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Financial Crimes Definition in San Marino

San Marino, a small European country, has made significant strides in implementing the Financial Action Task Force (FATF) Recommendations to combat financial crimes. However, a recent assessment reveals that while the country has made progress, there are still areas that require improvement.

Technical Compliance Ratings

According to the FATF’s Technical Compliance ratings, San Marino receives a rating of “Largely Compliant” in several key areas:

National cooperation and coordination (R.2)
Money laundering offence (R.3)
Targeted financial sanctions related to terrorism and terrorist financing (R.6)
Regulation and supervision of financial institutions (R.26)
Powers of supervisors (R.27)

Areas for Improvement

However, San Marino falls short in other areas:

Non-profit organisations (R.8)
Customer due diligence (R.10)
Transparency and beneficial ownership of legal persons and arrangements (R.24)

These areas require further attention to ensure that the country’s financial system is robust and effective in preventing financial crimes.

Additional Challenges

The assessment also highlights several areas where San Marino needs improvement:

Regulation and supervision of designated non-financial businesses and professions (DNFBPs) (R.28)
Financial intelligence units (R.29)
Statistics (R.33)

Conclusion

Despite these challenges, San Marino’s efforts to combat financial crimes are commendable, and the country has made significant progress in implementing the FATF Recommendations. Ongoing cooperation with international partners and continued efforts to strengthen its financial system will be essential in maintaining San Marino’s position as a leader in combating financial crimes.

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