Financial Crime World

San Marino Government Amends Laws to Enhance Transparency and Fight Money Laundering

San Marino, February 27, 2020 - The Captains Regent and the Minister of Internal Affairs have announced that the government has passed a series of amendments to laws aimed at strengthening the country’s anti-money laundering (AML) and combating the financing of terrorism (CFT) regime.

Improving Transparency and Effectiveness

The amendments, which come into effect immediately, aim to improve the transparency and effectiveness of San Marino’s AML/CFT system by enhancing reporting requirements, investigation procedures, and supervisory measures. These changes are designed to strengthen the country’s position in the global fight against financial crimes.

Key Changes

Here are some key highlights of the amendments:

  • New Notification Requirements: Individuals residing abroad who are subject to the AML/CFT regime will now be required to provide an address for service in San Marino, enabling authorities to notify them more easily of any alleged violations.
  • Expanded Definition of Beneficial Owners: The definition of “beneficial owners” has been expanded to include settlors, trustees, protectors, beneficiaries, and other natural persons who exercise ultimate control over a trust.
  • Enhanced Reporting Requirements: New requirements for reporting suspicious transactions have been introduced, including more detailed information on the size and importance of different sectors subject to the AML/CFT regime, as well as data on the number of cross-border requests for information and supervisory actions taken by the Agency.

Simplifying Procedures

Additionally, the government has repealed Article 2 of the Technical Annex to Law No. 92 of June 17, 2008, which will simplify the regulatory framework and reduce bureaucracy.

Commitment to International Cooperation

The Captains Regent and the Minister of Internal Affairs emphasized that these amendments demonstrate San Marino’s commitment to international cooperation in the fight against money laundering and terrorism financing.

“We are confident that these amendments will enhance the transparency and effectiveness of our AML/CFT regime, while also simplifying procedures for businesses and individuals subject to our regulations,” said the Minister of Internal Affairs, Elena Tonnini.

Full Text of Amendments

The full text of the amendments can be found on the Official Gazette website.