International context and co-operation with other bodies
The FATF. Within the international network for fight against money laundering and terrorist financing, MONEYVAL’s role is as one of the eight FATF-style regional bodies (FSRBs). As such, MONEYVAL is autonomous and independent from the FATF, but closely cooperates with it, as well as with other FSRBs. MONEYVAL was originally an observer to the FATF and from June 2006 became an associate member, obtaining additional privileges. Aside from the importance of MONEYVAL’s input to FATF’s activities as the standard-setting body, MONEYVAL and the FATF also undertake from time to time joint evaluations, as well as other joint initiatives, such as typologies projects. In addition, experts may be shared amongst the FATF and FSRBs, this in particular with regard to the undertaking of mutual evaluations, and mechanisms are in place for cooperation in order to ensure consistency of the reports produced.
The IMF and World Bank conduct a number of MONEYVAL or FATF evaluations and present the reports for adoption at MONEYVAL and FATF Plenaries to vote; the common methodology enabling the mutual recognition of evaluations. The World Bank is also conducting a series of technical assistance projects focused on the conduct of national risk assessments in several MONEYVAL countries. These are key for compliance with the revised set of FATF Recommendations, where the focus on risk is higher than previously.
The Conference of the Parties to CETS No. 198 and MONEYVAL agreed in 2012 to pilot new procedures whereby the COP could benefit from MONEYVAL’s processes. Under these procedures, whenever possible, questions by the Secretariat on the implementation of the Convention’s requirements would be raised during MONEYVAL on-site visits so that this information can be integrated into COP reports. The evaluations carried out in this way have proved to be successful and the results are encouraging both for MONEYVAL, the COP and the countries evaluated. Notably, in addition to the added value brought to COP and MONEYVAL reports, conducting the two processes in parallel has minimised the duplication of effort by the country. The same approach has been adopted for States Parties to the Convention, which are evaluated by the FATF.
European Union. MONEYVAL also evaluated within its assessments, compliance of all of its Member States and territories with 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 (the 3rd EU AML/CFT Directive). In addition, MONEYVAL follows the AML/CFT developments at the EU level.
MONEYVAL cooperates with other stakeholders in the international network with regard to terrorism and terrorism financing, as well as the financing of proliferation. In particular, MONEYVAL experts participate regularly at high level conferences concerning the UN sanctioning regime in this respect and experts from the UN Sanctions Committee and UNODC inform the Committee regularly on the requirements in this matter, as well as they provide the Plenary with up-dates on developments in this matter.