All MONEYVAL evaluations are carried out in
accordance with the programme approved by the MONEYVAL committee.
Several evaluations are conducted each year. These are undertaken by
multidisciplinary teams composed typically of 4 experts (a legal expert,
two financial experts and a law enforcement expert). These teams are
assisted by a member of the MONEYVAL Secretariat.
The team normally spends between 8 and 10 days on
site to meet with practitioners from the various sectors concerned:
ministries and coordination bodies; administrative/tax, judicial, law
enforcement, supervisory bodies, Customs and other authorities including
the Financial Intelligence Unit; bodies representing the relevant
financial sectors (banks, insurance, securities markets etc.) and
non-financial sectors and private entities (e.g. brokers, currency
exchange bureaus, lawyers, notaries, auditors, traders in precious
metals and stones etc.).
During the following weeks, a report is drafted and
finalised for it to be discussed and adopted during one of the plenary
meetings of the committee, normally no later than 1 year after the
country assessment reports, the Committee
also examines other types of country reports, as part of its monitoring
Under the 4th follow-up round of evaluations
follow-up: applies where the mutual evaluation report shows there
are significant deficiencies in the country’s AML/CFT system. This
process is thus applied in two circumstances: where any of
Recommendations 1, 5, 10, 13 or Special Recommendations II or IV are
rated either PC or NC or where the Plenary so decides. To be removed
from regular follow-up the plenary has to be satisfied normally on a
desk review that the progress achieved in respect of the core and key
Recommendations would be at the level of or at a level essentially
equivalent to a C or LC rating.
The normal first step in the follow-up process
requires an assessed country to report back to the plenary two years
after the 4th round MER is adopted and provide information on the
actions it has taken or is taking to address the factors/deficiencies
underlying any of the 40 + 9 Recommendations that are rated partially
compliant (PC) or non-compliant (NC).
The process for consideration of an application of
country to move from regular follow-up to biennial updates is as
follows. The country provides a full report, and all necessary laws,
regulations and other information, including relevant data and
information for assessing effectiveness, at least two months before the
Plenary at which it would seek to be removed from regular follow-up. The
Secretariat then prepare a more detailed analysis of the progress made
by the country for the following Plenary. This report would analyse the
actions taken by the country to resolve the deficiencies/factors
underlying each of the above Recommendations that was rated PC or NC,
and would indicate the extent to which the deficiencies had been
resolved, and indicate for each relevant Recommendation whether it
believed sufficient action had been taken. In assessing whether
sufficient progress had been made, effectiveness would be taken into
account (to the extent possible).
follow-up: the additional, graduated steps in the follow–up policy
for 4th round mutual evaluations (enhanced follow-up) are the steps that
are taken generally in MONEYVAL in respect of countries undergoing
evaluation by MONEYVAL which are not in compliance with the Reference
Documents or the recommendations in mutual evaluation reports
(traditionally known as “Compliance Enhancing Procedures”).
update: no later than two years after the discussion of their 4th
round MER, assessed countries, which do not go into regular or enhanced
follow-up, must provide a succinct update describing the new measures
that have been adopted and implemented to deal with the identified
deficiencies in relation to any of the 40 + 9 Recommendations that are
rated partially compliant (PC) or noncompliant (NC).
reports: submitted in the framework of the compliance enhancing
procedure, when serious insufficiencies have been detected as a result
of the evaluation process and progress reporting. The country concerned
is then given a deadline to implement the recommendations before further
steps are taken to make it comply with the recommendations of MONEYVAL.
This process was also used for the earlier cycles of evaluations.
Under the 3rd round of evaluations
reports: one year after the adoption of the evaluation report, each
country submits a progress report describing the new measures it has
adopted in the meantime; it focuses on the implementation of the
findings of the evaluation report. If the progress report is adopted by
the plenary the country is required to submit updates every two years.
Other training seminars and events
In addition, MONEYVAL also organises events aimed at
exchanging experience and preparing the country experts acting as
evaluators in the mutual evaluation process:
they allow to discuss the current money laundering and terrorist
financing trends and techniques, to exchange experience and best
practices, to network with colleagues from other countries etc.
seminars for evaluators