive feedback from the European monitoring body, MONEYVAL.
San Marino’s Improved Compliance with AML and CFT Measures
Since the adoption of the revised legislation in 2023, San Marino’s compliance with FATF Recommendation 35 (sanctions) has improved dramatically. The country’s latest rating from MONEYVAL now stands at “Largely Compliant,” marking a notable shift from the previous “Partially Compliant” rating.
San Marino’s Progress Towards Compliance
Following the release of the 2021 Mutual Evaluation Report, which identified several technical compliance shortcomings, San Marino has demonstrated progressive improvements. As of now, the country complies with:
- 18 recommendations: Compliant
- 18 recommendations: Largely Compliant
- 4 recommendations: Partially Compliant
- 0 recommendations: Non-Compliant
San Marino has pledged to report back to MONEYVAL in May 2028 for further evaluation of its advancements in bolstering its AML and CFT framework.
About MONEYVAL
MONEYVAL, a monitoring body of the Council of Europe, is responsible for assessing countries’ adherence to international standards against money laundering, terror financing, and the proliferation of weapons of mass destruction. Currently evaluating 33 states and territories, MONEYVAL provides recommendations to national authorities on improvements needed in their AML and CTF systems.
States and Territories Under Evaluation by MONEYVAL
(*): The 33 states and territories presently under evaluation by MONEYVAL are:
- Albania
- Andorra
- Armenia
- Bosnia and Herzegovina
- Bulgaria
- Croatia
- Cyprus
- Denmark
- Estonia
- Finland
- France
- Georgia
- Greece
- Hungary
- Iceland
- Ireland
- Italy
- Latvia
- Liechtenstein
- Lithuania
- Luxembourg
- Malta
- Moldova
- Monaco
- Montenegro
- Netherlands
- North Macedonia
- Norway
- Portugal
- Romania
- Russia
- San Marino
- Serbia
- Slovakia
- Slovenia
- Spain
- Sweden
- Ukraine
Source: MONEYVAL Report
Replace `link-to-the-report` with the actual link to the report.