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San Marino Takes Strides to Combat Money Laundering and Terrorism Financing

A Significant Move Towards Compliance

In a recent report by MONEYVAL, San Marino has strengthened its sanctions regime to tackle money laundering and terrorist financing. This significant move comes after the country made notable improvements in its anti-money laundering legislation, addressing previous shortcomings identified by the Financial Action Task Force.

Key Improvements

The amendments introduced in 2023 have largely addressed deficiencies related to sanctions, leading to San Marino being re-rated as “Largely Compliant” on Recommendation 35. This is a significant step forward for the country, which has made progress in addressing technical compliance issues identified in its 2021 Mutual Evaluation Report.

Progress Towards Compliance

San Marino’s current status shows that it meets 18 out of 40 Recommendations related to anti-money laundering and terrorist financing. While there are still challenges to be addressed, with four recommendations rated as “Partially Compliant” and none as “Non-Compliant”, the country is expected to report back to MONEYVAL in May 2028 on further progress made towards strengthening its system.

The Importance of International Cooperation

The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has been monitoring San Marino’s compliance with international standards since 2013. This body evaluates 33 states and territories, making recommendations to national authorities to improve their anti-money laundering and counter-terrorist financing systems.

Conclusion

San Marino’s efforts to combat money laundering and terrorism financing are a welcome step towards ensuring the integrity of its financial system. The country’s commitment to improving its sanctions regime is a significant milestone in this journey, demonstrating its dedication to upholding international standards.