Financial Crime World

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San Marino Strengthens Anti-Money Laundering and Combating Financing of Terrorism Measures, MONEYVAL Report Reveals

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MONEYVAL, a monitoring body of the Council of Europe responsible for assessing compliance with international standards to counter money laundering, terrorism financing, and proliferation financing, has released a follow-up report on San Marino’s efforts to strengthen its anti-money laundering (AML) and combating financing of terrorism (CFT) measures.

Significant Improvements

The report concludes that San Marino has made significant improvements in its AML/CFT measures, particularly in addressing the country’s sanctions regime. Amendments introduced in 2023 to its AML legislation have largely addressed previous deficiencies, resulting in an upgrade from Partially Compliant to Largely Compliant on Recommendation 35 (sanctions).

Progress Report

San Marino has also made notable progress in addressing technical compliance shortcomings identified in its 2021 Mutual Evaluation Report. The country currently has:

  • 18 recommendations rated as Compliant
  • 18 recommendations rated as Largely Compliant
  • 4 recommendations rated as Partially Compliant
  • 0 recommendations rated as Non-Compliant

Future Expectations

San Marino is expected to report back to MONEYVAL in May 2028 on further progress made towards strengthening its AML/CFT system.

Impact on Financial System

The country’s efforts to strengthen its sanctions regime are expected to have a positive impact on San Marino’s financial system and its ability to prevent and detect money laundering and terrorist financing activities.