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Moneyval announced in a follow-up report published in recent days that “the Republic of San Marino has improved its measures to combat money laundering and terrorist financing”.
The report found that Monte Titano had improved its compliance with Financial Action Task Force Recommendation 35 (Sanctions).
Changes to anti-money laundering legislation introduced in 2023 largely addressed previously identified deficiencies in the sanctions regime. As a result, the country was rerated from “partially compliant” to “largely compliant” under this recommendation.
Overall, the report states that “the Republic of San Marino has made progress in addressing the technical compliance deficiencies identified in the 2021 mutual evaluation report”.
Among the 40 recommendations, the Republic of San Marino currently has:
• 18 recommendations were assessed as compliant;
• 18 recommendations were generally in line with the requirements;
• 4 recommendations were classified as partially met;
• 0 Does not meet the recommendation.
“The Republic of San Marino is expected to report in May 2028 on further progress made in strengthening its anti-money laundering and terrorist financing systems”, Moneyval concluded.
Currency Value
Moneyval is the official name of the Committee of Experts for the Evaluation of Measures against Money Laundering and Terrorist Financing. It is a permanent monitoring body of the European Commission with 35 member states and jurisdictions, 32 of which are specifically evaluated by Moneyval.
In accordance with Article 2 of the Statute, the assessments concern Council of Europe Member States that are not members of the FATF (28 countries). By decision of the Council of Europe Committee of Ministers, two non-member States of the Council of Europe (Israel, the Holy See) have also become members, as well as several territories of the United Kingdom responsible for international relations (the Kingdom dependencies of Guernsey, the Isle of Man and Jersey and the British Overseas Territory of Gibraltar). The assessment process is based on the Financial Action Task Force model and standards and is based on multiple cycles. Moneyval is currently completing its fifth round of assessments. At the European Commission, Moneyval is part of the Directorate-General for Human Rights and the Rule of Law (DG1), responsible for assessing compliance with the main international standards on combating money laundering (ML) and terrorist financing (TF) and the effectiveness of their implementation. In its mutual evaluation reports, Moneyval makes recommendations to national authorities on the improvements needed to improve their systems.
government
The work of the Commission is prepared by the Bureau. The Bureau consists of a Chairperson, two Vice-Chairpersons and two other members, elected by the Commission from the delegations with voting rights in the Commission. The term of office of the Bureau members is two years and they may be re-elected once. The current Chairperson is Mr. Nicola Muccioli, Director of the Financial Information Unit of San Marino, elected in 2023.
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