In order to understand the overall situation in its Member States and jurisdictions, MONEYVAL undertakes periodically horizontal reviews of the implementation of AML/CFT measures required by international standards. Such reviews allow to identify potential difficulties in the implementation of such measures, as well as to formulate more targeted recommendations and improve the focus of its activities in the future.
Horizontal reviews by MONEYVAL are undertaken regularly after each evaluation cycle in order to compare overall conclusions of the mutual evaluation reports. In addition, from time to time, MONEYVAL also undertakes horizontal overviews of its Member States and jurisdictions in respect of specific topics.
With regard to on-going projects, MONEYVAL is currently reviewing national approaches to the implementation of measures in respect of payment of ransoms. In addition, it also participates in the global initiative led by the FATF aiming to compare the implementation of measures against financing of terrorism amongst all the jurisdictions of the global network.
The report aims to study how European Union (EU) supra-national legislation, mechanisms and other initiatives have been considered and weighted in the MONEYVAL 5th round mutual evaluation processes. More than a third of MONEYVAL member jurisdictions are EU members states and as such subject to the EU’s legal order, while a number of other MONEYVAL members committed to harmonize their legislation with the EU’s AML/CFT acquis. During MONEYVAL’s 5th round of mutual evaluations, discussions have often raised the question as to how EU supranational measures should be interpreted and weighted when evaluating EU member states. This horizontal study helps to develop more consistent understanding for the assessment of supranational mechanism.
The report aims to establish the extent to which “de-risking” is given consideration by MONEYVAL States and territories and how regulated entities manage risks, as opposed to avoiding them. The report is based on a questionnaire filled by the jurisdictions, the responses to which enable MONEYVAL to understand the level of “de-risking” in Member jurisdictions, the drivers behind it, and sectors, products and services most affected by de-risking.
The report entitled Strengthening Financial Integrity through Financial Inclusion aims to establish the extent to which financial inclusion is currently taken into account by MONEYVAL states and territories. According to its conclusions, a number of states and territories have found a balance between a robust regime for combating money laundering and the financing of terrorism and the development of financial inclusion policies and procedures. They are also considering financial inclusion as an element in the development of their national risk assessments. The report draws the conclusion that financial inclusion policies and initiatives appear to constitute an important aspect of the fight against money laundering and terrorist financing. MONEYVAL states and territories.
Conference of the Parties (COP) to the CETS 198
