Financial Crime World

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San Marino Urged to Improve Anti-Money Laundering Measures

International Cooperation and Progress in Combating Terrorism Financing Commended, but Further Action Needed

San Marino has made significant progress in improving its measures to combat money laundering and financing of terrorism, according to a report published today by MONEYVAL, the Council of Europe’s anti-money laundering body. However, the report highlights areas where further action is needed to enhance the country’s regulatory framework and strengthen its practical application of anti-money laundering measures.

Improvements Needed

The MONEYVAL report identifies several areas that require improvement:

  • Enhancing supervision and preventative measures related to transparency of legal persons and arrangements
  • Improving money laundering investigation and prosecution, as well as financial sanctions for terrorist financing
  • Establishing a criminal justice policy on investigating and prosecuting money laundering with a focus on foreign predicates and stacked jurisdictions
  • Promoting proactive parallel money laundering investigations
  • Addressing the lack of prison capacity

Reporting Financial Crime Made Easier

The report highlights the importance of reporting financial crime, including suspicious transactions and money laundering activity. Citizens and businesses in San Marino are encouraged to report any suspected financial crimes to the authorities.

To make it easier for citizens and businesses to report financial crime, MONEYVAL recommends that:

  • Appropriate initiatives be taken to ensure all private sector categories conduct regular checks of their business-specific money laundering and terrorist financing risks
  • Competent authorities heighten understanding of the private sector’s controls in relation to customer due diligence and targeted financial sanctions

Follow-Up Reporting Process

San Marino will be subject to MONEYVAL’s regular follow-up reporting process, which aims to monitor the country’s progress in implementing the recommendations outlined in the report. This is a positive outcome for San Marino, as it becomes one of only five member-jurisdictions to receive this designation.

Full Report Available Online

The full report is available online and provides further details on MONEYVAL’s assessment of San Marino’s anti-money laundering measures and recommendations for improvement.