The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has recently issued three follow-up reports assessing the progress of Bulgaria, the Holy See (including the Vatican City State), and San Marino in implementing the recommendations set forth by the Financial Action Task Force (FATF).
Regarding Bulgaria, MONEYVAL’s follow-up report indicates improvements in compliance with ten FATF Recommendations. These include areas such as national cooperation and coordination, handling politically exposed persons, overseeing money or value transfer services, internal controls, transparency, beneficial ownership of legal arrangements, regulation and supervision of financial institutions, powers of supervisors, cash couriers, and statistics.
MONEYVAL’s assessment of the Holy See (including Vatican City State) suggests enhanced measures against money laundering and terrorism financing. The follow-up report acknowledges amendments made to the Anti-Money Laundering and Combating the Financing of Terrorism Law since the mutual evaluation report in April 2021. Additionally, new legislation covering legal persons has been introduced.
In the case of San Marino, MONEYVAL observes improved compliance with FATF Recommendation 35, focusing on sanctions. Amendments to the anti-money laundering legislation in 2023 have largely addressed previously identified deficiencies in the sanctions regime.
MONEYVAL, a monitoring body of the Council of Europe, evaluates compliance with international standards to counter money laundering, terrorism financing, and proliferation of weapons of mass destruction. It assesses 33 states and territories, providing recommendations to national authorities for necessary improvements in their anti-money laundering, counter terrorist financing, and counter proliferation financing systems.
Your source for supply chain logistics news updates: The Supply Chain Report. Enhance your international trade knowledge at ADAMftd.com.
#MONEYVALFollowUp #AntiMoneyLaundering #Bulgaria #HolySee #SanMarino #FinancialRegulation #SupplyChainNews
