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

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Events

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News 17/06/2013
[17 June 2013] MONEYVAL publishes its report ‘Special Assessment of the Effectiveness of the Customer Due Diligence Measures in the Banking Sector in Cyprus’.

The assessment was conducted at the invitation of the Eurogroup Working Group (on behalf of the Troika institutions) to assist the decision-making process on Cyprus's request for financial assistance from the Euro area.

The assessment, which was submitted to the Troika institutions and the Cypriot authorities on 24 April 2013, is unique as no other jurisdiction has ever submitted to such an exceptional and focused evaluation covering the effectiveness of one part only of its anti-money laundering and combating financing of terrorism system. A much larger sample of banks was interviewed than is possible in a regular anti-money laundering and combating financing of terrorism evaluation. The assessment team selected 13 banks for interview covering 71% of the deposits. A private international audit firm also prepared a separate report for the Troika.

Council of Europe press contact: pressunit@coe.int

Press release
Report

[11 June 2013] Secondment of an official to MONEYVAL: call for candidates

The Directorate General I - Human Rights and Rule of Law is currently looking for an official to be seconded for a minimum period of one year, commencing as soon as possible.

The seconded official will provide expert assistance to the Directorate of Information Society and Action against Crime in the implementation of the MONEYVAL mutual evaluation programme, which supports States in fulfilling their commitments in accordance with international legal, financial and law enforcement standards on money laundering and terrorist financing and in compliance with Council of Europe conventions, regulations, standards and values.

For more information on the post and the application procedure please click here. Deadline for submission of applications June 30, 2013.
[10 June 2013] Fourth Evaluation Round on-site visit to "the former Yugoslav Republic of Macedonia"

A MONEYVAL team of evaluators visited "the former Yugoslav Republic of Macedonia" from 3 to 8 June 2013 in order to prepare a 4th evaluation round report. The evaluation team was greeted by representatives from various authorities involved in the prevention of ML/FT in "the former Yugoslav Republic of Macedonia".

During the visit, which was coordinated by the Financial Intelligence Office (FIO), the evaluation team met with representatives from the FIO, the National Bank of the Republic of Macedonia, the Securities and Exchange Commission, the Public Revenue Office, the Public Prosecution Office for Prosecution of Organised Crime and Corruption, the Ministry of Internal Affairs, the Ministry of Finance, the Financial Police, the Customs Authorities, the Ministry of Justice, the Administration for security and Counter-Intelligence, the Central Registry. Meetings were also held with judges from the Basic Courts and representatives from the financial and non-financial sector. The meetings were all held in Skopje.

At the conclusion of its mission on Saturday, 8 June, the MONEYVAL team shared and discussed the initial findings with representatives of the Macedonian 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 2014.

MONEYVAL's 4th round evaluations are more focused and primarily follow up the recommendations made in the 3rd evaluation round. Evaluation teams in the fourth round examine certain of the important Financial Action Task Force (FATF) Forty Recommendations 2003 and the Nine Special Recommendations on Terrorist Financing 2001 (FATF) Recommendations, 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.

[10 June 2013] Fourth Evaluation Round on-site visit to Romania

A MONEYVAL team of evaluators visited Romania from 27 May to 1 June 2013 in order to prepare a 4th evaluation round report.

The evaluation team was greeted by representatives from various authorities involved in the prevention of ML/FT in Romania.

During the visit, which was coordinated by the National Office for Prevention and Control of Money Laundering (FIU), the evaluation team met with representatives from the FIU, the National Bank of Romania, the Financial Supervisory Authority, the General Prosecutor’s Office, the Ministry of Internal Affairs, the Ministry of Foreign Affairs, the Ministry of Public Finance, the Romanian Intelligence Service, the National Registry, the Committee for the supervision of Currency Exchange Offices, the Stock Exchange, the Customs Authority, the Border Police and the Financial Guard. Meetings were also held with judges from the High Court of Cassation and Justice and representatives from the financial and non-financial sector. The meetings were all held in Bucharest.

At the conclusion of its mission on Saturday, 1 June, the MONEYVAL team shared and discussed the initial findings with representatives of the Romanian 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 December 2013.

MONEYVAL's 4th round evaluations are more focused and primarily follow up the recommendations made in the 3rd evaluation round. Evaluation teams in the fourth round examine certain of the important Financial Action Task Force (FATF) Forty Recommendations 2003 and the Nine Special Recommendations on Terrorist Financing 2001 (FATF) Recommendations, 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.
[2 May 2013] New chairman for MONEYVAL

Mr Vladimir Nechaev has resigned as chairman of MONEYVAL in order to take up his position in July as the new President of the Financial Action Task Force (FATF). The 41st MONEYVAL plenary, held in Strasbourg from 9th - 12 April, elected Dr Anton Bartolo (Malta) to succeed Mr Nechaev. A biography of Dr Bartolo is attached. Dr Bartolo takes office from 1 May.
[18 April 2013] Outcome of the 41st Plenary Meeting (9-12 April 2013)

MONEYVAL, at its 41st plenary meeting, achieved several significant results:
- discussed and adopted the evaluation report on the 4th assessment visit of Poland;
- examined and adopted the 4th round follow-up report of Slovenia, thereby moving them to biannual updates;
- examined the 4th round follow-up report of Hungary;
- discussed the roadmap to the 5th evaluation round of MONEYVAL;
- adopted the typologies projects on "The use of internet gambling for ML and TF purposes" and "Postponement of financial transactions and the monitoring of bank accounts";
- noted the status of work under the typologies project on "Trade based money laundering in cash intensive economies".

MONEYVAL also examined and adopted the reports on action being taken by Albania under step (ii) and Bosnia and Herzegovina under step (i) to address the issues of concerns raised by MONEYVAL in the context of the Compliance Enhancing Procedures.
[10 April 2013] MONEYVAL report on the 4th round assessment visit in Lithuania public

The mutual evaluation report on the 4th assessment visit in Lithuania is now available for consultation.

Links to:
Press release
Executive Summary (English only)
 Report (English only)

 The report was adopted at MONEYVAL’s 40th Plenary Meeting (Strasbourg, 3 - 7 December 2012). 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 Lithuania 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 Lithuania. According to MONEYVAL’s procedures, Lithuania will have to submit its first follow-up report on the implementation of the report's recommendations by March 2014 and is subject to compliance enhancing procedures.

 
[25 March 2013] MONEYVAL carries out evaluation of anti-money laundering in the Cypriot banking sector

MONEVYAL will participate in an independent evaluation of the implementation of the anti-money laundering framework in Cypriot financial institutions, alongside a private international audit firm.

MONEYVAL has responded positively to the invitation of the Chairman of the Eurogroup Working Group (on behalf of the Troika institutions) to undertake an evaluation of Customer Due Diligence (CDD) measures in the Cypriot banking sector to assist the decision-making process on Cyprus's request for financial assistance from the Euro area.

This is an exceptional assessment which MONEYVAL has agreed to undertake outside its normal cycles of mutual evaluation. It will focus exclusively on the effectiveness of Customer Due Diligence measures in the banking sector alone.

Council of Europe press contact: pressunit@coe.int

[20 March 2013] Fourth Evaluation Round on-site visit to Israel

A MONEYVAL team of evaluators visited Israel from 10 to 15 March 2013 in order to prepare a 4th evaluation round report.

During the visit, which was coordinated by the Israel Money laundering and Terror Financing Prohibition Authority (IMPA), the evaluation team was greeted by the Governor of the Central Bank, the Minister of Justice and the Attorney General.

The evaluation team also met with representatives from the Bank of Israel, IMPA, Israel Police, the Israel Securities Authority, the Israeli Security Agency, the Ministry of Communication, the Ministry of Finance, the Ministry of Industry, Trade and Labor, the Ministry of Justice and the Prime Minister’s Office as well as meeting with judges of the Supreme Court. The team also met with representatives from the Charities Registrar, the Corporations Authority, the Corporations Registrar, the Customs and Tax Authority, and representatives from relevant professional associations and the private sector. The meetings were held in Jerusalem and Tel Aviv.

At the conclusion of its mission on Friday, 15 March, the MONEYVAL team shared and discussed the initial findings with representatives of the Israeli 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 2013.

MONEYVAL's 4th round evaluations are more focused and primarily follow up the recommendations made in the 3rd evaluation round. Evaluation teams in the fourth round examine certain of the important Financial Action Task Force (FATF) Forty Recommendations 2003 and the Nine Special Recommendations on Terrorist Financing 2001 (FATF) Recommendations, as well as Recommendations which were previously rated "non-compliant" or "partially compliant" in the 3rd round report. It also include 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.
[18 February 2013] MONEYVAL report on the 4th round assessment visit in Republic of Moldova  

The mutual evaluation report on the 4th assessment visit in Republic of Moldova is now available for consultation.

Links to:
 Press release
 Executive Summary
Report
Addendum

The report was adopted at MONEYVAL’s 40th Plenary Meeting (Strasbourg, 3 - 7 December 2012). 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 Moldova 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 Moldova.  According to MONEYVAL’s procedures, Republic of Moldova will have to submit a follow-up report on the implementation of the report's recommendations by December 2014.