MONEYVAL publishes the first report in
its 5th Mutual Evaluation Round on Armenia
the first report published by MONEYVAL in the 5th Mutual Evaluation
Round, Armenia is urged to develop an effective national policy to
investigate and prosecute money laundering. The report analyses the
implementation by Armenia of international standards on money laundering
and terrorist financing since the last evaluation in 2009, and
recommends an action plan to address the shortcomings.
Europe experts have identified significant weaknesses in the
investigation and prosecution of money laundering in Armenia and have
urged the authorities to take immediate action to ensure that law
enforcement efforts are fully commensurate with the money laundering
risks faced by the country. Overall, however, Armenia has made adequate
progress in establishing a sound legal framework, and the financial
sector was found to be effective in the application of preventive
measures. The mechanisms for detecting and preventing financing of
terrorism and proliferation are to a large extent effective.
Armenia is to report back to MONEYVAL in April 2018 on the follow-up
measures. An interim report will be submitted in December 2016 on some
aspects of the action plan.
January 2016] Guernsey urged to strengthen financial penalties
related to money laundering and terrorist financing
Overall, however, Guernsey has a mature legal and regulatory system,
which has been enhanced by the introduction of modern legislation
covering all important aspects of the finance industry.
of Europe experts on money laundering and the financing of terrorism
have urged the United Kingdom’s Crown Dependency of Guernsey to increase
the penalties which can be applied to financial institutions in this
area. Further progress is needed in the number of investigations,
prosecutions and convictions concerning money laundering and the
financing of terrorism, and the use of restraint and confiscation orders
could also be improved.
are among the main findings of the latest
report on Guernsey from the Council of Europe’s Committee of Experts
on the Evaluation of Anti-Money Laundering Measures and the Financing of
Terrorism (or MONEYVAL) (see also the
summary of the report).
The report contains an analysis of Guernsey’s
implementation of international and European standards on money
laundering and terrorist financing, as well as a recommended action
plan. Guernsey has been asked to report back to MONEYVAL at its
plenary meeting in September 2017 on the follow-up given to the report.
Outcome of MONEYVAL's 49th Plenary meeting
MONEYVAL held its 49th plenary meeting in Strasbourg
from 8 to 11 December 2015.
At this meeting, the Plenary,
- adopted the 4th round MER and executive summary on the
UK Crown Dependency of Jersey and decided to place the jurisdiction
under the biennial follow-up procedure;
- adopted the 5th round MER
and executive summary of Armenia, decided to place the country in
regular follow-up and requested it to report back to the Plenary within
two years and a half of the adoption of the MER;
- adopted the
second progress report of the Holy See;
- adopted the fourth
follow-up report of Malta and Georgia, decided to remove these countries
from regular follow-up and asked them to submit a biennial report;
- took note of Israel’s 4th round expedited follow-up report, and
suggested that the country introduces another interim follow-up report
in December 2016 while seeking removal from the 4th round follow-up
- elected a new
Bureau, for a term of office of two years.
The reports which
have been adopted and are public, in accordance with MONEYVAL’s
publication policy, will be made available shortly under each
[15 December 2015]
Holy See should step up money
Council of Europe’s anti-money laundering and counter terrorist
financing body MONEYVAL today published the
second progress report
of the Holy See/Vatican City State. The report
evaluates its compliance with the recommendations made by MONEYVAL in
its Mutual Evaluation Report in July 2012 and its first progress report
in December 2013.
MONEYVAL concludes that the Holy See has addressed most of the
technical deficiencies in its legislation and regulations. However there
is a need now for the anti-money laundering and counter terrorist
financing system to deliver effective results in terms of prosecutions,
convictions and confiscation.
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