MONEYVAL Report Highlights Progress in San Marino’s Anti-Money Laundering Efforts
San Marino, June 11 - The Council of Europe’s MONEYVAL anti-money laundering body has released a comprehensive report assessing the country’s level of compliance with international recommendations to combat money laundering and terrorism financing. While acknowledging significant progress made by San Marino, the report also identifies areas where further improvements are needed.
Progress in Anti-Money Laundering Efforts
San Marino has demonstrated a substantial level of effectiveness in:
- National anti-money laundering policies and coordination: The country’s framework for implementing international recommendations is well-established.
- Financial intelligence: San Marino’s financial intelligence unit is highly effective in identifying and analyzing suspicious transactions.
- Confiscation: The country has made significant progress in confiscating assets related to money laundering activities.
- Terrorist financing investigation and prosecution: San Marino’s authorities have shown a high level of commitment to investigating and prosecuting terrorist financing cases.
Areas for Improvement
While progress has been made, MONEYVAL highlights several areas where further improvements are necessary:
- Supervision: San Marino should enhance its supervision of financial institutions to ensure that they comply with anti-money laundering regulations.
- Preventive measures related to transparency of legal persons and arrangements: The country should implement more effective preventive measures to increase transparency in the use of corporate vehicles and trusts.
- Money laundering investigations: San Marino should improve its investigative techniques and procedures for investigating money laundering cases.
- Financial sanctions for terrorist financing: The country should establish more effective financial sanctions for terrorist financing offenses.
Commitment to Improvement
As a result of this positive report, San Marino will be subject to MONEYVAL’s regular follow-up reporting process. This development is seen as a significant step forward for San Marino in its efforts to strengthen its anti-money laundering framework and maintain its commitment to international cooperation.
The MONEYVAL report is the culmination of an assessment conducted by the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism. The report provides a detailed analysis of San Marino’s progress in implementing FATF recommendations and offers recommendations for further improvement.
San Marino’s authorities have welcomed the report, acknowledging the areas where improvements are needed and committing to address these challenges. The country will work closely with MONEYVAL and other international partners to strengthen its anti-money laundering framework and ensure compliance with international standards.