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...
MONEYVAL held its 54th Plenary meeting in Strasbourg from 26 to 28 September 2017. At this...
The number of money-laundering investigations has risen in Slovenia since the last evaluation in...
Strasbourg 2 June 2017
MONEYVAL held its 53rd plenary meeting in Strasbourg from 30 May to 1 June 2017. At this meeting,...
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.
In a report published on 14 November 2017, MONEYVAL says that the Andorran authorities have acquired a reasonably comprehensive understanding of the money laundering and terrorism financing risks faced by the country. It however calls for a clear political oversight to be put in place in order to monitor the implementation of the action plans adopted to mitigate those risks.
MONEYVAL underlines that it is evident that there has been the political commitment in Andorra to make sweeping changes to legislation concerning both money laundering and the financing of terrorism.
The report also states that Andorra has enacted a robust legal framework for criminalising terrorist financing and the absence of prosecutions for this criminal offence appears to be broadly in line with the country’s risk profile.
Finally, MONEYVAL praises Andorra for proactively seeking and providing legal assistance to foreign jurisdictions and recommends removal of dual criminality as a requirement for rendering mutual legal assistance.