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

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News 12/12/2014


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[12 December 2014] MONEYVAL  issues a revised public statement on Bosnia and Herzegovina

The Council of Europe’s anti-money laundering body MONEYVAL considered progress by Bosnia and Herzegovina under Step 3 of its Compliance Enhancing Procedures at its 46th plenary meeting (8-12 December).

MONEYVAL conducted its 4th assessment visit to Bosnia and Herzegovina from 18 to 29 November 2014. Exceptionally, the emerging findings of the assessment team were shared with the 46th plenary. The evaluation report will now be prepared, with a view to its adoption in September 2015.

The MONEYVAL plenary decided to maintain Bosnia and Herzegovina at Step 3 of its Compliance Enhancing Procedures. A revised Public Statement was adopted. It calls upon States and territories evaluated by MONEYVAL and other countries to advise their financial institutions to pay special attention by applying enhanced due diligence measures to transactions with persons and financial institutions from or in Bosnia and Herzegovina, in order to address the money laundering and financing of terrorism risks.

MONEYVAL urges Bosnia and Herzegovina to immediately and meaningfully address its remaining deficiencies in its anti-money laundering and counter terrorist financing legislation, in particular by adopting necessary amendments to its Criminal Code and rapidly issuing and bringing into effect the necessary by-laws under the revised preventative legislation (brought into force on 25 June 2014). Progress of Bosnia and Herzegovina under Step 3 of the Compliance Enhancing Procedures will be further reviewed at the 47th plenary in April 2015.


[9 December 2014] MONEYVAL's 46th Plenary meeting

MONEYVAL is holding its 46th plenary meeting in Strasbourg from 8 to 12 December 2014.

Mr Roger Wilkins AO, President of the Financial Action Task Force (FATF), is the guest of this session.

At this meeting, the Plenary will discuss, inter alia:  

- the 4th round Mutual Evaluation Report on Azerbaijan;
- the follow up reports on Israel, Albania, Republic of Moldova and Slovakia under the 4th round procedures;
- the action taken by Bosnia and Herzegovina under the compliance enhancing procedures;
- the implementation of AML/CFT standards and issues related to de-risking;
- the draft typologies report on laundering the proceeds of organised crime;
- the actions taken by MONEYVAL states and territories on the implementation of financial sanctions regarding persons designated as affiliated to the Islamic State.  

Moreover, MONEYVAL will be adopting its Rules of procedure for the 5th round of evaluations. It will also revise its  follow- up procedures under the 4th round and the rules governing the implementation of voluntary tax compliance programmes and AML/CFT requirements by States and territories evaluated by MONEYVAL.

Summary of FATF President's remarks

[17 November 2014] MONEYVAL report encourages countries to develop financial inclusion policies

In a report  published today, the Council of Europe’s anti-money laundering Committee (MONEYVAL) calls on countries to develop financial inclusion policies and initiatives in order to strengthen financial integrity. Financial inclusion potentially impacts on two areas which underpin work in the Council of Europe: the promotion of human rights (in this case, arguably, the right to financial services); and the protection of the rule of law by the prevention of greater use of informal or underground banking and money transfer networks.

The report entitled Strengthening Financial Integrity through Financial Inclusion aims to establish the extent to which financial inclusion is currently taken into account by MONEYVAL states and territories. According to its conclusions, a number of states and territories have found a balance between a robust regime for combating money laundering and the financing of terrorism and the development of financial inclusion policies and procedures. They are also considering financial inclusion as an element in the development of their national risk assessments.

The report identifies financial illiteracy, lack of experience of financial products, lack of confidence in financial institutions and credit ratings as potential barriers to improving the level of financial inclusion. To counter these barriers and improve financial inclusion, the report points out a number of initiatives that are either being considered or have been successfully implemented such as education and awareness raising, development of basic financial products, private sector initiatives in developing basic financial products, use of the Post Office network in rural communities, relaxation of anti-money laundering and counter terrorist financing requirements for low-risk customers, consumer protection, and complaints procedures.

The report draws the conclusion that financial inclusion policies and initiatives appear to constitute an important aspect of the fight against money laundering and terrorist financing. MONEYVAL states and territories are therefore encouraged to consider developing financial inclusion policies and initiatives and, in particular, to include a consideration of financial inclusion in their national risk assessments. MONEYVAL has decided to repeat this exercise every two years and will publish a further update in 2016.

[12 November 2014] MONEYVAL report on the 4th round assessment visit in Estonia

The mutual evaluation report on the 4th assessment visit in Estonia is now available.

Press release
Executive Summary

The report was adopted at MONEYVAL’s 45th Plenary Meeting (Strasbourg, 15 – 19 September 2014).

The MONEYVAL 4th cycle of assessments is a follow-up round, in which important FATF Recommendations have been re-assessed, as well as all those for which the state concerned received "Non-Compliant” (NC) or “Partially Compliant” (PC) ratings in its 3rd round report.

This report on Estonia is not, therefore, a full assessment against the FATF 40 Recommendations and 9 Special Recommendations but is an update on major issues in the AML/CFT system in Estonia.

According to MONEYVAL’s procedures and the decision of the 45th Plenary, Estonia was placed under the regular follow-up procedure.

[3-7 November 2014] MONEYVAL evaluator training seminar 2014

MONEYVAL held an evaluator training seminar from 3 to 7 November 2014 in Strasbourg. The seminar was attended by 28 experts from 21 countries evaluated by MONEYVAL. A representative from the World Bank also participated as a trainee.

The purpose of the seminar was to train future evaluators for MONEYVAL’s 5th round of mutual evaluations, and as well as to train others involved in the global network of anti-money laundering and countering the financing of terrorism assessment bodies.

Participating trainers included representatives of the MONEYVAL Secretariat, a MONEYVAL scientific expert and experts from MONEYVAL evaluated jurisdictions.

Presentation of the FATF’s 2012 Recommendations and 2013 Methodology as well as the 2013 Procedures for the FATF Fourth Round of AML/CFT Mutual Evaluations were supplemented by active participation by all trainees in mock interviews and case studies.

[28 October 2014] Fourth Round on-site evaluation visit to the UK Crown Dependency of Guernsey

A MONEYVAL team of evaluators visited the UK Crown Dependency of Guernsey from 6 to 11 October 2014 under the 4th evaluation round. The evaluation team met representatives from various authorities involved in the prevention of money laundering and the financing of terrorism in Guernsey.

During the visit, which was coordinated by the Policy Council, the evaluation team met with representatives from Guernsey Financial Services Commission, Guernsey Border Agency which included the Financial Intelligence Service (the FIU of Guernsey), Alderney Gambling Control Commission, and the Registrars from both Guernsey and Alderney.

Meetings were also held with The Financial Crime Advisory Committee, the Non-Profit Organisation Working Group, the Sanctions Committee, representatives from the Attorney General’s Chambers and the Judiciary as well as with representatives from the financial and non-financial sectors. The meetings were all held in St Peter Port. At the conclusion of its mission on Saturday, 11 October, the MONEYVAL team shared and discussed the initial findings with representatives of the Guernsey authorities. In accordance with MONEYVAL's Rules of Procedure, a draft report will now be prepared for review and adoption by a MONEYVAL Plenary in April 2015.

MONEYVAL's 4th round evaluations are more focused and primarily follow up the recommendations made in the 3rd evaluation round. Evaluation teams in the 4th round examine certain of the important Financial Action Task Force (FATF) Forty Recommendations 2003 and the Nine Special Recommendations on Terrorist Financing 2004, as well as Recommendations which were previously rated "non-compliant" or "partially compliant" in the 3rd round report. It also includes an assessment of the effectiveness of their implementation, based on an analysis of information provided and verified through interviews with relevant national authorities, a selective representative panel of financial institutions, of designated non-financial businesses and professions and relevant professional associations.

 Evaluations are complemented by issues linked to 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 in accordance with MONEYVAL’s terms of reference.


 [19 September 2014] MONEYVAL issues a revised public statement on Bosnia and Herzegovina

The Council of Europe’s anti-money laundering body MONEYVAL today adopted, at its 45th plenary meeting (15-19 September), a public statement under Step 3 of its Compliance Enhancing Procedures in the light of continued lack of progress on legislation to address MONEYVAL’s concerns.

The Committee noted that Bosnia and Herzegovina has amended the Anti-Money Laundering and Counter Financing of Terrorism Law, which came into force on 25 June 2014. However, the required amendments to the Criminal Code have still not been adopted.

MONEYVAL urges Bosnia and Herzegovina to immediately and meaningfully address its deficiencies on its anti-money laundering and counter terrorist financing legislation, in particular by adopting necessary amendments to its Criminal Code...

Statement on Bosnia and Herzegovina

[17 September 2014] Queen Máxima addresses MONEYVAL on the need to make financial services accessible

In a speech addressed to the Council of Europe anti-money laundering and counter terrorist financing body MONEYVAL, Her Majesty Queen Máxima of the Netherlands, in her capacity as United Nations Secretary General´s Special Advocate for Inclusive Finance for Development, today recalled the need for accessible financial services.

Speaking to MONEYVAL´s 45th plenary meeting – which is being held from 15 to 19 September - Queen Máxima underlined the role the 33 MONEYVAL states and territories can play in improving access to financial services and pointed out that the existing legal instruments allow states to ensure that the fight against money laundering and the promotion of inclusive finance complement each other.

Queen Máxima mentioned in her speech that it is very important to strike the right balance between security measures and access to formal financial services, and that MONEYVAL´s role in taking a holistic approach towards integrity and inclusion is of great value.

As the United Nations Secretary-General's Special Advocate for Inclusive Finance for Development (UNSGSA), Queen Máxima has a leading role in increasing awareness about the essential role of financial services in alleviating poverty, fostering equitable economic growth, and furthering diverse development goals including environmental sustainability, food security, clean water, good health and universal education.

During her visit to Strasbourg, Queen Máxima paid courtesy visits to the Secretary General Thorbjørn Jagland and the Parliamentary Assembly President Anne Brasseur.

Response by John Ringguth, Executive Secretary of MONEYVAL
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