Title: San Marino’s Progress in Combating Money Laundering and Terrorist Financing: MONEYVAL Report
San Marino’s Strides in Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) Measures
According to a report by the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL), San Marino has made substantial advancements in strengthening its AML and CTF measures.
San Marino’s Updated Rating in MONEYVAL’s Recommendation 35
- May 2024: The report, released on May 28, 2024, signifies that San Marino has rectified the deficiencies in its sanctions regime following the amendments to its anti-money laundering legislation in 2023.
- New Rating: As a result of these improvements, San Marino has been upgraded to a new rating of ‘Largely Compliant’ concerning MONEYVAL’s Recommendation 35, focusing on sanctions.
Evaluating San Marino’s Progress
Comparison with the Initial Mutual Evaluation (2021)
Before this report, San Marino underwent its initial mutual evaluation in 2021. At that time, San Marino held 40 recommendations from the Financial Action Task Force (FATF).
- Compliant Recommendations: 18 of these recommendations were rated ‘Compliant.’
- Largely Compliant Recommendations: 18 were rated ‘Largely Compliant.’
- Partially Compliant Recommendations: Four were rated ‘Partially Compliant.’
- Non-Compliant Recommendations: None were rated ‘Non-Compliant.’
Upcoming Progress Report
San Marino is predicted to submit another progress report to MONEYVAL in May 2028, reflecting its continuous efforts to fortify its AML/CTF system and meet international regulatory expectations.
About MONEYVAL and Its Role
Overview
MONEYVAL is a monitoring body under the Council of Europe, responsible for assessing each country’s adherence to key international norms against money laundering, CTF, and weapons of mass destruction (WMD) proliferation financing.
Role and Scope
- Established: MONEYVAL was founded in 1997.
- Coverage: Currently, MONEYVAL oversees evaluations for 33 countries or territories and provides necessary recommendations for strengthening their respective systems.
San Marino’s Commitment to Improvement
San Marino’s dedication to addressing AML/CTF vulnerabilities comes at a crucial time in light of persistent efforts to combat illicit activities and financial crimes worldwide.