Relationships with the international bodies involved in the activities for the fight against money laundering and terrorism financing

The Republic of San Marino recognises the importance of fighting, at a systemic level, against the laundering of criminal proceeds, and 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, for the purpose of ensuring the stability and reputation of the financial systems, and for fighting against the global threat of terrorism.

San Marino has been a member of Moneyval since 1998, the committee of experts within the Council of Europe for the assessment of the measures for fighting money laundering and terrorism financing, within the context of which the adequacy of their national laws and regulations on AML-CFT is reviewed by the Member States, together with the measures for the implementation and enforcement thereof.

In September 2011 Moneyval, within the context of the thirty-sixth plenary meeting, approved the evaluation report on the Republic of San Marino (Mutual Evaluation Report on Fourth Round Assessment Visit). The evaluation process, which involved, inter alia, an on-site review by the group of evaluators, focused on the compliance of San Marino with the 40+9 FATF Recommendations (Financial Action Task Force – FATF) and with the Community provisions governing the fight against money laundering and terrorism financing (The directive 2005/60/EC – the so called "Third EU Directive" - and the Directive 2006/70/EC). The report highlights the considerable improvements made by the Republic of San Marino in the implementation of adequate rules and tools for fighting money laundering and terrorism financing.

The Authority in the Republic of San Marino competent for the prevention of and fight against money-laundering and terrorism financing is the Financial Intelligence Agency (FIA) created within the Central Bank pursuant to the Law no. 92 of 17 June 2008, which performs the functions assigned to it with full autonomy and independence regardless of the "administrative" link with the CBSM.

The CBSM, within the scope of its functions as supervisor of the financial system, constantly cooperates with the FIA also on the basis of a specific memorandum of understanding that sets the operational profiles of such cooperation.

Enclosed documents:

San Marino Mutual Evaluation Report on Fourth Round Assessment Visit EN
 

San Marino Mutual Evaluation Report on Fourth Round Assessment Visit FR
 

Useful links:

Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL)

FATF

Financial Intelligence Agency (FIA)