In a new report, MONEYVAL calls on San Marino’s authorities to improve the regulatory framework and to strengthen the practical application of measures to combat money laundering and financing of terrorism. The Council of Europe’s anti-money laundering body draws up a comprehensive assessment of the country’s level of compliance with the Recommendations by the Financial Action Task Force (FATF).
MONEYVAL compliments the overall framework and practical actions in place for international co-operation, which enables San Marino to provide generally timely and constructive mutual legal assistance. MONEYVAL acknowledges also that the country demonstrated a substantial level of effectiveness in national anti-money laundering and combating of terrorist financing policies and co-ordination, financial intelligence, confiscation and terrorist financing investigating and prosecution. The report finds that further improvements are needed in enhancing supervision, preventative measures related to transparency of legal persons and legal arrangements, money laundering investigation and prosecution and financial sanctions for terrorist financing.
San Marino should establish and apply a criminal justice policy on investigating and prosecuting money laundering of the widest range of foreign predicates and where the country runs the risk of being involved across several stacked jurisdictions. Proactive parallel money laundering investigations should be actively promoted and conducted as a policy objective. A solution should be found for the lack of prisons’ capacity.
San Marino will be subject to MONEYVAL’s regular follow-up reporting process as a result of the positive report, becoming one of only five member-jurisdictions with this outcome so far.