San Marino and International Organizations
Pursuant to article 40, point f of the Statute, the Central Bank is assigned the role of "institutional reference", consistently with its own objectives and functions, towards International Financial Organizations and towards Central Banks, Supervisory Authorities or similar Foreign Authorities.
CBSM, besides supporting the Government of the Republic of San Marino in its relations with the international organisations, maintains autonomous with them due to its role as supervisory authority of the financial system.
This section contains information and contributions related to San Marino's relationship with international organisations.
International perspective
This section contains the main articles and reports of an international nature concerning the Republic of San Marino.
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ECB - 04/07/2024 |
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BI - 28/06/2022 |
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BI - 19/01/2022 |
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BI - 19/01/2022 Speech by Bank of Italy Deputy Director General, Paolo Angelini , "The European Commission's recent proposal to amend prudential rules for banks: an overview and a first assessment" |
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BI - 24/11/2021 Speech by Bank of Italy Director General Luigi Federico Signorini , at the 53rd Credit Day |
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ECB - 19/10/2021 Speech by Andrea Enria, Chairman of the ECB Supervisory Board, to the Committee on Economic and Monetary Affairs of the European Parliament |
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BCE - 29/03/2021 Introduction by Andrea Enria, Chairman of the ECB's Supervisory Board, at the hearing of the Committee on Economic and Monetary Affairs of the European Parliament (23/03/2021 |
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BI - 17/02/2020 Speech by Luigi Federico Signorini, Deputy Director Bank of Italy, book presentation "From Sestertium to Bitcoin. Old and new dimensions of money." |
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ECB - 17/02/2020 The Eurosystem's strategy for cash |
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ECB - 12/12/2019 Speech by Andrea Enria, Chairman of the ECB Supervisory Board, to the Committee on Economic and Monetary Affairs of the European Parliament |
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BI - 13/11/2019 Bank of Italy Deputy Director Luigi Federico Signorini, in his Senate hearing on the Budget Bill, advised the legislature not to postpone a "systemic" tax reform and not to reduce to the last moment, next year, the consideration of financial coverage and intervention on VAT clauses. Investors and savers need certainty. Download the PDF |
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BCE - 07/11/2019 Speech by Andrea Enria, Chairman of the ECB Supervisory Board, at the ECB Forum on Banking Supervision, Frankfurt am Main, November 6, 2019 "Transparency, predictability and overall stability in supervisory requirements are essential to enable the structural adjustment our banking sector needs.[...]" Download PDF |
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BCE - 04/11/2019 On November 1, 2019, Christine Lagarde, former Managing Director of the International Monetary Fund, assumed the duties of President of the European Central Bank (ECB)[...]" Download PDF |
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ECB - 17/09/2019 Speech by Andrea Enria (Chairman of the ECB Supervisory Board) at the Analysis Forum Download PDF |
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ECB - 28/08/2019 Supervisory expectations regarding prudential provisions for new impaired loans following the adoption of EU Regulation 2019/630 Download PDF |
Relationships with the international bodies involved in the activities for the fight against money laundering and terrorism financing
The Republic of San Marino acknowledges the importance of fighting, at a systemic level, against the laundering of criminal proceeds. It conducts an ongoing policy for the adjustment and implementation of its regulations according to the standards established by the international organisations in charge of setting the rules for intercepting and interrupting the flows of money resulting from criminal activities. This effort aims to ensure the stability and reputation of financial systems while also addressing the global threat of terrorism.
San Marino has been a member of Moneyval since 1998, the committee of experts within the Council of Europe responsible for evaluating measures to combat money laundering and terrorism financing. Within this framework, the adequacy of national laws and regulations on AML-CFT is assessed, along with the measures taken to implement and enforce them.
In September 2011, during its 36th plenary meeting, Moneyval approved the evaluation report on the Republic of San Marino (Mutual Evaluation Report on Fourth Round Assessment Visit). The evaluation process, which included an on-site review by the group of evaluators, assessed San Marino's compliance with the 40+9 FATF Recommendations (Financial Action Task Force – FATF) and with EU regulations governing the fight against money laundering and terrorism financing (Directive 2005/60/EC, the "Third EU Directive," and Directive 2006/70/EC). The report highlights the significant improvements made by San Marino in implementing effective rules and tools to combat money laundering and terrorism financing.
The authority responsible for preventing and combating money laundering and terrorism financing in the Republic of San Marino is the Financial Intelligence Agency (FIA), established within the Central Bank under Law No. 92 of June 17, 2008. The FIA operates with full autonomy and independence, despite its "administrative" connection with the CBSM.
In its role as the financial system supervisor, the CBSM continuously cooperates with the FIA, based on a specific memorandum of understanding that defines the operational aspects of this collaboration.
San Marino Mutual Evaluation Report on Fourth Round Assessment Visit EN
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San Marino Mutual Evaluation Report on Fourth Round Assessment Visit FR
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Relationships with the International Monetary Fund
San Marino's participation in the bodies of the Monetary Fund.
San Marino has been a regular member of the International Monetary Fund since September 23, 1992, with a voting entitlement equal to 961 votes. The Secretary of State for Finance and Budget, is the Governor for San Marino within the Board of Governors of the Fund.
At the managerial level, the International Monetary Fund is governed by an Executive Board, comprised by the Director General and his Management Team and 24 Members (Executive Directors) representing the Fund's member countries. Under statutory provisions, the United States, Germany, Japan, France and the United Kingdom, due to their greater participation to the Fund, both in terms of share and votes, may directly appoint their own Executive Director. Each one of the other Executive Directors, instead, represents a specific group of countries (Constituency).
The Constituency of which San Marino belongs includes Italy, Albania, Greece, Malta and Portugal. At the moment, the Executive Director expression of this Constituency is Federico Giammusso.
Consultations pursuant to article IV of the Statute of the International Monetary Fund
As a Member State, San Marino participates in the Fund's consultation programs. In particular, San Marino participates annually in consultations under Article IV of the Statute on issues relevant to the country's economy.
SM Country Report
See the latest assessment report on San Marino:
Financial Position of San Marino within the Monetary Fund
A summary of San Marino's financial position in the Fund can be found on this page of the Monetary Fund website. As of November 30, 2014, the value of San Marino's stake in the IMF is 22.44 million SDRs (Special Drawing Rights).
Useful Links:
Relationship with the World Bank
San Marino has been a regular member of the World Bank (IBRD) since September 21, 2000, and does not participate in the other entities that, together with the IBRD, form the World Bank Group (IDA, MIGA, IFC, ICSID), however, following the recent accession to the Washington Multilateral Convention on the settlement of international disputes between states, San Marino will become a regular member of the International Centre for Settlement of Investment Disputes (ICSID).
The Board of Governors is the executive body of the World Bank and is composed of a Governor and a Alternate Governor appointed by each of the member countries. The Minister for Industry, Trade and Handicrafts, is the Governor for San Marino, while the Chairman of the Central Bank , is the Alternate Governor.
Executive powers delegated by the Board of Governors are assigned to the Board of Directors comprised of 25 Executive Directors appointed in representation of the Member States. As is the case for the International Monetary Fund, the 5 most represented countries (in terms of size of the participation share and number of votes available) elect one Executive Director each. The others are elected from groups of countries included within a constituency.
The constituency of which San Marino is a member includes Italy, Albania, Greece, Malta, Portugal and Timor-Leste. Currently, the Executive Director for this Constituency is Mr Matteo Bugamelli.
Relations with the OECD
San Marino has been an active member of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes since its establishment in 2009. As part of the peer review process conducted by the Global Forum, San Marino received the highest rating (Compliant) for its implementation of the Exchange of Information on Request (EOIR) standard. San Marino's collaboration with the OECD has also been strengthened through the hosting of numerous OECD events and training activities within its territory.
San Marino was also a member of the AEOI (Automatic Exchange of Information) group and one of the Early Adopter countries in 2016 for the adoption and implementation of the automatic exchange of financial information standard. This exchange is conducted in line with the highest applicable standards under the OECD Multilateral Convention and the Agreement between the European Community and the Republic of San Marino. Currently, the exchange is active with about ninety countries.
In 2020, the Republic ratified the Multilateral Convention for the Implementation of Measures Concerning Tax Conventions to Prevent the Erosion of the Tax Base and the Shifting of Profits (BEPS) while also implementing Actions 5 and 13.
Since 2014, San Marino has been engaged in information exchange under the FATCA IGA SM (Foreign Account Tax Compliance Act) intergovernmental agreement with the United States.
As the supervisory authority for the financial sector, the Central Bank of San Marino works alongside other national authorities to contribute to the legislative and regulatory framework required to implement international standards on transparency and tax cooperation.