www.coe.int/moneyval

About Moneyval

Yellow square Background information
Yellow square Moneyval in brief
Yellow square Statute
Yellow square Rules of procedure
Yellow square Secretariat

 

Activities

Yellow square General overview
Yellow square Voluntary tax compliance
Yellow square Restricted access 

Evaluation

Yellow square About the evaluation
Yellow square Key documents
Yellow square Evaluation reports

 

Jurisdictions

Yellow square Profiles

 

Publications

Yellow square Activity reports
Yellow square Typologies reports
Yellow square Horizontal reviews

 

Web resources

Yellow square International standards
Yellow square Tools
Yellow square Useful links

 

Newsroom

Yellow square  News archive
Yellow square  Press releases
Yellow square  Special events
Yellow square  Fraud warning

Archive

2014     2013     2012     2011     2010     2009     2008     2007     2006     2005

2014

 
[22 August 2014] Secondment of an official to MONEYVAL: call for candidates  - extended deadline

The Directorate General I - Human Rights and Rule of Law is currently looking for one 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 applications: 30 September 2014.

[29 July 2014] MONEYVAL report on the 4th round assessment visit in Romania

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

Links to:
Press release
Executive Summary
Report
Addendum

The report was adopted at MONEYVAL’s 44th Plenary Meeting (Strasbourg, 31 March – 4 April 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 Romania 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 Romania. According to MONEYVAL’s procedures and the decision of the 44th Plenary, Romania was placed under the regular follow-up procedure.

[3 July 2014] MONEYVAL report on the 4th round assessment visit in Liechtenstein

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

Links to:
Press release
Executive Summary
Report
Addendum
EU Directive

The report was adopted at MONEYVAL’s 44th Plenary Meeting (Strasbourg, 31 March – 4 April 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 Liechtenstein 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 Liechtenstein. According to MONEYVAL’s procedures and the decision of the 44th Plenary, Liechtenstein was placed under the regular follow-up procedure.

[30 June 2014] MONEYVAL report on the 4th round assessment visit in Monaco

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

Links to:
Press release
Executive Summary
Report (French only)
Addendum (French only)

The report was adopted at MONEYVAL’s 42nd Plenary Meeting (Strasbourg, 16 – 20 September 2013). 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 Monaco 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 Monaco. According to MONEYVAL’s procedures and the decision of the 42nd Plenary, Monaco was placed under the biennial follow-up procedure.

[10 June 2014] MONEYVAL report on the 4th round assessment visit in “the former Yugoslav Republic of Macedonia”

The mutual evaluation report on the 4th assessment visit in “the former Yugoslav Republic of Macedonia” is now available.

Links to:
Press release
Executive Summary
Report
Addendum

The report was adopted at MONEYVAL’s 44th Plenary Meeting (Strasbourg, 31 March – 4 April 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 “the former Yugoslav Republic of Macedonia” 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 “the former Yugoslav Republic of Macedonia”. According to MONEYVAL’s procedures and the decision of the 44th Plenary, “the former Yugoslav Republic of Macedonia” was placed under expedited follow-up procedures, and was asked to report on the progress achieved to address the factors/shortcomings underlying any of the 40 + 9 Recommendations that were rated ‘Partially Compliant’, by April 2015.

01 June 2014] Public Statement on Bosnia and Herzegovina

MONEYVAL is today issuing a public statement on Bosnia and Herzegovina.

At the 44th MONEYVAL plenary meeting (March 31 – April 4, 2014), the Committee adopted the attached 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 however deferred its issue until 1 June 2014 in order to allow Bosnia and Herzegovina further time to adopt all necessary amendments to the preventive Law and the Criminal Code.

The necessary legislation has not been adopted by the Parliament of Bosnia and Herzegovina within the MONEYVAL deadline. Accordingly the Chairman has authorised the issuing today of this public statement, as adopted by MONEYVAL in April 2014.

Link to:
Statement on Bosnia and Herzegovina

[27 May 2014] Publication of the annual activity report for 2013

Today MONEYVAL published its annual activity report for 2013.

This report provides detailed information about the Committee’s activities and achievements in 2013, its co-operation with other international players in the global AML/CFT network of assessment bodies as well as its current initiatives. The report also summarises findings from mutual evaluation reports, progress reports and follow-up reports adopted during 2013 as well as other activities undertaken in the year.


Press release
Annual Report 2013

[11 April 2014] Outcome of MONEYVAL's 44th Plenary meeting

MONEYVAL held its 44th plenary meeting in Strasbourg from 31 March to 4 April 2014. At this meeting, the Plenary, inter alia:
- adopted the evaluation reports on the 4th assessment visits to Liechtenstein, Romania and “the former Yugoslav Republic of Macedonia”;
- heard the report on the high-level mission to Bosnia and Herzegovina;
- examined the situation in Bosnia and Herzegovina under step (iv) of the Compliance Enhancing Procedures and related peer pressure measures;
- discussed and adopted the interim report by Cyprus on action taken in response to the MONEYVAL Special Assessment on the Effectiveness of Customer Due Diligence Measures in the Banking Sector;
- heard and adopted the report on Lithuania under step (ii) of the Compliance Enhancing Procedures;
- took note of the expedited follow-up report of the Czech Republic, the regular follow-up report on Andorra and the interim follow-up reports on Malta, Slovakia and Albania;
- discussed various aspects involving Voluntary Tax Compliance Schemes in Albania, Hungary and Malta;
- discussed the templates for the questionnaires to be used for the commencement of its 5th round of evaluations;
-examined measures taken by the Republic of Moldova on identified important deficiencies as a result of the process regarding the state of compliance on all NC and PC ratings in the third round and decided to terminate the NC/PC process given the legislative progress achieved by the Republic of Moldova.

The reports which are public in accordance with MONEYVAL’s publication policy will be made available under each jurisdiction’ profile.

[19 March 2014] Fourth Round on-site evaluation visit to Montenegro

A MONEYVAL team of evaluators visited Montenegro from 3 to 8 March 2014 under the 4th evaluation round. The evaluation team was greeted by the representatives of the Financial Intelligence Unit (FIU) of Montenegro.

During the visit, which was coordinated by the FIU, the evaluation team met with representatives from the FIU, the Prosecutor’s Office, the Ministry of Justice, the Ministry of Interior, the Police Directorate, the National Security Agency, the Central Bank, the Securities and Exchange Commission, the Insurance Supervisory Agency, the Ministry of Finance, the Ministry of Foreign Affairs, the Customs Authority, the Central Business Registry, Games of Chance Administration and the Agency for Telecommunication and Postal Services. Meetings were also held with judges from the Supreme Court as well as with representatives from the financial and non-financial sectors. The meetings were all held in Podgorica.

At the conclusion of its mission on Saturday, 8 March, the MONEYVAL team shared and discussed the initial findings with representatives of the Montenegrin 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 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 4th 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.


[25 February 2014] Fourth Evaluation Round on-site visit to Azerbaijan

A MONEYVAL team of evaluators visited Azerbaijan from 17 to 22 February 2014 in order to prepare a 4th evaluation round report. The evaluation team was greeted by representatives from various authorities involved in the prevention of money laundering and the financing of terrorism in Azerbaijan.

During the visit, which was coordinated by the State Committee for Securities (SCS), the evaluation team met with representatives from the Financial Monitoring Service, the Central Bank, the SCS, the Ministry of National Security, the Ministry of Taxes, the General Prosecutor’s Office, the Ministry of Internal Affairs, the Ministry of Finance, the Ministry of Foreign Affairs, the State Customs Committee, the Ministry of Justice and the Ministry of Communications and Information Technologies. Meetings were also held with judges from the Supreme Court and first instance court as well as with representatives from the financial and non-financial sectors. The meetings were all held in Baku.

At the conclusion of its mission on Saturday, 22 February, the MONEYVAL team shared and discussed the initial findings with representatives of the Azeri 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 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 4th 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.


[06 February 2014] MONEYVAL report on the 4th round assessment visit in Israel

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

Links to:
Press release
Executive Summary
Report
Addendum

The report was adopted at MONEYVAL’s 43rd Plenary Meeting (Strasbourg, 9 – 13 December 2013). 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 Israel 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 Israel. According to MONEYVAL’s procedures and the decision of the 43rd Plenary, Israel will have to submit a report on progress on the regime concerning designated non-financial business and professions on an expedited basis by December 2014 and a more detailed regular follow-up report by December 2015.


[22 January 2014] MONEYVAL report on the 4th round assessment visit in Bulgaria

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

Links to:
Press release
Executive Summary
Report
Addendum

The report was adopted at MONEYVAL’s 42nd Plenary Meeting (Strasbourg, 16 – 20 September 2013). 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 Bulgaria 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 Bulgaria. According to MONEYVAL’s procedures, Bulgaria will have to submit a follow-up report on the implementation of the report's recommendations by September 2015.


[20 January 2014] MONEYVAL report on the 4th round assessment visit in Croatia

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

Links to:
Press release
Executive Summary
Report
Addendum

The report was adopted at MONEYVAL’s 42nd Plenary Meeting (Strasbourg, 16 – 20 September 2013). 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 Croatia 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 Croatia. According to MONEYVAL’s procedures, Croatia will have to submit a follow-up report on the implementation of the report's recommendations by September 2015.


 
2013

[20 December 2013] Outcome of MONEYVAL's 43rd Plenary meeting

MONEYVAL held its 43rd plenary meeting in Strasbourg from 9 to 13 December 2013. At this meeting, the Plenary, inter alia:
- elected for a mandate of two years its Chairman, Dr Anton Bartolo (Malta), its Vice-President, Mr Daniel Thelesklaf (Liechtenstein), and three bureau members, Mrs Elzbieta Frankow-Jaskiewicz (Poland), Mr Nicola Muccioli (San Marino) and Mr Alexey Petrenko (Russian Federation);
- revised its Rules of procedure for 4th round;
- adopted Procedures related to the implementation of voluntary tax compliance programmes and AML/CFT requirements by States and territories evaluated by MONEYVAL;
- adopted the evaluation report on the 4th assessment visit to Israel;
- examined and adopted the first 3rd round progress reports of the Holy See (including Vatican City State), the UK Crown Dependencies of Jersey and Guernsey;
- examined and adopted the fourth 3rd round progress report of Montenegro;
- discussed and adopted the Report by Cyprus on action taken in response to the MONEYVAL Special Assessment on the Effectiveness of Customer Due Diligence Measures in the Banking Sector and Cyprus’ biennial update submitted under the 4th round follow-up procedures;
- examined the 4th round expedited follow-up report of the Czech Republic;
- examined and adopted the report of Bosnia and Herzegovina under Step (iii) of the Compliance Enhancing Procedures and decided to apply the following step, which requires arranging a high-level mission to Bosnia and Herzegovina early 2014;
- examined measures taken by several countries (Georgia, Moldova and Ukraine) on identified important deficiencies as a result of the process regarding the state of compliance on all NC and PC ratings in the third round and decided on any additional peer pressure measures that should be applied in respect of countries under the process.

The reports which are public in accordance with MONEYVAL’s publication policy will be made available under each jurisdiction’ profile.


[20 December 2013] FATF President speech at the MONEYVAL’s 43rd Plenary meeting

In his address, the FATF President Vladimir Nechaev underlined the critical role that MONEYVAL plays in the Global AML/CFT Network. He also stressed MONEYVAL’s high-quality mutual evaluation process: “Now in the second half of its 4th “follow-up” round, MONEYVAL is the most experienced FSRB in terms of conducting mutual evaluations in the AML/CFT field. A consistent and accurate interpretation of the FATF standards in the European region sets an example for others. The special focus on effectiveness in this “follow-up” round gives MONEYVAL unique experience which will be highly relevant as the global network as a whole moves into assessing countries according to the revised FATF standards.”

Speech


[12 December 2013] MONEYVAL issues report assessing progress by the Holy See on measures to combat money laundering

The first third round progress report and a written analysis by the Secretariat of the 16 Core and Key Recommendations of the 2003 FATF Recommendations was adopted on 9 December 2013 during MONEYVAL’s 43rd Plenary meeting this week in Strasbourg. It is now available for consultation.

Links to:
Press release (available in Italian)
Progress report and written analysis


[22 October 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 December 13, 2013.


[17 October 2013] Adoption of the Statute of MONEYVAL by the Committee of Ministers

On 9 October 2013 the Committee of Ministers adopted Resolution CM/Res(2013)13 on the statute of the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, and an amended statute. The statute, which regulates MONEYVAL's activities, was revised to give voting rights and eligibility to stand for election to the Bureau to Israel, the Holy see (including Vatican City State), and to the United Kingdom Crown Dependencies of Guernsey, Jersey and the Isle of Man. The amended statute is now in force and can be consulted on the link attached CM/Res(2013)13.


[27 September 2013] Outcome of MONEYVAL's 42nd Plenary meeting

MONEYVAL held its 42nd plenary meeting in Strasbourg from 16 to 20 September 2013. At this meeting, the Plenary, inter alia:
- discussed and adopted the evaluation reports on the 4th assessment visits to Bulgaria, Croatia and Monaco;
- examined and adopted the 4th round follow-up report of Hungary, thereby removing Hungary from regular follow-up reporting and reverting to biennial updates;
- examined and adopted the first 3rd round progress report of UK Crown Dependency of Isle of Man;
- noted the 4th round interim reports submitted by Albania, San Marino and Slovakia under the 4th round regular follow-up procedures;
- examined and adopted minor changes to its Rules of Procedure;
- discussed the implications of VTC programmes and decided that MONEYVAL should implement a structured reporting and assessment process for VTC schemes whereby States and territories undertake to communicate with the Secretariat schemes ideally before (or exceptionally immediately after) implementation of VTC programmes so that those can be analysed for potential AML/CFT problems with a view to a Plenary decision on the VTC programme’s compliance with AML/CFT standards. This process shall be considered at the December Plenary, when the Rules of Procedure will be fully reviewed. Meanwhile a State or territory proposing such schemes is required to inform the Secretariat and the Chairman with a view to undertaking such an assessment;
- examined and adopted the report of Bosnia and Herzegovina under Step (i) of the Compliance Enhancing Procedures and concluded that the Committee should move to steps (ii) and (iii) in sequence before the December plenary. These involve the Chairman writing to the Secretary General advising him of MONEYVAL’s concerns and the Secretary General writing to the Chairman of the Council of Ministers of Bosnia and Herzegovina drawing his attention to the need for expedition; and
- examined measures taken by several countries (Croatia, “the former Yugoslav Republic of Macedonia”, Georgia, Ukraine) on identified important deficiencies as a result of the process regarding the state of compliance on all NC and PC ratings in the third round and decided on any additional peer pressure measures that should be applied in respect of countries under the process. The review of Croatia under the NC/PC process was terminated.


[19 July 2013] Typologies report on the postponement of financial transactions and monitoring of bank accounts

This report examines the experience of competent authorities in participating countries in effectively postponing suspicious financial transactions and monitoring bank accounts. It analyses the use of available procedures and mechanisms and sets out practical problems encountered by relevant authorities in this context. It includes a number of cases, red flags and indicators and formulates recommendations aimed at assisting competent authorities in making a more efficient use of their powers. The report concludes that the monitoring of bank accounts has proved to be an effective tool in tracing criminal assets, and that in cases of suspicion of terrorist financing, this is probably one of the most effective investigative instruments. Better knowledge of the methods and practices successfully used in this context by various financial intelligence units and law enforcement agencies and strengthened exchange of experiences and cooperation with the private sector can only lead to more effective financial investigations and successful identification, seizure and subsequent confiscation of proceeds of crime.

Report


[19 July 2013] Typologies report on the use of online gambling for money laundering and the financing of terrorism purposes

The report provides an overview of the online gambling sector in MONEYVAL countries, including the extent and type of gambling offered and the ML/FT risks and vulnerabilities associated with online gambling and the methods of payment used. A list of typologies, red-flag indicators and vulnerabilities is presented, based on the experiences shared by public and private stakeholders with the project team. The report concludes that one of the major vulnerabilities is directly linked to unregulated online gambling. Additionally, given that online gambling, by its nature, is conducted anonymously, the use of false or stolen identities is less likely to be detected. The use of alternative payment systems to credit online gambling accounts systems may also augment the risk of ML/FT. Challenges also arise due to the cross-border nature of online gambling. The regulation and supervision of online gambling remain the strongest mitigating factors to prevent abuse.

Report


[08 July 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 extended to July 31, 2013.


[26 June 2013] Publication of the annual activity report for 2012

Today MONEYVAL published its annual activity report for 2012.

This report provides detailed information about the Committee’s activities and achievements in 2012, its co-operation with other international players in the global AML/CFT network of assessment bodies as well as its current initiatives. The report also summarises findings from mutual evaluation reports, progress reports and follow-up reports adopted during 2012 as well as other activities undertaken in the year.

Press Release
Annual Report 2012


[26 June 2013] MONEYVAL report on the 4th round assessment visit in Poland

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

Links to:
Press release
Executive Summary
Report
Addendum

The report was adopted at MONEYVAL’s 41st Plenary Meeting (Strasbourg, 9 – 12 April 2013). 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 Poland 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 Poland. According to MONEYVAL’s procedures, Poland will have to submit a follow-up report on the implementation of the report's recommendations by April 2015.


[26 June 2013] FATF Working Groups and Plenary Meeting (Oslo, 17-21 June 2013)

MONEYVAL participated in the working groups meetings and the last Plenary meeting held under the Norwegian Presidency. The Chairman's summary provides an overview of the major outcomes of the Plenary.

At this meeting, the FATF has updated its public statement which identifies jurisdictions with strategic anti-money laundering and countering the financing of terrorism (AML/CFT) deficiencies.
FATF Public Statement

Also, as part of its on-going review of compliance with the AML/CFT standards, the FATF has identified jurisdictions which have strategic AML/CFT deficiencies for which they have developed an action plan with the FATF.
Improving AML/CFT Compliance: On-going Process


[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


[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.

 
2012

[21 December 2012] MONEYVAL report on the 4th round assessment visit in Georgia

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

Links to:
Press release
Executive Summary
Report
Addendum

The report was prepared by the International Monetary Fund (IMF) under co-operation agreements between IMF and MONEYVAL and adopted at MONEYVAL’s 39th Plenary Meeting (Strasbourg, 2 - 6 July 2012). MONEYVAL was additionally responsible for valuation of compliance with the European Union directives, which are part of MONEYVAL’s specific mandate. According to MONEYVAL’s procedures, Georgia will have to submit a follow-up report on the implementation of the report's recommendations by July 2014.


[3 December 2012] MONEYVAL: 15 years fighting money laundering in Europe 

The Council of Europe's Committee of Experts on the Evaluation of Anti-Money Laundering Measures celebrated this week its 15th anniversary on the occasion of its 40th plenary meeting.

 

Thorbjørn Jagland, Secretary General of the Council of Europe

In the opening session of the meeting, Secretary General Thorbjørn Jagland highlighted that the establishment of MONEYVAL in 1997 was a crucial step forward in the fight against money laundering and that the anniversary is an opportunity to look forward in order to address new threats. ”To effectively fight against money laundering and the financing of terrorism”, he said, “states need to share common standards and principles, and know what to expect of each other.” The Secretary General urged all states to ratify as soon as possible the Council of Europe conventions in this field: the Warsaw Convention of 2005 on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism, and the Convention on the Prevention of Terrorism.

He also pointed out that whilst the world faces the financial and economic crisis, criminals try to exploit the weakest links, and that Council of Europe member States, and especially MONEYVAL’s jurisdictions, cannot be their entry points. “Reliance on money of criminal origin to sustain an economy is not only wrong, it is shortsighted. It will inevitably undermine confidence in the financial system of the country, thus directly undermining its economic development”, he added.
Speech


 

Claude Mignon, President of PACE

In his address to the members of MONEYVAL, Claude Mignon, President of PACE, underlined what PACE and national parliaments could do to support the committee’s action. “Clearly, when the implementation of MONEYVAL recommendations calls for changes in legislation, it is for national parliaments to pass new laws or amend existing ones. It is important, therefore, to ensure that parliamentarians are aware of MONEYVAL’s reports and the recommendations made, and are conversant with the standards on which those evaluations are based,” he said. He called for the systematic participation of a PACE representative in MONEYVAL meetings, a possibility that is already provided for in a statutory Resolution of the committee.

The President believes that the key role here lies with the members of the national delegations to PACE, who should systematically inform the chairs of the relevant national parliamentary committees about reports in preparation and reports already published. “Consideration might be given to the possibility of holding parliamentary hearings attended by government officials and experts, including MONEYVAL experts, to present the evaluators’ findings to parliamentarians. This would allow better expert input at the early stages of drafting bills and legislative proposals designed to remedy the shortcomings found by MONEYVAL in its reports,” he said.
Speech: French original / English translation


 

Bjørn S. Aamo, FATF President

In his address, the FATF President Bjørn S. Aamo stressed the essential role that MONEYVAL plays in the global AML/CFT network. “The MONEYVAL mutual evaluation process and the overall high quality of MONEYVAL mutual evaluation reports have been crucial in helping to ensure consistent and accurate interpretation of the FATF standards in the European region, and they have also been an example for others”, he said. The FATF president underlined that the work and experience of MONEYVAL have helped to strengthen the global AML/CFT network.

He said that “MONEYVAL, through its hard work, has had an influence on how we as the global network ensure implementation of these standards by our member countries. In my view, the global AML/CFT network would not have been where it is today if it were not for this contribution. I can only commend MONEYVAL for what it has achieved over the past 15 years and look forward to its continued success in the coming years as part of the global network.”
Speech


Vladimir Nechaev, MONEYVAL Chairman

In his intervention, the MONEYVAL chairman agreed with the PACE President’s intervention on the importance of creating synergies between monitoring mechanisms. He also expressed his satisfaction that the work of MONEYVAL was recognised by the Committee of Ministers, in 2010, by the elevation of the Committee to be a permanent, independent monitoring body of the Council of Europe reporting directly to them.

“This, together with the spread of MONEYVAL’s reach from 2006 beyond Council of Europe member States to Israel, the Holy See and now the UK Crown Dependencies of Guernsey, Jersey and the Isle of Man, would indicate that we are perceived externally as a very effective mechanism, playing a vital role in the global network of anti-money laundering and countering the financing of terrorism assessment bodies”, he concluded.
Speech


[28 November 2012] European Parliament public hearing on anti-money laundering co-operation and confiscation

On 28 November, the Executive Secretary of MONEYVAL took part in the public hearing on anti-money laundering cooperation and confiscation, organised by the European Parliament Special Committee on Organised Crime, Corruption and Money Laundering

Links to:
Webcast 
Contributions


[23 November 2012] MONEYVAL report on the 4th round assessment visit in Latvia

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

Links to:
Press release
Executive Summary
Report
Annexes

The report was adopted at MONEYVAL’s 39th Plenary meeting (Strasbourg, 2-6 July 2012). According to MONEYVAL’s procedures, Latvia will have to submit a follow-up report on the implementation of the report’s recommendations by July 2014.


[18 July 2012] MONEYVAL’s first evaluation report on the Holy See

The first mutual evaluation report on the Holy See (including Vatican City State) is now available for consultation.

Links to:
Press release
Executive Summary
Report
Annexes

The report was adopted at MONEYVAL’s 39th Plenary meeting (Strasbourg, 2-6 July 2012) as part of the third round mutual evaluation process. According to MONEYVAL’s third round mutual evaluation procedures, the Holy See will have to submit a progress report within one year from the adoption of the mutual evaluation report, that is, at MONEYVAL’s 42nd Plenary Session.


[4 July 2012] MONEYVAL adopts the report on the Holy See

The Council of Europe’s MONEYVAL adopted today, during its 39th Plenary meeting, the first evaluation report on the Holy See (including Vatican City State).

All countries evaluated by MONEYVAL have the possibility to verify the accuracy of the modified version of the report after its adoption, and to formulate observations which are then published. The country must submit its comments within one month of the receipt of the modified report.

The report on the Holy See will be finalised in accordance with the decisions taken during the Plenary meeting, and sent to the Vatican authorities. After eventual comments have been received, MONEYVAL will publish on its website the report as adopted today, as well as the eventual comments from the Holy See.


[18 June 2012] MONEYVAL 4th on-site assessment visit in Poland

A MONEYVAL team of evaluators visited Poland from May 27 to June 2 2012 under the 4th evaluation round.

During the visit, which was coordinated by the General Inspector of Financial Information (GIFI) and the Department of Financial Information (DFI), the evaluation team met with representatives from the Polish Financial Supervision Authority, the National Bank of Poland, the Ministry of Finance, the Ministry of Economic Affairs, the Central Records and Information on Economic Activity, the Ministry for Labour and Social Policy; Ministry for Administration and Digitisation, the Ministry of Foreign Affairs, as well as with representatives from the Ministry of Interior, the Central Bureau of Investigation of the National Police Headquarters, the Criminal Office - Division for Fighting Economic Crimes and Asset Recovery Department, the Department for Organized Crime and Corruption of the Prosecutor General’s Office. The team also had meeting with representatives from associations and the private sector. All meetings were held in Warsaw.

At the conclusion of its mission on Saturday, June 2, the MONEYVAL team shared and discussed its initial findings with representatives of Poland, after which initial views were exchanged. Pursuant to MONEYVAL's Rules of Procedure, a draft report will now be prepared for review and adoption by MONEYVAL at its 41st plenary meeting (March 2013).

MONEYVAL's fourth round evaluations are more focused and primarily follow up the recommendations made in the 3rd round. Evaluation teams in the fourth round examine key, core and other important Financial Action Task Force (FATF) Recommendations, as well as Recommendations which were previously rated "non compliant" or "partially compliant" in the 3rd round report. 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.


[15 May 2012] MONEYVAL’s report on the 4th round assessment visit in Andorra

The mutual evaluation report of the 4th visit to Andorra is now available for consultation.

Links to:
Press release
Executive Summary
Report (French only)
Annexes
(French only)

The report was adopted at MONEYVAL’s 38th Plenary meeting (Strasbourg, 5-9 March 2012).

According to MONEYVAL’s procedures, Andorra will have to submit a follow-up report on the implementation of the report’s recommendations by March 2014.


[7 May 2012] MONEYVAL 4th on-site assessment visit in Lithuania

A MONEYVAL team responsible for the assessment of Lithuania as part of the fourth round evaluation visited Vilnius from 23-28 April 2013. The team of examiners met with representatives from various competent authorities, as well as various financial institutions and commercial entities and professions subject to provisions on the prevention of money laundering and terrorist financing. The report is expected to be presented to MONEYVAL plenary for its adoption at its 40th Plenary meeting (3-7 December 2012).


[24 April 2012] MONEYVAL’s report on the 4th round assessment visit in Malta

The mutual evaluation report of the 4th visit to Malta is now available for consultation.

Links to:
Press release
Executive Summary
Report
Annexes

The report was adopted at MONEYVAL’s 38th Plenary meeting (Strasbourg, 5-9 March 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 country concerned received NC (Non-Compliant) or PC (Partially Compliant) ratings in its 3rd round report. This report on Malta is not, therefore, a full assessment against the FATF 40 Recommendations and 9 Special Recommendations but is an update on major issues in the Maltese AML/CFT system.

MONEYVAL will continue to monitor implementation of the recommendations through its regular follow-up procedures, which require the country to submit a follow-up report by March 2014.


[19 March 2012] Second on-site assessment visit to the Holy See (including Vatican City State)

MONEYVAL’s team in charge of the assessment of the Holy See (including Vatican City State) conducted its second visit from 14-16 March 2012. This visit was part of the ongoing discussion and clarification process of the information already received. The evaluation team again met with representatives from the competent authorities. The examination of the report is scheduled for MONEYVAL’s 39th Plenary meeting (2-6) July 2012).


Criminal money flows on the internet: methods, trends and multi-stakeholder counteraction

This typology report is the result of a cooperative effort between MONEYVAL, the Council of Europe’s Global Project on Cybercrime and the joint project of the European Union and the of the Council of Europe against money laundering and the financing of terrorism in the Russian Federation. The report analyses the links between cybercrime and money laundering, the most frequently used methods and instruments for laundering criminal proceeds from cybercrime and through the Internet, as well as the risks and vulnerabilities posed by this type of money laundering. It sets out a number of findings as regards cybercrime and money laundering. It also discusses available countermeasures and best practices, which could inspire policy makers and regulators to ensure a more systematic approach and strategies that are aimed at the prevention of money laundering and the financing of terrorism, and at the search, seizure and confiscation of proceeds of crime on the internet.


FATF Working Groups and Plenary Meeting (Paris, 15-17 February 2012)

MONEYVAL participated in the working groups meetings and the second Plenary meeting under the Italian Presidency. The FATF Chairman’s summary provides an overview of the major outcomes of the Plenary.

At this meeting, the FATF has updated its public statement which identifies jurisdictions with strategic anti-money laundering and countering the financing of terrorism (AML/CFT) deficiencies.
FATF Public Statement

Also, as part of its on-going review of compliance with the AML/CFT standards, the FATF has identified jurisdictions which have strategic AML/CFT deficiencies for which they have developed an action plan with the FATF.
Improving AML/CFT Compliance: On-going Process


[17 February 2012] Publication of the revised FATF Recommendations

The FATF revised Recommendations were adopted by the FATF members on 15 February and have now been published. The revision of FATF Recommendations involved members of the FATF and all the FATF-style regional bodies. Extensive consultation with the private sector and civil society actors was also held. The revised FATF Recommendations now fully incorporate measures against terrorism financing into anti-money laundering controls, and introduce new measures to fight against the financing of the proliferation of weapons of mass destruction and improve the response to the laundering of proceeds of corruption and tax crimes. They also reinforce obligations related to high risk situations and allow states to adopt a risk-based approach.

More information about the FATF Recommendations is available on the FATF website: www.fatf-gafi.org/recommendations

Link to:
FATF Recommendations, Interpretative Notes and Glossary


2011


[30 November 2011] MONEYVAL 4th on-site visit to Moldova

A MONEYVAL team of evaluators visited Moldova from 21 to 26 November 2011 under the fourth evaluation round.

The visit was coordinated by the Office for Prevention and Fight Against of Money Laundering. The team also met with representatives from the National Bank of Moldova and the National Commission on Financial Markets, as well as with representatives from 35 different organisations and agencies including law enforcement agencies, government departments, financial services supervisors, associations and the private sector. The meetings were held in Chisinau.

A key findings document was discussed with the Moldovan authorities and left with them at the conclusion of the mission. The draft report will now be prepared for review and adoption by MONEYVAL at its 40th Plenary meeting (December 2012).

 MONEYVAL's fourth round evaluations are more focused and primarily follow up the recommendations made in the 3rd round. Evaluation teams in the fourth round examine key, core and other important Financial Action Task Force (FATF) Recommendations, as well as Recommendations which were previously rated "non compliant" or "partially compliant". 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.


[29 November 2011] MONEYVAL on-site visit to the Holy See (including Vatican City State)

A MONEYVAL team of evaluators visited the Holy See (including Vatican City State) from 21 to 26 November 2011 under the third evaluation round.

During the visit, which was coordinated by the Financial Intelligence Authority (FIA) the evaluation team was greeted by His Holiness Pope Benedict XVI. The evaluation team was welcomed by the Cardinal Secretary of State, His Eminence Cardinal Tarcisio Bertone.

The evaluation team had meetings with the President of the Financial Intelligence Authority, His Eminence Cardinal Attilio Nicora, members of the FIA Steering Committee and the Director and staff of the FIA.

The evaluation team also held meetings with His Excellency Archbishop Dominique Mamberti and senior members of the Secretariat of State; His Excellency Bishop Giuseppe Sciacca, Secretary General of the Governorate of the Vatican City State and senior members of the Governorate of the Vatican City State; the Vatican City State judiciary and the Promoter of Justice; the Corps of Gendarmes of Vatican City State; the Prefecture for the Economic Affairs of the Holy See; the directors and officers of the Institute for Works of Religion (IOR); and His Excellency Archbishop Domenico Calcagno, President of the Administration of the Patrimony of the Apostolic See (APSA) and senior representatives of APSA, as well as representatives of a number of other organisations based within the Holy See (including Vatican City State).

At the conclusion of its mission on Saturday, November 26, the MONEYVAL team  shared and discussed its initial findings with representatives of the Holy See, after which initial views were exchanged.  Pursuant to MONEYVAL's Rules of Procedure, a draft report will now be prepared for review and adoption by MONEYVAL at its 39th plenary meeting (2-6 July 2012).

This evaluation is based on the Forty Recommendations 2003 and the Nine Special Recommendations on Terrorist Financing 2001 of the Financial Action Task Force (FATF), 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.


[24 November 2011] MONEYVAL report on the 4th round assessment visit in San Marino

The mutual evaluation report on the 4th assessment visit in San Marino is now available for consultation.
Links to:
Press release
Executive Summary 
Report
Annexes : Part 1 & Part 2

The report was adopted at MONEYVAL’s 36th Plenary meeting (Strasbourg, 26-30 September 2011). 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 NC or PC ratings in its 3rd round report. This report on San Marino is not, therefore, a full assessment against the FATF 40  Recommendations  and 9 Special Recommendations but is an update on major issues in the Sammarinese AML/CFT system.

MONEYVAL will continue to monitor implementation of the recommendations through its regular follow-up procedure, which require the country to submit within two years information on the actions it has taken to address the deficiencies underlying any of the recommendations rated “Non Compliant” (NC) or “Partially Compliant” (PC) and encourages it to seek removal from the follow up process within three years after the adoption of the evaluation.


[23 November 2011] MONEYVAL report on the 4th assessment visit of the Slovak Republic

The mutual evaluation report on the 4th assessment visit of the Slovak Republic is now available for consultation.
Links to:
Press release
Executive Summary 
Report
Annexes

The report was adopted at MONEYVAL’s 36th Plenary meeting (Strasbourg, 26-30 September 2011). 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 NC or PC ratings in its 3rd round report. This report on the Slovak Republic is not, therefore, a full assessment against the FATF 40  Recommendations  and 9 Special Recommendations but is an update on major issues in the Slovak AML/CFT system.

MONEYVAL will continue to monitor implementation of the recommendations through its regular follow-up procedure, which require the country to submit within two years information on the actions it has taken to address the deficiencies underlying any of the recommendations rated “Non Compliant” (NC) or “Partially Compliant” (PC) and encourages it to seek removal from the follow up process within three years after the adoption of the evaluation.


[3 November 2011] 10th meeting of experts on money laundering and terrorism financing typologies typologies
 
MONEYVAL held its 10th meeting of experts on money laundering and terrorism financing typologies between 31 October and 2 November in Tel Aviv, Israel. T 75 experts from 31 countries and one international organization, including experts from the public and private sectors as well as policy makers, have gathered to discuss  ML/FT methods and trends in the context of two selected topics: 
- Trade based money laundering in cash intensive economies
- The postponement of financial transactions and the monitoring of bank accounts

The three day meeting was opened by Professor Stanley Fischer, Governor of the Bank of Israel, former First Deputy Managing Director of the International Monetary Fund and former Vice President and Chief Economist at the World Bank who  stressed the great importance of the work conducted by MONEYVAL in mutual evaluation and in typologies research. Opening remarks were also made by Dr. Guy Rotkopf, General Director, Israeli Ministry of Justice, Mr. Paul Landes, Head of the Israeli Financial Intelligence Unit and Mr. John Ringguth, Executive Secretary to MONEYVAL. The experts gave presentations including case studies, best practices and discussed specific legal issues related to the chosen topics.

Each year, MONEYVAL undertakes regularly typologies researches to better understand the money laundering and terrorist financing environment in the European region and to assist decision makers and operational experts with up-to-date information in order that they may develop policies and strategies to combat these threats. The annual typologies workshop brings together financial intelligence units, law enforcement experts, regulatory authorities in order to exchange information on significant cases and operations. It also provides a vital opportunity for operational experts and private sector representatives to identify and discuss effective AML/CFT counter-measures. The final reports in respect of each topic will be available by the end of 2012.


[29 October 2011] FATF Working Groups and Plenary Meeting (Paris, 24-28 October 2011)

MONEYVAL participated in the working groups meetings and the first Plenary meeting held under the Italian Presidency. The Chairman's summary provides an overview of the major outcomes of the Plenary.

At this meeting, the
FATF has updated its public statement which identifies jurisdictions with strategic anti-money laundering and countering the financing of terrorism (AML/CFT) deficiencies.
FATF Public Statement

Also, as part of its on-going review of compliance with the AML/CFT standards, the FATF has identified  jurisdictions
which have strategic AML/CFT deficiencies for which they have developed an action plan with the FATF.
Improving AML/CFT Compliance: On-going Process


Ukraine is no longer subject to FATF’s monitoring process under its ongoing global AML/CFT compliance process. At this Plenary meeting, the FATF welcomed  Ukraine’s significant progress in improving its AML/CFT regime and noted that Ukraine has largely met its commitments in its Action Plan regarding the strategic deficiencies that the FATF had identified in February 2010.  Ukraine will work with MONEYVAL as it continues to address the full range of AML/CFT issues identified in its mutual evaluation report, and further strengthen its AML/CFT regime.


[21 October 2011] Outcome of the 36th Plenary Meeting (26-30 September 2011)

MONEYVAL, at its 36th plenary meeting, achieved several significant results:
 - discussed and adopted the mutual evaluation reports on the 4th assessment visits of Cyprus, San Marino and the Slovak Republic ;
- examined and adopted the second progress reports submitted by the Russian Federation (report/ annexes) and “the former Yugoslav Republic of Macedonia ”(report/ annexes);
- noted the status of work under the typologies project on Criminal money flows on the internet: methods, trends and multi-stakeholder counteraction and on The use of  internet gambling for ML and TF purposes;
 - heard an update on the organisation of the annual typologies exercise which will take place in Tel Aviv, Israel, from 31 October to 2 November 2011.

MONEYVAL also examined the reports on action being taken by Albania, Bosnia and Herzegovina and Moldova to address the issues of concerns raised by MONEYVAL under step (i) of the Compliance Enhancing Procedures. It decided to  lift the procedures in respect of Moldova and to maintain Albania and Bosnia and Herzegovina under step (i) , the latter being required to provide a report on progress in addressing the issues of concern before the next meeting. The next plenary meeting is scheduled from 13-16  December  2011.

The executive summaries of the mutual evaluation reports on the 4th assessment visits are now available for download (English version only):
Executive Summary  - Mutual evaluation report on the 4th assessment visit of Cyprus;
Executive Summary  - Mutual evaluation report on the 4th assessment visit of San Marino;
Executive Summary  - Mutual evaluation report on the 4th assessment visit of  the Slovak Republic.


[29 July 2011] MONEYVAL evaluator training seminar 2011
 

MONEYVAL held an evaluator training seminar from 25 to 29 July 2011 in Strasbourg. The seminar was attended by 32 experts from 21 countries evaluated by MONEYVAL, including for the first time experts from the Holy See (including Vatican City State). Other jurisdictions evaluated by the Financial Action Task Force (FATF) also participated as trainees, as did representatives of the Inter Governmental Action Group against Money Laundering in West Africa (GIABA) and the Eastern and South African Anti Money Laundering Group (ESAAMLG). 

The purpose of the seminar was to train future evaluators for MONEYVAL’s 4th round of mutual evaluations, and also 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 and FATF Secretariat, MONEYVAL scientific experts, the IMF, the World Bank and a financial expert from the UK Financial Services Authority (FSA).

Presentation of the standards and the global Methodology was supplemented by active participation by all trainees in mock interviews and case studies.


[7 July 2011] MONEYVAL report on the 4th assessment visit of Albania  public

The mutual evaluation report on the 4th assessment visit of Albania,  as adopted at MONEYVAL's 35th  plenary meeting, is now available for consultation.

Links to:
Press release
Executive Summary 
Report
Addendum - Compliance with the EU Directives


[29 June 2011] FATF Working Groups and Plenary Meeting (Mexico, 19-24 June 2011)

MONEYVAL participated in the working groups meetings and the first joint FATF- GAFISUD Plenary meeting held under the Mexican Presidency. The Chairman's summary provides an overview of the major outcomes of the Plenary.

At this meeting, the
FATF has updated its public statement issued in February 2011  which identifies jurisdictions with strategic anti-money laundering and countering the financing of terrorism (AML/CFT) deficiencies.
FATF Public Statement

Also, as part of its on-going review of compliance with the AML/CFT standards, the FATF has identified  jurisdictions
which have strategic AML/CFT deficiencies for which they have developed an action plan with the FATF.
Improving AML/CFT Compliance: On-going Process


[16 June 2011] MONEYVAL report on the 4th assessment visit of the Czech Republic public

The mutual evaluation report on the 4th assessment visit of the Czech Republic, as adopted at MONEYVAL's 35th  plenary meeting, is now available for consultation.

Links to:
Press release
Executive Summary 
Report
Annexes


[29 May - 4 June 2011] On-site evaluation visit to Malta completed

MONEYVAL team of evaluators visited Malta from 29 of May to 4 of June 2011 under the fourth evaluation round.

The visit was coordinated by the Maltese Financial Intelligence Analysis Unit (FIAU). The team met with Dr. Silvio Camilleri, Chief Justice and other senior members of the judiciary; Dr. Peter Grech, Attorney General and Chairman of the Board of the Financial Intelligence Analysis Unit; Professor Joe V. Bannister, Chairman of Malta Financial Services Authority and Dr. Anton Bartolo in his capacity as Company Registrar and Deputy Chairman of the Board of the FIAU. The team also met with representatives from 24 organisations and agencies including law enforcement bodies, government departments, financial services supervisors, associations and representatives of the private sector. The meetings were held in Attard and Valletta.

A key findings document was discussed with the Malta authorities and left with them at the conclusion of the mission. The draft report will now be prepared for review and adoption by MONEYVAL at its 38th Plenary meeting (March 2012).

MONEYVAL`s fourth round evaluations are more focussed and primarily follow up the recommendations made in the 3rd round. Evaluation teams in the fourth round examine key, core and other important Financial Action Task Force (FATF) Recommendations, as well as Recommendations which were previously rated "non compliant" or "partially compliant". 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.


[9-14 May  2011] On-site evaluation visit to Latvia completed

A MONEYVAL team of evaluators visited Latvia from 9 to 14 May 2011 under the fourth evaluation round.

The visit was coordinated by the Control Service, the Financial and Capital Market Commission and the Ministry of Justice. The team met with the Chairwoman of the Financial and Capital Market Commission, Mrs Irena Krumane, as well as representatives from 23 organisations and agencies including law enforcement agencies, government departments, financial services supervisors, associations and the private sector. The meetings were held in Riga.

A key findings document was discussed with the Latvian authorities and left with them at the conclusion of the mission. The draft report will now be prepared for review and adoption by MONEYVAL at its 38th Plenary meeting (Spring 2012).

MONEYVAL`s fourth round evaluations are more focussed and primarily follow up the recommendations made in the 3rd round. Evaluation teams in the fourth round examine key, core and other important Financial Action Task Force (FATF) Recommendations, as well as Recommendations which were previously rated "non compliant" or "partially compliant". 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  April  2011] Outcome of the 35th Plenary Meeting (10-14 April 2011)

MONEYVAL, at its 35th plenary meeting, achieved several significant results:
 - discussed and adopted the mutual evaluation reports on the 4th assessment visits of Albania (prepared by IMF) and of the Czech Republic;
- re-examined and adopted the first progress report submitted by Bosnia and Herzegovina and the second progress report submitted by Moldova;
- examined and adopted the second progress reports submitted by Bulgaria (report)  and Croatia (report/ annexes);
- examined the state of compliance on all non compliant and partially compliant ratings in the 3rd round in respect of 1 country;
- examined the reports on action being taken by Albania and BIH currently under step (I) of the Compliance Enhancing Procedures to address the issues of concerns raised by MONEYVAL  and maintained step (i) of the CEPS in both cases;
-  examined the report on action taken by Moldova under step (IV) of the Compliance Enhancing Procedures to address the issues of concerns raised by MONEYVAL  and decided to continue monitoring the situation under step (I) of the CEPS.
The publication of these reports will take place shortly. The next plenary meeting is scheduled from 26 to 30 September  2011.


[13 April  2011] "MONEYVAL makes a real difference in the daily lives of our citizens"


Speaking on 13 April at MONEYVAL's 35th Plenary meeting, Thorbjørn Jagland, Secretary General of the Council of Europe, highlighted the importance of the committee’s work. “MONEYVAL makes a real difference to the daily lives of our citizens,” he said.
“It is effective, delivers results and appears on international agendas. “Its action has produced significant improvements to anti- money laundering and countering the financing of terrorism systems in many of our member States.”
The Secretary General confirmed that this was the reason why the Committee of Ministers had taken the rare step of upgrading MONEYVAL within the Council of Europe structure to be a permanent monitoring mechanism, reporting directly to the Committee of Ministers.
Speech



[7 April 2011] The Holy See to be evaluated by MONEYVAL

At their meeting on Wednesday, 6 April 2011, the Committee of Ministers of the Council of Europe, following a request by the Holy See (including the Vatican City State), has adopted a resolution agreeing to the  participation in MONEYVAL of the Holy See (including the Vatican City State) with immediate effect.
Decision of the Committee of Ministers

CM/Res(2011)5


[1 April 2011] Horizontal Review of mutual evaluations under the third round

This 3rd Horizontal Review identifies common themes arising out of its third round of mutual evaluations conducted between 2005 and 2009, major areas of weakness and identifies issues that still need to be addressed and which are being followed up in MONEYVAL’s ongoing 4th round of assessment visits. Despite significant progress in the adoption of preventive anti money laundering and countering the financing of terrorism (AML/CFT) legislation, law enforcement need to demonstrate more success, particularly in asset recovery and in achieving significant convictions in major professional laundering cases. That is one of the key conclusions of the report which was adopted in December 2010 and is published today by MONEYVAL.
Horizontal Review


[30 March 2011] Participation to the 16th Annual International Anti-Money Laundering Conference

John Ringguth, Executive Secretary to MONEYVAL, took part in the 16th Annual International  Anti-Money Laundering Conference in Hollywood (Florida, 19-23 March 2011). This conference brought together more than 1100 AML/CFT professionals from 50 countries representing the private sector and law enforcement in North America and Europe. He participated in a keynote panel (Compliance goes global) with Chip Poncy, Director of Strategic Policy for Terrorist Financing and Financial Crimes (US Department of the Treasury) and Don Carbaugh, Compliance Managing Director (JP Morgan Chase). The panel examined the benefits and challenges of implementing AML/CFT standards. The role of the Council of Europe's MONEYVAL mechanism as part of the global network of AML/CFT assessment bodies was explained and the conclusions of MONEYVAL's forthcoming Horizontal Review of its third round of evaluations was outlined - particularly the need for more law enforcement success in asset recovery and major money laundering prosecutions to better support and complement the effort and resources being put into money laundering prevention by the private sector.


[20-26 March 2011] On-site evaluation of  the Principality of Andorra

A MONEYVAL team of evaluators visited Andorra from 20 to 26 of March 2011 under the fourth evaluation round.

The visit was coordinated by the Andorran Financial Intelligence Unit (Unitat d'Intel·ligència Financera - UIF). The team met with Mr. Jaume Bartumeu Cassany, Head of Government, Mr Xavier Espot Miro, Minister of Foreign Affairs, as well as representatives from 25 organisations and agencies including law enforcement agencies, government departments, financial services supervisors, associations and the private sector. The meetings were held in Andorra La Vella.

A key findings document was discussed with the Andorran authorities and left with them at the conclusion of the mission. The draft report will now be prepared for review and adoption by MONEYVAL at its 38th Plenary meeting (March 2012).

MONEYVAL`s fourth round evaluations are more focussed and primarily follow up the recommendations made in the 3rd round. Evaluation teams in the fourth round examine key, core and other important Financial Action Task Force (FATF) Recommendations, as well as Recommendations which were previously rated "non compliant" or "partially compliant". 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.


[28 February 2011] FATF Working Groups and Plenary Meeting (Paris, 21-25 February 2011)
 

MONEYVAL participated in the working groups meetings and the second  FATF Plenary - XXII held under the Mexican Presidency. The Chairman's summary provides an overview of the major outcomes of the Plenary.

At this meeting, the
FATF has updated its public statement issued in October 2010 which identifies jurisdictions with strategic anti-money laundering and countering the financing of terrorism (AML/CFT) deficiencies.
FATF Public Statement

Also, as part of its on-going review of compliance with the AML/CFT standards, the FATF has identified  jurisdictions
which have strategic AML/CFT deficiencies for which they have developed an action plan with the FATF.
Improving AML/CFT Compliance: On-going Process



[2 February 2011] Moldova: High Level Mission under the Compliance Enhancing Procedures

A MONEYVAL High Level Mission to Moldova took place on 1-2 February 2011 under Step (iv) of its Compliance Enhancing Procedures. The mission comprised Mr Christos Giakoumopoulos, Director of Monitoring, Mr Vladimir Nechaev, President of MONEYVAL, Mr Boudewijn Verhelst, scientific expert to MONEYVAL, and Mr John Ringguth, Executive Secretary to MONEYVAL.
The mission met with the Acting President of the Republic, Mr Marian Lupu, Acting President of Moldova, Mr Vladimir Filat, Prime Minister, and representatives of authorities dealing with anti-money laundering and countering the financing of terrorism (AML/CFT) issues, including representatives of the banking sector. The mission also had meetings in the Constitutional Court of Moldova. The mission discussed issues relating to the AML/CFT Law in the light of a recent decision by the Constitutional Court and a full report will be made to the next MONEYVAL Plenary meeting (11-15 April 2011).



2010


[17 December 2010] MONEYVAL report on the 4th assessment visit of Hungary public

The mutual evaluation report on the 4th assessment visit of Hungary, as adopted at MONEYVAL's 33rd plenary meeting (27 September 2010) is now available for consultation.

Links to:
Executive Summary 
Report
Annexes


[15 December 2010] Outcome of the 34th Plenary Meeting (7-10 December 2010)

MONEYVAL, at its 34th plenary meeting, achieved several significant results:
- examined and adopted the first progress report submitted by Serbia (report / annexes) as well as the second progress reports submitted by Liechtenstein (report), Malta (report/ annexes) and the Principality of Andorra;
- examined the state of compliance on all non compliant and partially compliant ratings in the 3rd round in respect of 3 countries;
- examined action taken by 2 countries currently under step (i) of the Compliance Enhancing Procedures to address the issues of concerns raised by MONEYVAL ;
- adopted the horizontal review of MONEYVAL’s third round of mutual evaluation reports.

The publication of these reports will take place shortly.

Moldova presented its progress report and, following its examination, they have been invited to provide further information to the next Plenary before a decision is taken on adoption. Bosnia and Herzegovina presented its progress report, and following its examination it was concluded that it raises significant concerns about the extent of or speed of progress overall to rectify deficiencies identified in the mutual evaluation report pursuant to paragraph 43 of the Rules of Procedure. The next plenary meeting is scheduled from 11 to 15 April 2011.


[9 December 2010] Effective global AML/CFT system depends on work of regional groups

FATF President Luis Urrutia Corral stressed the need to reinforce the global AML/CFT Network during his speech before the MONEYVAL delegations at the 34th Plenary meeting.

He noted in particular that MONEYVAL has strong processes for monitoring the progress in implementing AML/CFT measures (including its compliance enhancing procedures) which are not only applied but also continuously refined over time.

Read the speech


[3 December 2010] 34th Plenary meeting (7-10 December 2010)

Agenda highlights: consideration of the first 3rd round progress reports of Serbia, Bosnia and Herzegovina as well as of the second 3rd round progress reports of Malta, Liechtenstein, Moldova and Andorra.
The FATF President,  Mr Luis Urrutia Corral, will address the Committee members on 7 December 2010.


[11 November 2010] Joint Typologies Meeting of the Eurasian Group and MONEYVAL
 

EAG and MONEYVAL members, observers, international organisations and private sector representatives gathered for the first time in a joint typologies exercise, which was held in Moscow from 9 to 10  November 2010. The meeting was opened with addresses by Vladimir Nechaev, MONEYVAL Chairman, and Yury Chikhanchin, Head of Rosfinmonitoring. During the two day meeting, participants from 29 countries examined a number of emerging money laundering and terrorist financing methods and trends in the context of the following typology research projects

- Criminal Money Flows on the Internet  (led by the Russian Federation, the Cybercrime project and MONEYVAL)

- Risks of misuse of E-money in ML/FT schemes (led by the Russian Federation)

- Risks of misuse of non-traditional financial institutions in ML schemes (led by the Russian Federation and Belarus)

- ML/FT using Alternative Remittance Systems (led by United States)

- Risks of money laundering via foreign trade operations (led by Ukraine)

 

Each year, MONEYVAL undertakes regularly typologies researches to better understand the money laundering and terrorist financing environment in the European region and to assist through its findings decision makers and operational experts with up-to-date information in order that they may develop policies and strategies to combat these threats. The annual typologies workshop brings together financial intelligence units, law enforcement experts and regulatory authorities in order to exchange information on significant cases and operations. It also provides a vital opportunity for operational experts to identify and describe effective AML/CFT counter-measures. The final report on “Criminal Money Flows on the Internet” is expected to be available in the first half of 2011.


[2 November 2010] FATF Plenary (Paris, 20-22 October 2010)

MONEYVAL participated in the first FATF Plenary - XXII held under the Mexican Presidency. The Chairman's summary provides an overview of the major outcomes of the Plenary.

Also, as part of its on-going action to identify and work with jurisdictions with strategic AML/CFT deficiencies, the FATF has updated its two public documents issued in June 2010:
FATF Public Statement
Improving AML/CFT Compliance: On-going Process

Azerbaijan is no longer subject to FATF’s monitoring process under its ongoing global AML/CFT compliance process. At this Plenary meeting, the FATF welcomed Azerbaijan’s significant progress in improving its AML/CFT regime and noted that Azerbaijan has met its commitments in its Action Plan regarding the strategic AML/CFT deficiencies that the FATF had identified in February 2010. Azerbaijan will work with MONEYVAL as it continues to address the full range of AML/CFT issues identified in its Mutual Evaluation Report, particularly compliance with SRIII (adequate procedures to identify and freeze terrorist assets).


[15 October 2010] Publication of a study on Money Laundering through private pension funds and the insurance sector

The insurance industry, along with the banking and securities sectors, is one of the core industries through which persons and entities can access the financial system. This access provides opportunities for criminals to misuse the financial system to engage in money laundering (ML) and terrorist financing (TF).
This MONEYVAL study provides an outline of the insurance industry in MONEYVAL Member States, examines specific vulnerabilities identified  and includes a number of typologies and case studies regarding life insurance and pensions, insurance companies and reinsurance. In particular, the report highlights the fact that non-life insurance is considered to be vulnerable as well as life insurance, that independent intermediaries marketing insurance products may present a weakness in AML/CFT controls and also notes that the development of the internet may give rise to new areas of vulnerability. The study includes also an updated list of red flags and indicators.
Study


[13 October 2010] Adoption of the Statute of MONEYVAL by the Committee of Ministers

At their meeting of 13 October 2010, the Committee of Ministers adopted the Resolution CM/Res(2010)12 on the Statute of the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL). This new statute will elevate MONEYVAL as from 1 January 2011 to an independent monitoring mechanism within the Council of Europe answerable directly to the Committee of Ministers.
CM/Res(2010)12


[4-9 October 2010] On-site evaluation visit to Slovakia

A MONEYVAL team of evaluators visited Slovakia from 4 to 9 October 2010 under the fourth evaluation round.

The visit was coordinated by the National Bank of Slovakia (Národná Banka Slovenska) and the Slovak Financial Intelligence Unit (Financná Spravodajská Jednotka). The team met with Police President Mr Jaroslav Spisiak as well as representatives from 23 organisations and agencies including law enforcement agencies, government departments, financial services supervisors, associations and the private sector. The meetings were held in Bratislava.

A key findings document was discussed with the Slovak authorities and left with them at the conclusion of the mission. The draft report will now be prepared for review and adoption by MONEYVAL at its 36th Plenary meeting (September 2011).

MONEYVAL`s fourth round evaluations are more focussed and primarily follow up the recommendations made in the 3rd round. Evaluation teams in the fourth round examine key, core and other important Financial Action Task Force (FATF) Recommendations, as well as Recommendations which were previously rated "non compliant" or "partially compliant". 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.


[4 October 2010] Outcome of the 33rd Plenary Meeting (27 September - 1 October 2010)

MONEYVAL, at its 33rd plenary meeting, achieved several significant results :
- discussed and adopted the mutual evaluation report on the 4th assessment visit of Hungary (see Executive summary);
- examined and adopted the first progress reports submitted by Armenia and Ukraine as well as the second progress report submitted by Poland (see report / annexes);
- examined the state of compliance on all non compliant and partially compliant ratings in the 3rd round in respect of 6 countries;
- adopted the report on typologies elaborated in the framework of the typologies project on Money laundering through private pensions funds and the insurance sector;
- endorsed the key Principles for Mutual Evaluations and Assessments prepared by the FATF in collaboration with FATF style regional bodies, the IMF and World Bank.

At this Plenary,
MONEYVAL elected a bureau member, Mrs Izabela Fendekova (Slovak Republic) for a mandate until December 2011.

The publication of these reports will take place shortly. The next plenary meeting is scheduled from 6-10 December 2010.


[13 September 2010] On-site evaluation visit to the Republic of San Marino

A MONEYVAL team of evaluators visited the Republic of San Marino from 6 to 11 September 2010, under the fourth evaluation round. The visit was coordinated the Financial Intelligent Unit of San Marino (
Agenzia d’Informazione Finanziaria) and the Ministry of Foreign Affairs.

The evaluation team had an audience with the two Capitani Reggenti , Mr Glauco Sansovini and Mr Marco Conti and met with the Secretaries of State for Foreign Affairs – Ms Antonella Mularoni; for Finance – Mr Pasquale Valentini; for Justice – Mr Augusto Casali; for Industry – Mr Marco Arzilli; for Education and Culture – Mr Romeo Morri; and for Tourism – Mr Fabio Berardi. Furthermore, the team met with officials and representatives of all relevant government agencies, of specialised agencies, with judicial and law enforcement authorities as well as with representatives of professional associations and the private sector.

A key findings document was discussed with the San Marino authorities and left with them at the conclusion of the mission. The draft report will now be prepared for review and adoption by MONEYVAL at its 35th Plenary meeting (May 2011).

MONEYVAL`s fourth round evaluations are more focussed and primarily follow up the recommendations made in the 3rd round. Evaluation teams in the fourth round examine all Financial Action Task Force (FATF) key and core Recommendations as well as other Recommendations which were previously rated "non compliant" or "partially compliant". 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.


[24 September 2010 - deadline] Secondment of an official to MONEYVAL: call for candidates 

The Directorate General of Human Rights and Legal Affairs (DG-HL) is currently looking for an official to be seconded for a minimum period of one year, commencing as of 1 January 2011. The seconded official will provide expert assistance to the Directorate of Monitoring 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. For more information on the post and the application procedure please click here.


[19 July 2010] MONEYVAL Evaluator Training Seminar
 

MONEYVAL held its evaluator training seminar from 12 to 16 July 2010 in Andorra la Vella. The seminar was attended by 34 delegates from 22 different countries.  In addition to delegates from 17 MONEYVAL countries there were also delegates from France, Germany, Italy, Spain and Turkey as well as representatives from the FATF and MONEYVAL Secretariat. 

The purpose of the seminar was to train future evaluators who would be involved in the 4th Round of mutual evaluations by MONEYVAL.

The learning was consolidated by participation in a number of worked exercises and case studies.  The materials used were based on training materials prepared by FATF, the IMF and the World Bank as well as material prepared by MONEYVAL.

 

During this event, delegates had also the pleasure to meet Mr Jaume Bartumeu Cassany, Head of the Andorran Government. 
 


[28 June 2010] FATF Plenary, Amsterdam (23-25 June 2010)

MONEYVAL participated in the 3rd FATF Plenary - XXI. The Chairman's summary provides an overview of the major outcomes of the Plenary, during which India became a full member of the FATF and the mutual evaluations of the Kingdom of Saudi Arabia, India and Brazil were approved.
Also, as part of its on-going action to identify and work with jurisdictions with strategic AML/CFT deficiencies, the FATF has updated its two public documents issued in February 2010:
FATF Public Statement
Improving AML/CFT Compliance: On-going Process


[16 June 2010] Publication of the annual activity report for 2009

MONEYVAL released its annual activity report for 2009. This report provides detailed information about the Committee’s activities and achievements in 2009, its co-operation with other international players in the global AML/CFT network of assessment bodies as well as its current initiatives and future areas of work in 2010. In 2009, MONEYVAL adopted 5 third round mutual evaluation reports, 10 first progress reports, 4 second progress reports and took action under the Compliance Enhancing Procedures in respect of two of its jurisdictions. It has completed its third round of mutual evaluations, which includes a review of progress overall in its countries as at the end of this evaluation cycle, becoming the first global assessment body to commence a more focused 4th round of evaluations on AML/CFT matters.

Link to:
Report


[14 June 2010] On-site evaluation visit to the Republic of Cyprus completed

A MONEYVAL team of evaluators visited the Cyprus from 7 to 12 June 2010 under the fourth evaluation round. The visit was coordinated by the Unit for Combating Money Laundering (MOKAS). The team met with the Minister for finance, Mr Charilaos G. Stavrakis, the Attorney General, Mr Petros Clerides, as well as representatives from 30 organisations and agencies including law enforcement agencies, government departments, financial services supervisors and the private sector. 

The meetings were held in Nicosia. A key findings document was discussed with the Cyprus authorities and left with them at the conclusion of the mission. The draft report will now be prepared for review and adoption by MONEYVAL at its 35th Plenary meeting (March 2011).

MONEYVAL`s fourth round evaluations are more focused and primarily follow up the recommendations made in the 3rd round. Evaluation teams in the fourth round examine all Financial Action Task Force (FATF) key and core Recommendations as well as other Recommendations which were previously rated "non compliant" or "partially compliant". 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 June 2010] On-site evaluation visit to the Czech Republic completed

A MONEYVAL team of evaluators visited the Czech Republic from 22 to 29 May 2010 under the fourth evaluation round. The visit was coordinated by the Ministry of Finance (Financial Analytical Unit). The team met with the Deputy Minister of Finance Mr Jan MALEK as well as with representatives from 23 organisations and agencies including law enforcement agencies, government departments, financial services supervisors and the private sector. The meetings were held in Prague.

A key findings document was discussed with the Czech authorities and left with them at the conclusion of the mission. The draft report will now be prepared for review and adoption by MONEYVAL at its 34th  Plenary meeting (6 - 10 December 2010).

MONEYVAL`s fourth round evaluations are more focussed and primarily follow up the recommendations made in the 3rd round. Evaluation teams in the fourth round examine all Financial Action Task Force (FATF) key and core Recommendations as well as other Recommendations which were previously rated "non compliant" or "partially compliant". 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.


[23 April 2010] MONEYVAL report on the 4th assessment visit of Slovenia public

The mutual evaluation report on the 4th assessment visit of Slovenia, as adopted at MONEYVAL's 32nd plenary meeting (15-18 March 2010) is now available for consultation.

Links to:
Executive Summary
 
Report
Annexes


[15 April 2010] Money laundering through private pension funds and the insurance sector - Red flags and indicators

This report seeks to bring together a comprehensive list of red flags and indicators specifically for the insurance and private pensions sectors, which are drawn from indicators developed by countries within the MONEYVAL region as well as other relevant sources. It will be further complemented by a comprehensive typology report on ML/TF through private pension funds and the insurance sector, which is expected to be finalised in September 2010.
Report


[29 March 2010] Participation in the EU Asset Recovery Offices' Platform

MONEYVAL participated in the 4th meeting of the informal platform of the EU Asset Recovery Offices, which took place in Brussels from 25 to 26 March 2010. This platform gathers representatives from Asset Recovery Offices established in EU member States, in order to ensure effective exchange of information, coordination and co-operation. The Secretariat of MONEYVAL presented at this meeting the results of the survey on the enforcement of non-conviction based confiscation orders in MONEYVAL member States and the state of play on the Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing of Terrorism (CETS No. 198).


[27 March 2010] Outcome of the 32nd Plenary Meeting (15-18 March 2010)

MONEYVAL, at its 32nd plenary meeting, achieved several significant results :
- revised its rules of procedure regarding the examination of follow up reports, the application of compliance enhancing procedures and decision-making processes;
- adopted the mutual evaluation report on the 4th assessment visit of Slovenia;
- examined the first progress reports submitted by Ukraine and Montenegro and adopted the latter;
- examined and adopted the second progress reports submitted by Lithuania and Georgia;
- adopted its 2009 Annual Report;
- adopted in the context of the typologies project on Money laundering through private pensions funds and the insurance sector a report on red flags and indicators.
The publication of these reports will take place shortly. At this plenary, MONEYVAL welcomed two news members of the Secretariat, Ms Natalia Voutova and Mr Fabio Baiardi (kindly seconded by Switzerland).

The next plenary meeting is scheduled from 27 September – 1 October 2010.


[24 February 2010] FATF Plenary, Abu Dhabi (17-19 February 2010)

As part of its on-going work and response to G20 call to identify jurisdictions, the FATF has produced two documents:

FATF Public Statement
Improving Global AML/CFT Compliance: On-going Process


[12 February 2010] Mutual evaluation report on Serbia public

The 3rd round evaluation report on Serbia, as adopted at MONEYVAL’s 31st Plenary meeting (7-11 December 2009), is now available for consultation.

Links to:
Executive Summary
Mutual evaluation report
Annexes - Part 1
Annexes - Part 2


[27 January 2010] Mutual evaluation report on Bosnia and Herzegovina public

The 3rd round evaluation report on Bosnia and Herzegovina, as adopted at MONEYVAL’s 31st Plenary meeting (7-11 December 2009), is now available for consultation.

Links to:
Executive Summary
Mutual evaluation report
Annexes


[27 January 2010] On - site evaluation visit to Hungary

A MONEYVAL team of evaluators visited Hungary from 18 to 22 January 2010 under the fourth evaluation round. The visit was coordinated by the Ministry of Finance and the Hungarian Financial Supervisory Authority. The team met with State Secretary Tamas Katona as well as representatives from 25 organisations and agencies including law enforcement agencies, government departments,  financial services supervisors, trade associations and the private sector. The meetings were held in Budapest.

A key findings document was discussed with the Hungarian authorities and left with them at the conclusion of the mission. The draft report will now be prepared for review and adoption by MONEYVAL at its 33rd Plenary meeting (27-30 September 2010).

MONEYVAL`s fourth round evaluations are more focussed and primarily follow up the recommendations made in the 3rd round. Evaluation teams in the fourth round examine all Financial Action Task Force (FATF) key and core Recommendations as well as other Recommendations which were previously rated "non compliant" or "partially compliant". 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.


[11 January 2010] Mutual evaluation report on Armenia public

The 3rd round evaluation report on Armenia, as adopted at MONEYVAL’s 30th Plenary meeting (21-24 September 2009), is now available for consultation. The report was prepared by the International Monetary Fund under co-operation agreements between IMF and MONEYVAL. MONEYVAL was additionally responsible for evaluation of compliance with the European Union directives, which are part of MONEYVAL's specific mandate. 

Links to:
Executive Summary
Mutual evaluation report
Report on compliance with the EU directives



2009



[14 December 2009] Outcome of the 31st Plenary Meeting

MONEYVAL, at its 31st plenary meeting, achieved several significant results :
-         
the adoption of the mutual evaluation reports of Serbia and of Bosnia and Herzegovina;
-         
the adoption of the first progress reports submitted by Azerbaijan and Estonia;
-
       the adoption of the second progress reports submitted by Latvia;
-          the adoption on 11 December, under Step VI of the Compliance Enhancing Procedures, of a fourth statement in respect of Azerbaijan and the withdrawal of previous public statements;
-          the adoption of a questionnaire on enforcement of civil confiscation orders.

With the adoption of these two mutual evaluation reports, MONEYVAL concluded its third round of mutual evaluations. The publication of the executive summaries of these reports as well as of the above-mentioned progress reports will take place shortly.

MONEYVAL also held exchanges of views on the impact of the global economic crisis on AML/CFT and on policy options for combating proliferation financing.

At this plenary, MONEYVAL elected for a mandate of two years its President, Mr Vladimir Nechaev (Russian Federation), its Vice-President, Mr Anton Bartolo (Malta), and three bureau members, Mr Damir Bolta (Croatia), Mr Alexandru Codescu (Romania) and Mr Armen Malkhasyan (Armenia).

Furthermore, MONEYVAL welcomed a new member of the Secretariat, Mr Sener Dalyan, kindly seconded by the Ministry of Justice  of Turkey.

The next plenary meeting is scheduled for 15-19 March 2010.


[November 2009] MONEYVAL 8th Typologies meeting

Over 80 experts from 24 countries and 2 international organisations attended from 10 to 12 November 2009 in Limassol the MONEYVAL’s 8th experts’ meeting on typologies, which was organised and co-financed by the Cypriot authorities, the Unit for Combating Money Laundering (MOKAS) and the Council of Europe. Private sector representatives were also invited to attend the meeting.

The meeting was opened by Mr Petros CLERIDES, Attorney General and was closed by Mr Charilaos STAVRAKIS, Minister of Finance of the Republic of Cyprus. The meeting was chaired by Ms Eva ROSSIDOU-PAPAKYRIACOU, Head of the Unit for Combating Money Laundering and Head of the delegation of Cyprus to MONEYVAL.

During the 3-day meeting, participants examined a number of emerging money laundering and terrorist financing methods and trends in the context of two typology research projects, focusing on the ways in which money launderers operate through the insurance and private pension funds sector, as well as through the internet gaming sector.

MONEYVAL undertakes regularly typologies researches to better understand the money laundering and terrorist financing environment in the European region and to assist through its findings decision makers and operational experts with up-to-date information in order that they may target policies and strategies to combat these threats. The final reports on these two topics are expected to be available in the second half of 2010.


[16 October 2009] FATF Statement

The key outcomes of the FATF XXI Plenary meeting which was held in Paris on 14-16 October 2009 and the FATF statement concerning the anti-money laundering and countering the financing of terrorism (AML/CFT) systems of Iran, Uzbekistan, Turkmenistan, Pakistan and São Tome and Principe.

Link to:
Chairman's summary and FATF Statement


[25 September 2009] Outcome of the 30th Plenary Meeting 

MONEYVAL, at its 30th plenary meeting, achieved several significant results :
- the adoption of the mutual evaluation report of Armenia (prepared by IMF),
- the adoption of the first year progress reports submitted by Romania (report / annexes), the Russian Federation, "the former Yugoslav Republic of Macedonia" (report) and Israel, 
- the adoption of the second year progress report submitted by Albania (report) and the Slovak Republic (report) ,
- the adoption of the third compliance report of San Marino (report / annexes Part 1/ Part 2)
- the adoption on 24 September, under Step VI of the Compliance Enhancing Procedures, of a third statement in respect of Azerbaijan
- the revision of its Rules of Procedure
- the launching of a new typology research project on "Criminal money flows on the internet: methods, trends and multi-stakeholder counteraction"

The next plenary meeting is scheduled from 7 to 11 December 2009.


[23 September 2009] FATF President addresses MONEYVAL at the 30th Plenary meeting

Mr. Paul Vlaanderen, FATF President participated in MONEYVAL's 30th Plenary meeting. He addressed the Committee on 23 September, highlighting the crucial role of the FATF-style regional bodies for the long-term viability of FATF's mandate, the close relationship between the FATF and MONEYVAL as well as the priorities of the Dutch Presidency.

Link to:
Speech


[21-24 September 2009] 30th Plenary Meeting of MONEYVAL

Agenda items: examination of the third round mutual evaluation report on Armenia, the first progress reports of Israel, Romania, the Russian Federation, “the former Yugoslav Republic of Macedonia” and the second progress reports of Albania and of the Slovak Republic . There will also be consideration of countries within the MONEYVAL enhanced follow-up procedures as well as of possible amendments to the Rules of Procedure.

The Committee will also hold an exchange of views on the impact of the global economic crisis on AML/CFT as well as on the experience of countries in the provision of international cooperation in connection with civil confiscation.

The FATF President Mr. Paul Vlaanderen, will address the Committee members on 23 September 2009.


[13 July 2009] MONEYVAL Evaluator Training Seminar
 

MONEYVAL held an evaluator training seminar on 6 - 10 July 2009.  The seminar, which was held in San Marino, was attended by 31 delegates from 24 different countries.  In addition to delegates from 19 MONEYVAL countries there were also delegates from Austria, France, the Netherlands and Switzerland as well as a representative from the GIABA Secretariat (Inter Governmental Action Group against Money Laundering in West Africa).  The San Marino authorities made a generous contribution to the costs of the seminar. 

The purpose of the seminar was to train future evaluators in anticipation of the commencement of the 4th Round of mutual evaluations by MONEYVAL. The seminar consisted of a number of presentations by international experts, including representatives of International Monetary Fund (IMF) and the World Bank. 

The learning was consolidated by participation in a number of worked exercises and case studies.  The materials used were based on training materials prepared by FATF, the IMF and the World Bank as well as material prepared by MONEYVAL.

 


[29 June 2009] FATF Statement


The key outcomes of the FATF XX Plenary meeting which was held in Lyon on 24-26 June 2009 and the FATF statement concerning the anti-money laundering and countering the financing of terrorism (AML/CFT systems of Iran, Uzbekistan, Turkmenistan, Pakistan and Sao Tome and Principe.

Link to:
Chairman's summary and FATF Statement


[5 June 2009] MONEYVAL Publishes Today its Annual Report of Activities (2008) 

MONEYVAL releases its annual activity report for 2008. This report provides detailed information about the Committee’s activities, its achievements for the 2007-2008 year, and co-operation with other international players in the global AML/CFT network of assessment bodies. In 2008, MONEYVAL adopted 9 Third Round mutual evaluation reports, 7 first progress reports, 2 second progress reports and took action under the Compliance Enhancing Procedures in respect of two of its jurisdictions. The mutual evaluation, progress and compliance reports are publicly available on the website, as well as the 2008 typology reports.
 


[23 May - 3 June 2009] On-site evaluation visit to Bosnia and Herzegovina

A MONEYVAL team of evaluators visited Bosnia and Herzegovina from 23 May to 3 June 2009 under the third evaluation round.

The visit was coordinated by the State Investigation and Protection Agency (SIPA).  The team met with the Working Group of Institutions of Bosnia and Herzegovina for the Prevention of Money Laundering and Financing of Terrorist Activities.  The team also met with representatives from 62 of law enforcement agencies, government departments,  financial services supervisors, international organisations and the private sector from Bosnia and Herzegovina, the Federation of Bosnia and Herzegovina, Republic of Srpska and Brĉko District.  The meetings were held in both Sarajevo and Banja Luka.

A key findings document was discussed with the Bosnian authorities and left with them at the conclusion of the mission. The draft report will now be prepared for review and adoption by MONEYVAL at its 31st Plenary meeting (7-11 December 2009).

This evaluation is based on the Forty Recommendations 2003 and the Nine Special Recommendations on Terrorist Financing 2001 of the Financial Action Task Force (FATF), 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.


[25 May 2009] Mutual evaluation report on Ukraine

The mutual evaluation report on Ukraine, as adopted at MONEYVAL's 29th plenary meeting (16-20 March 2009) is now available for consultation.

Links to:
Report
Annexes


[10-16 May 2009] On-site evaluation visit to Serbia

A MONEYVAL team of evaluators visited Serbia from 10 to 16 May 2009 under the third evaluation round.

The team met with Mr Miodrag Didic, State Secretary of the Ministry of Finance, and representatives from the following institutions and organisations: Administration for the Prevention of Money Laundering, National Bank of Serbia, Securities Commission, Foreign Currency Inspectorate, Administration of Games of Chance, Customs Administration, Ministry of Justice, Ministry of Interior, Security Information Agency, District Court of Belgrade, State Prosecutor’s Office, Ministry of Public Administration and Local Self-Government, Ministry of Foreign Affairs. The team also held meetings with representatives of the Post Office, Association of Serbian Insurers, Association of accountants and Auditors, Bar Association, Association of Serbian Banks, banks, insurance companies, pension funds, broker and leasing companies, casino, foreign exchange offices.

A key findings document was discussed with the Serbian authorities and left with them at the conclusion of the mission. The draft report will now be prepared for review and adoption by MONEYVAL at its 31st Plenary meeting (7-11 December 2009).

This evaluation is based on the Forty Recommendations 2003 and the Nine Special Recommendations on Terrorist Financing 2001 of the Financial Action Task Force (FATF), 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.


[7 May 2009] Mutual evaluation report on Montenegro public

The mutual evaluation report on Montenegro, as adopted at MONEYVAL's 29th plenary meeting (16-20 March 2009) is now available for consultation.

Link to:
Report


[29 April 2009] MONEYVAL gives evidence to House of Lords inquiry on money laundering

MONEYVAL was invited to provide written evidence to the Sub-Committee on Home Affairs of the Select Committee on the European Union of the House of Lords (UK) inquiry into EU and international cooperation to counter money laundering and the financing of terrorism. A Memorandum of evidence was provided which is published on the Sub-Committee’s website.

On 29 April, the Executive Secretary of MONEYVAL also gave oral evidence to the inquiry. Links to the written and oral evidence are provided beneath.

Links to:
Written evidence
Webcast of oral evidence (starts at 1hour 32 minutes of the video)


[16-20 March 2009] Outcome of the 29th Plenary meeting (Strasbourg)

MONEYVAL, at its 29th plenary meeting, achieved several significant results:
- the adoption of the mutual reports of Montenegro (executive summary) and Ukraine (executive summary)
- the adoption of the first year progress reports submitted by Bulgaria (report), Croatia (report/ annex), Czech Republic (report), San Marino (report) and Monaco (report)
- the adoption of the second year progress report submitted by Cyprus (report)
- the adoption and the publication on 20 March, under Step VI of the Compliance Enhancing Procedures, of a second statement in respect of Azerbaijan
- the adoption of its 2008 Annual Report

The next plenary meeting is scheduled from 21 to 25 September 2009.


[February 2009] FATF Statement

The anti-money laundering and countering the financing of terrorism (AML/CFT) systems of Iran, Uzbekistan, Turkmenistan, Pakistan and São Tome and Principe were the subject of a statement issued during the FATF XX Plenary, held in Paris in February 2009.


[20 March 2009 - deadline] Secondment of three officials to MONEYVAL: call for candidates

The
Directorate General of Human Rights and Legal Affairs (DG-HL) is currently looking for three officials to be seconded for a minimum period of one year, commencing as soon as possible. The seconded officials will provide expert assistance to the Directorate of Monitoring in the implementation of the MONEYVAL mutual evaluation programme.

For more information on the posts and the application procedure please click here.


[16 February 2009] Mutual evaluation report on Estonia

The mutual evaluation report on Estonia, as adopted at MONEYVAL's 28th plenary meeting (8-12 December 2008) is now available for consultation.

Link to:
Report


[14 January 2009] Mutual evaluation report on Azerbaijan

The mutual evaluation report on Azerbaijan, as adopted at MONEYVAL's 28th plenary meeting (8-12 December 2008) is now available for consultation.

Link to:
Report



2008
 


[17 December 2008] Outcome of the 28th Plenary meeting

MONEYVAL, at its 28th plenary meeting (Strasbourg, 8-12 December 2008), achieved several significant results, including:

- the adoption and publication, under Step VI of the compliance enhancing procedures, of a statement in respect of Azerbaijan (public statement)
- the adoption of the mutual evaluation reports of Estonia (executive summary)  and Azerbaijan (executive summary)  
- the adoption of the first year progress reports submitted by Andorra (report), Liechtenstein (report), Malta (report), Moldova (report/ annex)
- the adoption of the second year progress reports submitted by Slovenia (report) and Hungary (report)
- the adoption of the Second Compliance Report on San Marino under Step I of the compliance enhancing procedures (report / annex) 
- the revision of the Rules of Procedure for the third evaluation round

The publication of the above-mentioned progress reports will take place shortly . The Czech Republic presented a first year progress report and, following examination of the report,  has been invited to clarify certain issues before a decision is taken on adoption.

MONEYVAL elected its Vice-Chair, Ms Eva Rossidou-Papakyriacou (Senior Counsel of the Republic, Head of the Unit for Combating Money Laundering, Attorney General's Office, Cyprus) and a Bureau member, Mr Liutaras Zygas (Chief legal adviser, Bank of Lithuania).

MONEYVAL had also the pleasure of a two day visit from Antonio Gustavo Rodrigues, FATF President, who made a keynote address and actively engaged in dialogue with the delegations and with the Bureau. A specific session was dedicated to the issue of the implementation of the risk based approach and related guidance developed by the FATF.

Furthermore, MONEYVAL welcomed a new member of the Secretariat, John Baker, kindly seconded by the Financial Services Authority (United Kingdom).
The next plenary meeting is scheduled for 16-20 March 2009.


[3 December 2008] Mutual evaluation report on "the former Yugoslav Republic of Macedonia" public

Link to:
Report


[2 December 2008] Typologies report on money laundering and counterfeiting

This report examines the links between money laundering and counterfeiting. It analyses through case examples the methods and techniques used to launder proceeds derived from counterfeit trading, terrorist financing techniques involving counterfeit products  and other techniques used in the counterfeit industry.

Link to
:
Report


[24-26 November 2008] FATF / MONEYVAL Joint Typologies Meeting 2008 in Monaco

The 7th experts’ meeting on typologies was held jointly with the Financial Action Task Force (FATF) in Monaco, from 24 to 26 November 2008 and gathered over 150 experts from 50 countries and international organisations. It focussed on the ways in which money launderers operate through the securities industry, sporting clubs  and money service businesses and examined emerging trends and patterns of behaviour in these areas.

Speeches:
His Serene Highness, Prince Albert II of Monaco
Mr António Gustavo Rodrigues, President of the FATF
Dr Vasil Kirov, Chairman of MONEYVAL



[21 November 2008 - deadline] Call for candidates

The
Directorate General of Human Rights and Legal Affairs (DG-HL) is currently looking for an official to be seconded for a minimum period of one year, commencing in January 2009. The seconded official will provide expert assistance to the Directorate of Monitoring in the implementation of the MONEYVAL mutual evaluation programme.

For more information on the post and the application procedure please click here


[17 October 2008] Mutual evaluation report on Romania public

The mutual evaluation report on Romania, as adopted at MONEYVAL's 27th plenary meeting (7-11 July 2008) is now available for consultation.

Link to:
Report


[16 October 2008] FATF Statement

The FATF issued a statement on 16/10/2008 which covers several countries and the northern part of Cyprus. The term northern part of Cyprus refers to the area in which the Government of the Republic of Cyprus does not exercise effective control. Link


Typologies report on the use of securities in money laundering schemes

This report seeks to analyse the underlying vulnerabilities in the securities markets and highlight a number of methodologies which have been employed in laundering money through securities transactions. It also provides guidance on techniques to prevent and detect money laundering.

Link to:
 
Report(English version only)


[7 October 2008] On-site evaluation visit to Ukraine

A MONEYVAL team of examiners visited Ukraine from 22 September to 1 October 2008.
The team met with authorities and private sector representatives in Kyiv, Lviv (Lviv oblast), Simferopol (Autonomous Republic of Crimea) and Donetsk (Donetsk oblast). It met with the following institutions and organisations: the Council of Ministers of AR Crimea, the State Administration of Lvivska oblast and Donetska oblast, the State Committee for Financial Monitoring (and its three regional subdivisions), the State Commission on Securities and Stock Market, the State Commission on Financial Services Market Regulation, the National Bank, the State Tax Administration, the Ministry of Interior, the Security Service, the Supreme Court, the Kyiv Court of Appeal, the General Prosecutor’s Office and Prosecutor’s Offices in the regions, the Ministry of Justice, the Ministry of Finance, State Customs, the Administration of State Border Service, the State Committee on Regulatory Policy and Entrepreneurship. It also met with private sector representatives from the League of Insurance organisations, the Association of Ukrainian banks, the Professional association of Registrar and Depositaries, the National Depository of Ukraine, the Ukrainian Association of Gambling Business Actors, as well as representatives of banks, insurance companies, pawnshops, credit unions, securities traders, asset management companies, casinos and Western Union.

The draft report will now be prepared for review and adoption by MONEYVAL at its 29th Plenary meeting (16-20 March 2009). This evaluation is based on the Forty Recommendations and the 9 Special Recommendations of the FATF, together with Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 and the relevant implementing measures.


[1 October 2008] Mutual evaluation report on Russian Federation public

The mutual evaluation report on Russian Federation, as adopted at MONEYVAL's 27th plenary meeting (7-11 July 2008) is now available for consultation.
 
Link to:
 Report


[22 September 2008] Mutual evaluation report on San Marino public

The mutual evaluation report on San Marino, as adopted at MONEYVAL's 26th plenary meeting (31 March-4 April 2008) is now available for consultation.

Link to:
Report


[17 September 2008] Mutual evaluation report on Israel public

The mutual evaluation report on Israel, as adopted at MONEYVAL's 27th plenary meeting (7-11 July 2008) is now available for consultation.

Link to:
Report


[22 July 2008] Mutual evaluation report on Andorra public

The 3rd round evaluation report on Andorra, as adopted at MONEYVAL's 24th plenary meeting is now available for consultation.


Link to:
Report


[24 July 2008] First compliance report of San Marino

The compliance report of San Marino, as adopted at MONEYVAL’s 27th plenary meeting (7-11 July 2008)is now available for consultation.

Link to:
Report


[24 July 2008] Progress reports: Georgia and Poland

The progress reports on Georgia and Poland, as adopted at MONEYVAL’s 27th plenary meeting (7-11 July 2008) are now available for consultation.

Links to:
Georgia
Poland


[24 July 2008] Summary of the 3rd round evaluation report on the Russian Federation, Israel and "the former Yugoslav Republic of Macedonia public

The summary of the above-mentioned reports, as adopted at MONEYVAL’s 27th plenary meeting (7-11 July 2008) are now available for consultation.

Links to:
Summary (Russian Federation)
Summary ("The former Yugoslav Republic of Macedonia")
Summary (Israel)


[18 July 2008] Summary of the 3rd round evaluation report on Romania public

The summary of the 3rd round evaluation report on Romania, as adopted at MONEYVAL’s 27th plenary meeting (7-11 July 2008) is now available for consultation.

Link to:
Summary


[4 July 2008] Mutual evaluation report on Bulgaria public

The 3rd round evaluation report on Bulgaria, as adopted at MONEYVAL's 26th plenary meeting (31 March - 4 April 2008), is now available for consultation.


Link to:
Report


[23 May 2008] Summary of the 3rd round evaluation report on San Marino public

The summary of the 3rd round evaluation report on San Marino, as adopted at MONEYVAL’s 26th plenary meeting (31 March - 4 April 2008) is now available for consultation.


Link to:
Summary


[23 April 2008] Visit to Azerbaijan

A MONEYVAL team of examiners visited Azerbaijan from 13-20 April 2008. The team met with the following institutions and organisations: the National Bank of Azerbaijan, the Ministry of Finances, the State Committee on Securities, the Ministry of Foreign Affairs; the Ministry of Security; the Ministry of Taxes; representatives of the Prosecutor General’s Office; senior judges of the Supreme Court; the Ministry of Justice; the Ministry of Internal Affairs; the State Customs committees, a senior notary; representatives of the Azerbaijani Banks Association and individual banking corporations, practitioners in the private sector from the insurance and securities on markets, representatives of the Assay Chamber. A key findings document was discussed with the Azerbaijani authorities and left with them at the conclusion of the mission.

The draft report will now be prepared for review and adoption by MONEYVAL later in 2008. This evaluation is based on the Forty Recommendations and the 9 Special Recommendations of the FATF, together with Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 and the relevant implementing measures.


[14 April 2008] Mutual evaluation report on Croatia public

The 3rd round evaluation report on Croatia and the summary of the report, as adopted at MONEYVAL’s 26th plenary meeting (31 March - 4 April 2008), are now available for consultation.


Links to:
Report
Summary


[9 April 2008] Summary of the 3rd round evaluation report on Bulgaria

The summary of the 3rd round evaluation report on Bulgaria, as adopted at MONEYVAL's 26th plenary meeting (31 March - 4 April 2008), is now available for consultation.

Link to
Summary


[16 May 2008 -deadline] Secondment of two officials to MONEYVAL: call for candidates

The
Directorate General of Human Rights and Legal Affairs (DG-HL) is currently looking for two officials to be seconded for a minimum period of one year, commencing as soon as possible. The seconded officials will provide expert assistance to the Directorate of Monitoring in the implementation of the MONEYVAL mutual evaluation programme.

For more information on the post and the application procedure please click here.


[31 March - 4 April 2008] 26th Plenary Meeting of the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and Financing of Terrorism

Highlights: examination of the 3rd round evaluation reports on Bulgaria, San Marino and Croatia and of the progress report on Lithuania.

 


[5 March 2008] Mutual evaluation report on the Principality of Liechtenstein public

The 3rd round evaluation report on the Principality of Liechtenstein, as adopted at MONEYVAL’s 24th Plenary meeting (10-14 September 2007), is now available for consultation. The report was prepared by the International Monetary Fund under co-operation agreements between IMF and MONEYVAL. MONEYVAL was additionally responsible for evaluation of compliance with the European Union directives, which are part of MONEYVAL's specific mandate. 


Link to:
Report: Part I / Part II


[28 February 2008] FATF Statement

The FATF has issued a statement which covers several countries and the AML/CFT risks in transactions with financial institutions operating in the northern part of Cyprus. The term northern part of Cyprus refers to the area in which the Government of the Republic of Cyprus does not exercise effective control.


[28 February 2008] Mutual evaluation report on the Principality of Monaco public (French version only)

The 3rd round evaluation report on the Principality of Monaco, as adopted at MONEYVAL’s 25th Plenary meeting (3-6 December 2007), is now available for consultation.


Link to:
Report


[20 February 2008] Mutual evaluation report on the Republic of Moldova public

The 3rd round evaluation report on the Republic of Moldova, as adopted at MONEYVAL’s 24th Plenary meeting (10-14 September 2007), is now available for consultation.

Link to:
Report


[18 February 2008] Mutual evaluation report on the Czech Republic now available

The 3rd round evaluation report on the Czech Republic, as adopted at MONEYVAL’s 24th Plenary meeting (10-14 September 2007), is now available for consultation.

Link to:
Report


[14 January 2008] Mutual evaluation report on Poland public

The 3rd round evaluation report on Poland, as adopted at MONEYVAL’s 23rd Plenary meeting (5-7 June 2007), is now available for consultation.

Link to:
Report


[2 January 2008] Progress report of Latvia public

The progress report of Latvia, as adopted at MONEYVAL’s 25th Plenary meeting (Strasbourg, 3-6 December 2007), is now available for consultation (English version only).

Link to
Report



2007



Mutual evaluation: Andorra, Czech Republic, Malta and Moldova

The executive summaries of the 3rd round mutual evaluation reports of the above-mentioned countries, as adopted at the 24th Plenary meeting, are available


[18 December 2007] Summary of the report on the Principality of Monaco

The summary of the report on the Principality of Monaco is now available.

Link to:
Summary


[12 December 2007] Public Statement  in respect of Azerbaijan

MONEYVAL issued its first public statement under Step VI of its Compliance Enhancing Procedures at its 28th Plenary meeting (8-12 December 2008).

Link to:
Statement on Azerbaijan


Summary of the report on the Principality of Andorra

The summary of the report on the Principality of Andorra is now available.


[3-6 December 2007] 25th Plenary Meeting of MONEYVAL

Highlights: 10th Anniversary of MONEYVAL – opening address by Terry Davis, Secretary General of the Council of Europe on Monday 3 December at 12.30 pm. The President of the FATF, James Sassoon, will also address the meeting.

Agenda items: examination of the 3rd round evaluation report on the Principality of Monaco and of the progress reports of Latvia, Lithuania and Montenegro. The Committee will also elect its Chair and Vice-Chair and a new Bureau.


[28 November 2007] Mutual evaluation report on Malta public

The 3rd round evaluation report on Malta, as adopted at MONEYVAL’s 24th Plenary meeting (10-14 September 2007), is now available for consultation.

Link to:
Report


[26 November 2007] Joint FATF/MONEYVAL/EAG on site-visits in the Russian Federation under the third evaluation round

A joint FATF/MONEYVAL/EAG team of examiners visited the Russian Federation on 2 on-site visits from 23 September - 2 October and again from 10 - 25 November 2007. The team met with Prime Minister V. Zubkov, the Minister of Finance Mr. Kudrin and mr. V. Ivanov, Assistant to the President of Russia. The team further met with representatives from the following institutions/services: the Financial Intelligence Unit (Rosfinmonitoring), the Foreign Affairs Ministry, Ministry of Internal Affairs, the Federal Security Service,  the Federal Drug Control Office, the General Prosecution Office, the Federal Customs Service, the Federal Tax Service (registration of legal entities), Ministry of Justice (Federal Registration Service - registration of NPOs), the Supreme Court, the Central Bank of Russia, The Federal Insurance Supervision Service, the Federal Service for Financial Markets, Roscommunications, Association of Russian Banks, Lawyers and Notaries Association, the Assay Chamber, the office of federal post for the city of Moscow - branch of "Post of Russia". The Team also met with representatives from casinos, commercial banks, insurance companies, securities companies, real estate agencies, and a precious stones and metal company. The team not only visited Moscow but also met with authorities and private sector representatives in some of the 7 Federal Districts: Nizhny Novgorod (Volga District), Khabarovsk (Far Eastern District), Kaliningrad (part of the North-West District), Rostov-na-Donu (Southern District). The draft report will now be prepared for review and adoption by the FATF/MONEYVAL/EAG Committees. The review and adoption by the MONEYVAL Committee is scheduled for July 2008. This evaluation is based on the Forty Recommendations and the 9 Special Recommendations of the FATF, together with the two Directives of the European Commission (91/308 EEC and 2001/97/EC).


[22 November 2007] MONEYVAL first visit to Israel

A MONEYVAL team of examiners visited Israel from 4-12 November 2007. The team met with representatives from the following institutions/services: the Financial Intelligence Unit; the Ministry of Justice; the State Attorney’s Office; the Registrar of Companies; the Governor of the Bank of Israel and supervisory staff; the Ministry of Communication as supervisor of the Postal Bank; the Capital Markets, Insurance and Savings Division in the Ministry of Finance; the Inspector General of the Israeli Police and relevant police divisions; the Customs and tax authorities; an external auditing firm; the diamond sector supervisor (Ministry of Trade); a money service business provider; the Israel Securities Authority; compliance officers for commercial banks and insurance companies and stock exchange members; and the Israeli Security Agency.

A key findings document was discussed with the Israeli authorities and left with them at the conclusion of the mission. The draft report will now be prepared for review and adoption by the MONEYVAL Committee in 2008.

This evaluation is based on the Forty Recommendations and the 9 Special Recommendations of the FATF, together with the two Directives of the European Commission (91/308 EEC and 2001/97/EC).


Progress report: Slovak Republic

Adopted written progress report submitted to MONEYVAL by the Slovak Republic (English version only)


Mutual evaluation report on Georgia public

The 3rd round evaluation report on Georgia, as adopted at MONEYVAL’s 22nd Plenary meeting (February 2007), is now available for consultation (English version only).

Links to:
Report
Annexes


Mutual evaluation: Poland

Executive summary of the 3rd round evaluation report on Poland (English version only)


Progress report: Albania

Adopted written progress report submitted to MONEYVAL by Albania (English version only)


[5-7 June 2007] 23rd Plenary Meeting of the Committee of Experts on the Evaluation of Anti-Money Laundering Measures

Highlights: examination of the 3rd round evaluation report on Poland and of the progress report on Albania, future mandate of MONEYVAL.


[6-12 May 2007] MONEYVAL visit in Romania under the third evaluation round

A MONEYVAL team of examiners visited Romania from 6-12 May 2007. The team met with representatives from the following institutions/services: the Financial Intelligence Unit (National Office for Prevention and Control of Money Laundering - NOPCML), the Ministry of Justice,  the Prosecutor’s Office by the High Court of Cassation and Justice - Directorate for Investigating Organized Crime and Terrorism (DIOCT),  the Ministry of Foreign Affairs, the National Bank of Romania, the Prosecutor’s Office attached to the High Court of Cassation and Justice (PO-HCCJ) - National Anticorruption Directorate (NAD), the Romanian Intelligence Service (RIS), courts, the National Customs Authority, the Border Police, the Ministry of Administration and Interior – General Directorate for Combating Organized Crime, Combating Serious Economic and Financial Criminality Directorate, the Financial Guard, the National Securities Commission, the Insurance Supervision Commission, the Association of Casinos Organizers from Romania, the Romanian Banks Association, the Romanian Association of Real Estate Agencies, the National Union of Real Estate, the National Union for Public Notaries, the National Union of Bars, the Expert Accountants and Authorized Accountants Body from Romania (CECCAR), the Financial Auditors Chamber, representatives from casinos, commercial banks, real estate agencies, public notaries, lawyers, accountants, auditors, brokers and financial investment companies. A key findings document was discussed with the Romanian authorities and left with them at the conclusion of the mission. The draft report will now be prepared for review and adoption by the MONEYVAL Committee in 2008. This evaluation is based on the Forty Recommendations and the 9 Special Recommendations of the FATF, together with the two Directives of the European Commission (91/308 EEC and 2001/97/EC).


[22-28 April 2007] MONEYVAL visit in Bulgaria under the third evaluation round

A MONEYVAL team of examiners went to Bulgaria from 22-28 April 2007. The team met with Mr. Dimiter Ivanovski, Deputy Minister of Finance, and representatives from the following institutions/services: the Financial Intelligence Unit (Financial Intelligence Agency – FIA), the National Revenue Agency (division responsible for on-site inspections over exchange offices), Customs Agency, Border Police, Ministry of Justice (Registry Agency and Department responsible for NPOs registration and mutual legal assistance), the Bulgarian National Bank, the Financial Supervision Commission, the Ministry of Interior (Chief Directorate of Combating Organized Crime – CDCOC). Supreme Prosecutor's Office of Cassation (SPOC) , prosecutors from other Prosecutors Offices , a judge, the National Investigation Agency, representatives of WG under Resolution 1373 of UNSC on combating Terrorist Financing issues, the Commission for the Establishing of Property Acquired by Criminal Activity (CEPACA), the State Commission on Gambling,  representatives from commercial banks, insurance companies, asset management companies and investment intermediaries,  casinos, notaries, lawyers, auditors, real estate agents, financial houses, exchange offices, post services and high value goods. A key findings document was discussed with the Bulgarian authorities and left with them at the conclusion of the mission.  The draft report will be prepared for review and adoption by the MONEYVAL Committee in the first semester of 2008. This evaluation is based on the Forty Recommendations and the 9 Special Recommendations of the FATF, together with the two Directives of the European Commission (91/308 EEC and 2001/97/EC).


[25-31 March 2007] MONEYVAL visit in “the former Yugoslav Republic of Macedonia” under the third evaluation round

A MONEYVAL team of examiners went to “the former Yugoslav Republic of Macedonia” from 25 to 31 March 2007. The team met during the visit with Dr.Trajko SLAVESKI, Minister of Finance, and representatives from the following institutions/services: the Financial Intelligence Unit (Money Laundering Prevention Directorate – MLPD), the Ministry of Justice (Section for European Integration and International Cooperation; Section for International Legal Assistance; State Administrative Inspectorate), the Ministry of Foreign Affairs (Section for multilateral cooperation), the Ministry of Interior (Administration for Security and Counter-intelligence), the Ministry of Finance (Insurance Supervision Department), Customs, Border Police, Financial Police, Public Revenue Office, the National Bank, the State Public Prosecution Office, the Basic Court, the Central Registry, the State Anti-Corruption Commission, banks, insurance sector, exchange offices, lottery and casinos, chamber of public notaries, bar association etc.

The draft report will be prepared for review and adoption by the MONEYVAL Committee in the first semester of 2008. This evaluation is based on the Forty Recommendations and the 9 Special Recommendations of the FATF, together with the two Directives of the European Commission (91/308 EEC and 2001/97/EC).


[28 March 2007] Mutual evaluation report on Lithuania public

The 3rd round evaluation report on Lithuania, as adopted at MONEYVAL’s 21st Plenary meeting (28-30 November 2006), is now available for consultation.

Link to:
Report

 


Summary of the 3rd round report on Georgia and progress report on Cyprus

The summary of the 3rd round evaluation report on Georgia and the progress report on Cyprus, as adopted at MONEYVAL’s 22nd Plenary meeting (joint plenary meeting FATF/MONEYVAL) are now available for consultation.


[21-23 February 2007] Chairmen’s summary: FATF/ MONEYVAL Joint Plenary meeting

Key outcomes from the joint Plenary meeting of the FATF and MONEYVAL in Strasbourg, France, 21 - 23 February 2007.


[21-23 February 2007] First FATF/ MONEYVAL Joint Plenary meeting - Strasbourg

The Financial Action Task Force (FATF) and the Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL) will, for the first time, hold a joint plenary meeting aimed at strengthening international co-operation to combat money laundering and terrorist financing. The first two days of the meeting will focus on mutual evaluations. The Plenary will study the FATF’s mutual evaluation of Turkey’s anti-money laundering laws and their enforcement, MONEYVAL’s 3rd round mutual evaluation report on Georgia and the MONEYVAL progress report on Cyprus. There will also be consideration of countries within the MONEYVAL follow-up procedures (Compliance Enhancing Procedures). Participants will also discuss the abuse of Value Added Tax systems for money laundering and money-laundering in South America.

 

2006


Progress reports of Hungary and Slovenia public

The progress reports of Hungary and Slovenia, as adopted at MONEYVAL’s 20th Plenary meeting (12-15 September 2006), are now available for consultation (English versions only).


[28-30 November 2006] Outcome of MONEYVAL 21st Plenary meeting (28-30 November 2006)

During its 21st Plenary meeting, MONEYVAL adopted the 3rd round MER on Lithuania examining the effectiveness of its national systems to combat money laundering and financing of terrorism. It heard a progress report from Bosnia and Herzegovina. Armenia and Azerbaijan presented reports under MONEYVAL's Compliance Enhancing Procedures and in respect of Azerbaijan, the Plenary agreed to move to Step 2. MONEYVAL also reviewed its general policies on publication and follow up. Amended Rules of Procedure now provide for automatic publication of mutual evaluation reports 3 months after adoption of reports. 3rd round progress reports, other updates and relevant follow up reports will also be subject to automatic publication on the MONEYVAL website.


[5-11 November 2006] MONEYVAL visit in Monaco under the third evaluation round

A MONEYVAL team of examiners went to Monaco from 5 to 11 November 2006.

The team had an exchange of views with Mr. Jean-Paul PROUST, Minister of State, and with Mr. Gilles TONELLI, Counselor for Finance and Economy, Mr. Paul MASSERON, Counselor for Internal Affairs, Mr. Henri FISSORE Counselor for Foreign relations and Mr. Philippe NARMINO, Director of the Department of Legal Services.

The institutions/services met during the visit included: the Financial Intelligence Unit SICCFIN, the Department of Finance and Economy, the Department of Legal Services, the Prosecutor General’s Office, Monaco representatives to the Banking Commission,  the Department of Economic Growth, the Direction of Public Safety, Customs, the Department for External Relations, Gaming Control, Real Estate Chamber, representatives from the association of banks, insurance sector, company service providers, casinos, notaries, lawyers and counsels, accountants, etc.

The draft report will be prepared for review and adoption by the MONEYVAL Committee in the second semester of 2007. This evaluation is based on the Forty Recommendations of the FATF and the 9 Special Recommendations of the FATF, together with the 2 Directives of the European Commission (91/308 EEC and 2001/97/EC).


[5 October 2006] Mutual evaluation report on Slovakia public

The 3rd round evaluation report of the Slovak Republic, as adopted at MONEYVAL’s 20th Plenary meeting (11-15 September 2006), is now available for consultation (English version only).

Link to:
Report


[24-30 September 2006] MONEYVAL visit in Croatia under the third evaluation round

A MONEYVAL team of examiners went to Croatia from 24 to 30 September 2006. The institutions/services met during the visit included: the Financial Intelligence Unit, the Foreign Exchange Inspectorate; The Tax Administration, the Customs Administration, the Croatian Financial Services Supervisory Agency, the Commercial Court, the State Attorney’s Office, the USKOK, the Ministry of Justice, the Ministry of Foreign Affairs, the Ministry of Economy, the Chamber of Commerce, representatives of insurance sector, casinos, public notaries, Bar Association, Association of Accountants, brokers etc. The draft report will be prepared for review and adoption by the MONEYVAL Committee in the second semester of 2007.


[12-15 September 2006] Adoption of mutual evaluation reports on Slovakia and Latvia

During its 20th Plenary meeting (12-15 September 2006), MONEYVAL has adopted the third round evaluation reports on Slovakia and Latvia on anti-money laundering and combating of financing of terrorism, as well as the progress reports for Slovenia, Hungary and Serbia.


New status for MONEYVAL

The Financial Action Task Force (FATF) decided in 2005 to invite FATF style regional bodies, like MONEYVAL, to apply for an enhanced status within FATF – that of  Associate Member. There are currently 9 FATF style regional bodies world-wide. In March this year, the Committee of Ministers authorised the Secretary General to make an application on behalf of the Council of Europe/MONEYVAL. The first group of applications was considered at the June FATF Plenary meeting in Paris. The Council of Europe/MONEYVAL application was unanimously accepted. The new status takes forward the Warsaw Action Plan, which stated that MONEYVAL should continue to strengthen its ties with FATF. At the same time the Asia Pacific Group (APG) and the South American Group (GAFISUD) were also accepted. There are several benefits arising from this new status – including the opportunity for more countries within MONEYVAL to attend and actively participate in FATF meetings as part of the Council of Europe/MONEYVAL delegation.


[4-7 July 2006]The 3rd round report of Albania was adopted at MONEYVAL’s July Plenary meeting

Link to:

Report



2005


[10 November 2005] MONEYVAL publishes its first evaluation reports.

According to the new publication policy of the Committee, Hungary and Slovenia have agreed to lift the confidentiality of their third round evaluation reports.


[10 June 2005] Publication of the report on “Proceeds of trafficking in human beings and illegal migration/human smuggling”

prepared by MONEYVAL in collaboration with the FATF following the typologies meeting held in Moscow, 6-8 December 2004. For the other reports, on alternative remittance systems, vulnerabilities in the insurance sector, money laundering and terrorist financing trends and indicators


[3 May 2005] The Convention on the prevention of terrorism, the (revised) Convention on laundering, search, seizure and confiscation of the proceeds from crime and on the financing of terrorism, and the Convention on action against trafficking in human beings
have just been adopted by the Committee of Ministers. These three treaties were opened for signature by Council of Europe member states at the Summit of Heads of State and Government (Warsaw, 16-17 May 2005). Website of the Treaty Office


[7 June 2005] Adoption of the Third Directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing


[2 December 2005] Survey of developments in electronic money and internet and mobile payments (March 2004)