What are MONEYVAL's objectives?
The aim of MONEYVAL is to
ensure that its member states have in place effective systems to counter
money laundering and terrorist financing and comply with the
relevant international standards in these fields.
Such standards are those contained in the recommendations of the FATF,
including the Special Recommendations on Terrorist Financing, the 1988
United Nations Convention against Illicit Traffic in Narcotic Drugs and
Psychotropic Substances, the United Nations Convention against
Transnational Organised Crime, the 1999 United Nations International
Convention for the Suppression of the Financing of Terrorism, 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 and the relevant
implementing measures and the 1990 Convention on Laundering, Search,
Seizure and Confiscation of the Proceeds from Crime, concluded within
the Council of Europe.
MONEYVAL assesses its members' compliance with all
relevant international standards in the legal, financial and law
enforcement sectors through a peer review process of mutual evaluations.
Its reports provide highly detailed
recommendations on ways to improve the effectiveness of domestic regimes
to combat money laundering and terrorist financing and states’
capacities to co-operate internationally in these areas.
MONEYVAL also conducts typologies studies of money laundering and terrorist financing methods, trends and techniques.
How and when was it established?
The Committee of Experts on the Evaluation
of Anti-Money Laundering Measures and the Financing of Terrorism -
MONEYVAL (formerly PC-R-EV) was established in 1997 and its functioning
was regulated by
the general provisions of
Resolution Res(2005)47 on committees and
subordinate bodies, their terms of reference and working methods.
At their meeting of 13 October 2010, the Committee of Ministers adopted the
Resolution CM/Res(2010)12 on the Statute of the Committee of Experts on the
Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism
(MONEYVAL). This new statute elevates MONEYVAL as from 1 January 2011 to an
independent monitoring mechanism within the Council of Europe answerable
directly to the Committee of Ministers.
What is its structure?
The Committee elects for a period of two years a
Chairperson and Vice-Chairperson, as well as three other persons who
together constitute the Bureau. The Bureau
prepares the work of the Committee. The current Bureau is
composed as follows:
Mr Anton Bartolo, Chairman (Malta) (biography)
Mr Daniel Thelesklaf, Vice-Chairman (Liechtenstein)
Ms Elzbieta Franków-Jaskiewicz, Member (Poland))
Mr Nicola Muccioli, Member (San Marino)
Mr Alexey Petrenko, Member (Russia)
The Committee is assisted by a Secretariat provided
by the Council of Europe.
Who are its members and observers?
MONEYVAL’s statute provides that it shall
consist of representatives having particular knowledge and experience of their
domestic AML/CFT regimes and who should have profiles in each of the following
a. senior officials and experts with responsibility for regulation and
supervision of financial institutions;
b. senior officials in law enforcement and financial intelligence units;
c. senior legal experts from ministries of justice and/or judicial and
currently comprises 30
members which are subject to its evaluation processes and procedures,
each member being entitled to appoint up to three representatives. Furthermore, the
presidency of the Financial Action Task Force (FATF) shall appoint two
delegations from among two states members of the FATF, composed each of one
representative appointed for a term of office of two years renewable.
In addition, the following bodies, countries and organisations have observer status with
MONEYVAL and are entitled to send a representative at MONEYVAL:
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
States 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)
- 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
- Group of
International Finance Centre Supervisors (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.
Co-operation with other bodies
In its action in this field, MONEYVAL has a close
cooperation, in particular with:
FATF: MONEYVAL used to be an observer to
the FATF and as of June 2006, it has become an Associate Member.
There are several benefits arising from this new status – including the
opportunity for more countries within MONEYVAL to attend and actively
participate in FATF meetings as part of the Council of Europe/MONEYVAL
and World Bank:
they conduct a number of MONEYVAL or FATF
evaluations in a given evaluation round, and present the report for adoption
at MONEYVAL and FATF Plenaries to vote; the common methodology
enables the mutual recognition of evaluations, and thus avoid repeating
evaluations in the same countries and overloading national authorities
with these exercises;
the Conference of the Parties to CETS 198 : in 2012, the
COP and MONEYVAL agreed 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.
entities with which MONEYVAL has observer
Its key tasks are:
to develop appropriate documentation, including
questionnaires for self-evaluation and mutual evaluation, and follow-up
and assess, by means of questionnaires and/or other tools and periodic
on-site visits, in compliance with the relevant international AML/CFT
standards of States;
a. member States of the Council of Europe which are
not members of the FATF;
b. member States of the Council of Europe which
become members of the FATF and request to continue to be evaluated by
c. member States of the Council of Europe which are
members of the FATF and which request to be evaluated by MONEYVAL as
regards European standards not already covered by the FATF or any other
and, subject to a decision by the Committee of
d. member States of the Council of Europe which are
members of the FATF, with respect to the territory(ies) for whose
international relations they are responsible or on whose behalf they are
authorised to give undertakings, provided these territories are not
evaluated by the FATF, upon the relevant member State’s request that its
territory(ies) be evaluated by MONEYVAL;
e. any applicant State for membership of the
Council of Europe and any other non-member State of the Council of
Europe which is not a member of the FATF, provided the interested State
makes a request in writing to the Secretary General in which it
undertakes to participate fully in the evaluation procedure, to comply
with its results and to contribute to its costs.
N.B.. A non-member State of the Council of Europe,
non-member of the FATF, which is subject to evaluation by MONEYVAL in
pursuance of the above may at any time declare, by means of a
notification to the Secretary General, that it decides to interrupt its
participation in the evaluation.
to adopt reports covering:
- the features and magnitude of money laundering
and the financing of terrorism, including typologies;
- the efficiency of measures taken to combat money
laundering and the financing of terrorism in the legislative, financial
regulatory, law enforcement and judicial sectors, with recommendations
to improve the domestic system to combat money laundering and the
financing of terrorism.
to conduct regular thematic typologies research in
respect of all evaluated States on the features, techniques, trends and
magnitude of money laundering and the financing of terrorism.
to conduct other research into issues relating
to money laundering and the financing of terrorism, including
horizontal reviews of the progress of evaluated States in meeting the
international standards in each evaluation round
after consultation with the European Committee on Crime Problems (CDPC),
to propose recommendations for adoption by the Committee of
Ministers which would improve the international fight against
money laundering and the financing of terrorism.
to raise awareness of major global policy
and operational initiatives to counter money laundering and the
financing of terrorism.
to contribute actively to the global fight
against money laundering and the financing of terrorism by
working closely with other key international partners, including the
FATF, the IMF, the World Bank, the United Nations, the European Union
and other FATF-Style Regional Bodies (FSRBs) in the global network of
AML/CFT assessment bodies.