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 NEWS 24/05/2016
[24 May 2016] MONEYVAL publishes its latest report on the UK’s Crown Dependency of Jersey 

Jersey has a mature and sophisticated regime for tackling money laundering and the financing of terrorism, as well as an internationally-recognised mechanism to ensure transparency of beneficial ownership information.   However, the number of money laundering convictions and confiscations is relatively low given the size and characteristics of the island’s financial sector.
 
These are among the main findings in the latest report on the UK’s Crown Dependency of Jersey from the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (or MONEYVAL), adopted in December 2015.This is the last in a cycle of MONEYVAL evaluation reports based on methodology set out by the Financial Action Task Force (FATF) in 2004.

MONEYVAL is currently evaluating its members according to the FATF’s updated 2013 methodology.

Press release
Report
Summary

 
[15 April 2016] 50th Plenary meeting of the Committee on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL)


Speaking at the opening session of its 50th Plenary meeting, Deputy Secretary General Gabriella Battaini-Dragoni highlighted that “in the past two decades, MONEYVAL has become a globally renowned player in the anti-money laundering and counter-terrorist financing community.” She added that MONEYVAL is “the most experienced FATF-style regional body when it comes to conducting mutual evaluations” that provides “consistent and accurate interpretations of the FATF standards in the European region”.  

“In the past year the Council of Europe has taken a number of important steps to help our member states combat violent extremism”, the Deputy Secretary stated, and MONEYVAL’s actions to step up counter-terrorist financing measures “are a hugely valuable addition to this body of on-going work”.  

Speech by Deputy Secretary General Gabriella Battaini-Dragoni


In his address, the FATF Executive Secretary, David Lewis, stressed the essential role that MONEYVAL plays in the global AML/CFT network, being “one of the oldest and strongest FSRBs in the global network” and setting “an example for all to follow.” Mr Lewis added that: “Moneyval was the only FSRB to conduct two rounds of evaluations under the 2004 FATF methodology and was the first FSRB to start assessing effectiveness.”  

Speech by the FATF Executive Secretary David Lewis



In a special session on terrorist financing to mark MONEYVAL’s 50th plenary meeting, Michael Lauber, Attorney General of Switzerland, analysed the challenges for identifying and prosecuting the financing of terrorism. In his speech, he stressed the need to strengthen international co-operation via a number of measures such as the creation of joint investigation teams, improving the exchange of information between the police and prosecutors, and increasing the co-operation between law enforcement and Internet service providers and information technology companies.

 
[28 January 2016] MONEYVAL publishes the first report in its 5th Mutual Evaluation Round on Armenia

In 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.

Council of 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. 
Press release
Report
Summary

 

[15 January 2016] Guernsey urged to strengthen financial penalties related to money laundering and terrorist financing

Council 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.
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.  

These 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.

Press release
Report
Summary


 
[16 December 2015] 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, inter alia:
- 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 process;
- elected a new Chairman and 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 jurisdiction’ profile.

 
[15 December 2015] Holy See should step up money laundering prosecutions

The 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.

Press release
Report

 
  
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