In its new report published today, MONEYVAL acknowledged that there is strong political...
MONEYVAL published today the third progress report of the Holy See/Vatican City State. The report...
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of...
In a report published today, MONEYVAL says that the Andorran authorities have acquired a...
On 11 and 12 October 2017, MONEYVAL organised two roundtables in New York City and Washington...
At a glance
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism - MONEYVAL is a permanent monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering and the financing of terrorism and the effectiveness of their implementation, as well as with the task of making recommendations to national authorities in respect of necessary improvements to their systems. Through a dynamic process of mutual evaluations, peer review and regular follow-up of its reports, MONEYVAL aims to improve the capacities of national authorities to fight money laundering and the financing of terrorism more effectively.
MONEYVAL (formerly PC-R-EV) was established in 1997 and its functioning was regulated by the general provisions of Resolution Res(2005)47 on committees and subordinate bodies, their terms of reference and working methods. At their meeting on 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) . The statute elevates MONEYVAL as from 1 January 2011 to an independent monitoring mechanism within the Council of Europe answerable directly to the Committee of Ministers. MONEYVAL Statute was further amended in 2013 by the Resolution CM/Res(2013)13 and in 2017 by the Resolution CM/Res(2017)19.
Latest report on Ukraine
In a report published on 30 January 2018, MONEYVAL acknowledged that there is strong political commitment in Ukraine to prevent and combat money laundering and terrorism financing (ML/FT), and the measures undertaken have already had a positive effect. However, new legal provisions are required to render more dissuasive sentences for the crimes, more resources are needed, and high-level cases are to be investigated and prosecuted more actively.
Since the last evaluation in 2009, Ukraine has taken a number of welcome steps, namely the adoption of a dedicated law in 2014 strengthening the procedure of financial monitoring and enhancing efforts to fight corruption through the establishment of the National Anti-Corruption Bureau (NABU) of Ukraine and the National Corruption Prosecutors Office. Other positive initiatives, the report reads, include “very significant efforts” by the National Bank of Ukraine to remove criminals from having controls of banks, and the successful development of complex money laundering cases.
As far as terrorism financing is concerned, Ukraine has introduced it as a separate offence and is putting a system in place for countering it. However, there are still technical deficiencies that need to be addressed to bring the framework in line with international standards.