San Marino Imposes Financial Sanctions in Compliance with International Standards

San Marino has made significant strides in implementing financial sanctions, as evaluated by global watchdogs against the Financial Action Task Force (FATF) Recommendations. These recommendations set out international standards for combating money laundering and terrorist financing.

Progress Made

The assessment revealed that San Marino is largely compliant with the FATF Recommendations, achieving ratings of “largely compliant” or better in 25 out of 40 areas. Notable progress has been made in:

• Implementing targeted financial sanctions related to terrorism and terrorist financing
• Preventing the misuse of correspondent banking
• Strengthening national cooperation and coordination
• Assessing risk and applying a risk-based approach
• Implementing effective customer due diligence procedures

Areas for Improvement

While significant progress has been made, there are areas where San Marino still needs to improve:

• Prevention of misuse of new technologies
• Regulation and supervision of designated non-financial businesses and professions (DNFBPs) and financial intelligence units

Commitment to Strengthen AML/CFT Regime

San Marino’s government has committed to continuing its efforts to strengthen its anti-money laundering and combating the financing of terrorism (AML/CFT) regime. The country is working closely with international partners to address any remaining deficiencies.

Monitoring Progress

San Marino’s progress will be monitored closely by global watchdogs in the coming months. The country remains committed to complying with international standards and will continue to work towards strengthening its AML/CFT regime.