San Marino’s strides in Money Laundering and Terrorist Financing Compliance: MONEYVAL Report

San Marino’s Improvements

According to the latest report from 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 significant progress in enhancing its financial crime countermeasures, particularly in the field of sanctions.

• Addressing Deficiencies: The country has addressed the deficiencies in its anti-money laundering (AML) and counter-terrorist financing (CTF) legislation’s sanctions regime, following amendments implemented in 2023.
• Improved Ranking: This improvement has raised San Marino’s ranking from ‘Partially Compliant’ to ‘Largely Compliant’ under Recommendation 35.

Technical Compliance

• Addressing Recommendations: San Marino has taken strides towards addressing the technical compliance issues noted in its 2021 Mutual Evaluation Report.
• Current Standing: As of the latest follow-up report, the country has 18 recommendations rated ‘Compliant’, 18 recommendations rated ‘Largely Compliant’, 4 recommendations rated ‘Partially Compliant’, and zero non-compliant recommendations.

Future Evaluations

• Further Strengthening: San Marino is expected to report back to MONEYVAL in May 2028 on its progress in further strengthening its AML and CTF framework.

About MONEYVAL

MONEYVAL is a monitoring body of the Council of Europe established in 1997. Its mission is to assess the compliance of its member states, including San Marino, with principal international standards for countering money laundering, terrorism financing, and the financing of weapons of mass destruction. MONEYVAL makes recommendations for necessary improvements to their systems.

• Number of Members: MONEYVAL currently evaluates 33 states and territories.