Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL)

 
 Members and observers

MONEYVAL currently evaluates the following jurisdictions:

Member States of the Council of Europe that are not members of the FATF (Article 2.2a of the Statute) and Member States of the Council of Europe that become members of the FATF and request to continue to be evaluated by MONEYVAL (Article 2.2b of the Statute), currently:

-     Albania

-   Andorra

-   Armenia

-     Azerbaijan

-   Bosnia and Herzegovina

-   Bulgaria

-     Croatia

-   Cyprus

-   Czech Republic

-     Estonia

-   Georgia

-   Hungary

-     Latvia

-   Liechtenstein

-   Lithuania

-     Malta

-   Republic of Moldova

-   Monaco

-     Montenegro

-   Poland

-   Romania

-     Russian Federation

-   San Marino

-   Serbia

-     Slovak Republic

-   Slovenia

-   “the former Yugoslav Republic of Macedonia”

-     Ukraine

 

-  Non-member States of the Council of Europe (Article 2.2e. of the Statute), currently: Israel;
The Holy See (including Vatican City State) by virtue of Resolution CM/Res (2011)5;
The UK Crown Dependencies of Guernsey, Jersey and the Isle of Man by virtue of Resolution CM/Res(2012)6 ;
-  The British Overseas Territory of Gibraltar by virtue of Resolution CM/Res(2015)26.

In addition, two delegations are appointed by the presidency of the FATF from among two Member States of the FATF. Currently, these delegations are from France and Italy.

 
 
States and territories’ representatives in MONEYVAL are:

a. senior officials and experts with responsibility for regulation and supervision of financial institutions;
or
b. senior officials in law enforcement and financial intelligence units;
or

c. senior legal experts from ministries of justice and/or judicial and prosecutorial bodies.. 

 

Observers


Several other bodies, countries and organisations are granted observer status with MONEYVAL. MONEYVAL observers are entitled to send their representatives to MONEYVAL meetings; nevertheless, they do not have the right to vote.

MONEYVAL observers are the following:

- The Parliamentary Assembly of the Council of Europe, the Council of Europe Development Bank, the European Committee on Crime Problems, and the Conference of the Parties of the Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism (CETS 198);
-
The European Commission and the Secretariat General of the Council of the European Union;
- Countries with observer status of the Council of Europe (ie. Canada, Japan, Mexico, United States of America);

The following international organisations and institutions:
-
Secretariat of the
Financial Action Task Force on Money Laundering (FATF);
- ICPO-
Interpol;
-
Commonwealth Secretariat;
-
International Monetary Fund (IMF);
-
United Nations Office on Drugs and Crime (UNODC);
-
United Nations Counter-Terrorism Committee (CTC);
-
United Nations Crime Prevention and Criminal Justice Division (CCPCJ);
-
World Bank;
-
European Bank of Reconstruction and Development (EBRD);
-
Group of International Finance Centre Supervisors (GIFCS) (previously named Offshore Group of Banking Supervisors (OGBS);
- Organisation for Security and Co-operation in Europe (OSCE);
-
Egmont Group of Financial Intelligence Units;
-
Eurasian Group on Combating Money Laundering and Terrorist Financing (EAG);
-
Any other FATF style regional body (FSRB) which becomes an associate member of the FATF, on the basis of reciprocity;
-
Any member of the FATF not represented in MONEYVAL as one of the two delegations officially appointed by the FATF.

 
International context and co-operation with other bodies

The FATF. Within the international network for fight against money laundering and terrorist financing, MONEYVAL’s role is as one of the eight FATF-style regional bodies (FSRBs). As such, MONEYVAL is autonomous and independent from the FATF, but closely cooperates with it, as well as with other FSRBs. MONEYVAL was originally an observer to the FATF and from June 2006 became an associate member, obtaining additional privileges. Aside from the importance of MONEYVAL’s input to FATF’s activities as the standard-setting body, MONEYVAL and the FATF also undertake from time to time joint evaluations, as well as other joint initiatives, such as typologies projects. In addition, experts may be shared amongst the FATF and FSRBs, this in particular with regard to the undertaking of mutual evaluations, and mechanisms are in place for cooperation in order to ensure consistency of the reports produced.

The IMF and World Bank conduct a number of MONEYVAL or FATF evaluations and present the reports for adoption at MONEYVAL and FATF Plenaries to vote; the common methodology enabling the mutual recognition of evaluations. The World Bank is also conducting a series of technical assistance projects focused on the conduct of national risk assessments in several MONEYVAL countries. These are key for compliance with the revised set of FATF Recommendations, where the focus on risk is higher than previously.

The Conference of the Parties to CETS No. 198 and MONEYVAL agreed in 2012 to pilot new procedures whereby the COP could benefit from MONEYVAL’s processes. Under these procedures, whenever possible, questions by the Secretariat on the implementation of the Convention’s requirements would be raised during MONEYVAL on-site visits so that this information can be integrated into COP reports. The evaluations carried out in this way have proved to be successful and the results are encouraging both for MONEYVAL, the COP and the countries evaluated. Notably, in addition to the added value brought to COP and MONEYVAL reports, conducting the two processes in parallel has minimised the duplication of effort by the country. The same approach has been adopted for States Parties to the Convention, which are evaluated by the FATF.

European Union. MONEYVAL also evaluated within its assessments, compliance of all of its Member States and territories with the Directive 2005/60/EC  of  the  European  Parliament  and  of  the  Council  of  26 October  2005  on  the  prevention  of  the  use  of  the  financial  system  for  the  purpose  of money  laundering  and  terrorist  financing (the 3rd EU AML/CFT Directive). In addition, MONEYVAL follows the AML/CFT developments at the EU level.

MONEYVAL cooperates with other stakeholders in the international network with regard to terrorism and terrorism financing, as well as the financing of proliferation. In particular, MONEYVAL experts participate regularly at high level conferences concerning the UN sanctioning regime in this respect and experts from the UN Sanctions Committee and UNODC inform the Committee regularly on the requirements in this matter, as well as they provide the Plenary with up-dates on developments in this matter.