www.coe.int/moneyval

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About Moneyval

Yellow square Background information
Yellow square Moneyval in brief
Yellow square Statute
Yellow square Rules of procedure
Yellow square Secretariat

 

Activities

Yellow square General overview
Yellow square Voluntary tax compliance
Yellow square Restricted access 

Evaluation

Yellow square Evaluation
Yellow square Key documents
Yellow square Evaluation reports

 

Jurisdictions

Yellow square Profiles

 

Publications

Yellow square Activity reports
Yellow square Typologies reports
Yellow square Horizontal reviews

 

Web resources

Yellow square International standards
Yellow square Tools
Yellow square Useful links

 

Newsroom

Yellow square  News archive
Yellow square  Press releases
Yellow square  Special events
Yellow square  Fraud warning

MONEYVAL in brief

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 areas:

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 prosecutorial bodies.

MONEYVAL 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)
- 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 (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:

the 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 delegation;


the IMF 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.


other entities with which MONEYVAL has observer status.


 

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;

  to evaluate:

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 MONEYVAL;

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 evaluation body;

and, subject to a decision by the Committee of Ministers,

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.