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MONEYVAL: new follow-up reports assess measures against money laundering and terrorist financing in six countries

Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism Strasbourg 24 January 2020
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MONEYVAL: new follow-up reports assess measures against money laundering and terrorist financing in six countries

The Council of Europe’s anti-money laundering and counter-terrorist financing body MONEYVAL has published this week follow-up reports assessing progress by Albania, Andorra, Hungary, Latvia, Serbia and Slovenia in measures to tackle money laundering and terrorist financing.

All these states – except for Slovenia, whose compliance ratings remain unchanged - have made some progress.

MONEYVAL placed the six countries in an enhanced follow-up procedure following the adoption of their mutual evaluation reports. These mutual evaluation reports assessed the effectiveness of their anti-money laundering and counter-terrorist systems and compliance with the 40 Recommendations by the Financial Action Task Force (FATF), which is the global standard in this field.

The follow-up reports analyse progress in addressing the technical compliance deficiencies identified in the mutual evaluation reports and the implementation of new requirements concerning the FATF Recommendations. The follow-up reports do not address what progress the countries have made to improve their effectiveness, which will be addressed in later follow-up assessments.

As a result of the progress made, MONEYVAL has re-rated Albania on six FATF Recommendations, Andorra on three, Hungary on one, Latvia on eleven and Serbia on three.

The six countries will remain subject to MONEYVAL´s enhanced follow-up procedure.


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