The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has published three follow-up reports evaluating progress by Bulgaria, the Holy See (including the Vatican City State) and San Marino in implementing the Financial Action Task Force (FATF) recommendations.
In its follow-up report on Bulgaria, MONEVYAL finds that the country has improved its compliance with ten FATF Recommendations, namely those on national cooperation and coordination, politically exposed persons, money or value transfer services, internal controls and foreign branches and subsidiaries, designated non-professional business and professions customer due diligence, transparency and beneficial ownership of legal arrangements, regulation and supervision of financial institutions, powers of supervisors, on cash couriers, as well as on statistics.
MONEYVAL concludes that the Holy See (including Vatican City State) has improved its measures for tackling money laundering and combating financing of terrorism. In its follow-up report, MONEYVAL notes that since the adoption of its mutual evaluation report in April 2021, the Holy See has made amendments to its Anti-Money Laundering and combating the financing of terrorism Law and introduced new legislation covering legal persons.
In its follow-up report on San Marino, MONEYVAL finds that the country has improved its compliance with the Financial Action Task Force’s Recommendation 35, which concerns sanctions. The amendments introduced in 2023 to its anti-money laundering legislation have largely addressed the deficiencies previously identified regarding the sanctions’ regime.
MONEYVAL is a Council of Europe monitoring body 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.
