MONEYVAL: FURTHER AML/CFT ASSESSMENT FOLLOW-UP REPORTS ON ANDORRA, HUNGARY, SERBIA AND SLOVENIA

On 24 January, MONEYVAL, the FATF-style regional body under the Council of Europe announced that a number of follow-up reports had been released.  In addition to the already published reports on Latvia and Albania, further follow-up reports have been published on Andorra, Hungary, Serbia and Slovenia.

ANDORRA

MONEYVAL has re-rated the country on 3 FATF originally rated as “partially compliant”.  Like many other (most) places, it was placed in an enhanced follow-up process, following the adoption of its mutual evaluation report, and the follow-up report analyses Andorra’s progress in addressing the technical compliance deficiencies (n.b. not effectiveness) identified in the mutual evaluation report.  MONEYVAL has re-rated Andorra on Recommendations 25 (transparency and beneficial ownership of legal arrangements), 26 (regulation and supervision of financial institutions) and 28 (regulation and supervision of DNFBP). These Recommendations are now re-rated as “largely compliant”.  The report also looks at progress made in the implementation of new requirements relating to Recommendation 2 (national cooperation and coordination) which has changed since Andorra’s last follow-up report was adopted. The rating for Recommendation 2 (rated as “largely compliant”) remains “compliant”.  Andorra is now “compliant” on 10 of the 40 FATF Recommendations and “largely compliant” on 27.  It remains “partially compliant” on 3 of the 40 FATF Recommendations.  MONEYVAL decided that Andorra will remain in the enhanced follow-up process and will continue to report back to MONEYVAL on further progress to strengthen its implementation of AML/CFT measures.

andorra

https://rm.coe.int/anti-money-laundering-and-counter-terrorist-financing-measures-andorra/1680998aab

HUNGARY

Due to its progress, MONEYVAL has re-rated the country with 1 FATF Recommendation originally rated as “partially compliant”.  Hungary was placed in an enhanced follow-up process, following the adoption of its mutual evaluation report in 2016.  MONEYVAL has re-rated Hungary on Recommendation 33 (statistics), which is now re-rated as “largely compliant”.  The report also looks at progress made in the implementation of new requirements relating to Recommendation 2 (national cooperation and coordination) which has changed since Hungary’s last follow-up report was adopted.  The rating for Recommendation 2 (rated as “largely compliant”) remains unchanged.  Hungary remains “compliant” on 6 of the 40 FATF Recommendations and “largely compliant” on 28.  It remains “partially compliant” on 6 of the 40 FATF Recommendations.  MONEYVAL decided that Hungary will remain in the enhanced follow-up process and will continue to report back to MONEYVAL on further progress to strengthen its implementation of AML/CFT measures.

hungary

https://rm.coe.int/anti-money-laundering-and-counter-terrorist-financing-measures-hungary/1680998aaa

SERBIA

MONEYVAL has re-rated the country with 3 FATF Recommendations originally rated as “partially compliant” in the 2016 mutual evaluation report, when Serbia was placed in the enhanced follow-up process.  MONEYVAL has re-rated Serbia on Recommendations 6 (targeted financial sanctions related to terrorism and terrorist financing) and 8 (non-profit organisations) as “largely compliant” and Recommendation 18 (internal controls and foreign branches and subsidiaries) as “compliant”.  The report also looks at progress made in the implementation of new requirements relating to Recommendation 2 (national cooperation and coordination) which has changed since Serbia’s last follow-up report was adopted.  The rating for Recommendation 2 (rated as “largely compliant”) remains unchanged.  Serbia is now “compliant” on 5 of the 40 FATF Recommendations and “largely compliant” on 31.  It remains “partially compliant” on 4 of the 40 FATF Recommendations. MONEYVAL decided that Serbia will remain in the enhanced follow-up process and will continue to report back to MONEYVAL.

serbia1

serbia2

https://rm.coe.int/anti-money-laundering-and-counter-terrorist-financing-measures-serbia-/1680998aa8

SLOVENIA

Slovenia was placed in an enhanced follow-up process, following the adoption of its mutual evaluation report in 2017.  MONEYVAL has assessed the compliance of the country with the new FATF Recommendations requirements.  The follow-up report looks at progress made in the implementation of new requirements relating to Recommendation 2 (national cooperation and coordination) which has changed since Slovenia’s last follow-up report was adopted.  The rating for Recommendation 2 (rated as “largely compliant”) remains unchanged.  Slovenia remains “compliant” on 11 of the 40 FATF Recommendations and “largely compliant” on 19.  It remains “partially compliant” on 10 of the 40 FATF Recommendations.  MONEYVAL decided that Slovenia will remain in the enhanced follow-up process and will continue to report back to MONEYVAL.

slovenia

https://rm.coe.int/anti-money-laundering-and-counter-terrorist-financing-measures-sloveni/1680998aa9

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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