San Marino has improved its measures for tackling money laundering and terrorist financing, concludes MONEYVAL in a follow-up report released today. The report found San Marino to have improved its compliance with the Financial Action Task Force’s Recommendation 35 (sanctions).
The amendments introduced in 2023 to its anti-money laundering legislation have largely addressed the deficiencies previously identified regarding the sanctions’ regime. As a result, the country has been re-rated on this recommendation from Partially Compliant to Largely Compliant.
Overall, San Marino has made progress in addressing the technical compliance shortcomings identified in its 2021 Mutual Evaluation Report. Out of the 40 Recommendations, San Marino currently has:
       •    18 Recommendations rated Compliant
       •    18 Recommendations rated Largely Compliant
       •    4 Recommendations rated Partially Compliant, and 
       •    0 Recommendation Non-Compliant.
San Marino is expected to report back in May 2028 to MONEYVAL on further progress made towards strengthening its anti-money laundering and terrorist financing system.
MONEYVAL and San Marino
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The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction, as well as the effectiveness of their implementation. MONEYVAL evaluates 33 states and territories  (*) and makes recommendations to national authorities in respect of necessary improvements to their anti-money laundering and counter terrorist financing systems and to counter proliferation financing. 

• Link to the report