Money Laundering Detection in San Marino Under Scrutiny

FATF Assessment Reveals Strengths and Weaknesses

A recent evaluation by the Financial Action Task Force (FATF) has assessed the effectiveness of San Marino’s efforts to detect and prevent money laundering. The assessment was conducted using the 2013 Methodology and was based on information provided by the country as well as findings from an on-site visit.

Compliance with FATF Recommendations

The assessment was carried out in accordance with the FATF’s 2012 Recommendations for Combating Money Laundering and Terrorist Financing. The review team analyzed San Marino’s systems and procedures for detecting and preventing money laundering, as well as its ability to implement effective measures to counter these illicit activities.

Key Findings and Priority Actions

The findings of this assessment have been thoroughly reviewed and endorsed by the FATF, providing a comprehensive picture of San Marino’s strengths and weaknesses in combating money laundering. The key findings include:

• Strengths:
  • San Marino has established a robust legal framework for combating money laundering.
  • The country has implemented effective measures to prevent the misuse of its financial system.
• Weaknesses:
  • San Marino needs to improve its ability to identify and investigate suspicious transactions.
  • The country requires enhanced cooperation with international partners to combat money laundering.

Executive Summary

For those interested in learning more about the key findings and priority actions identified during the evaluation, an executive summary is available that highlights the most critical recommendations for improvement.