MONEYVAL ANNUAL REPORT: STATES MUST IMPROVE THEIR EFFECTIVENESS AGAINST MONEY LAUNDERING AND TERRORIST FINANCING

On 4 June, the Council of Europe said that its AML/CFT arm had released its Annual Report 2020.  It says that that the states and jurisdictions evaluated by MONEYVAL on average show a moderate level of effectiveness in their efforts to combat money laundering and terrorist financing. As a consequence, on average, their level of compliance with AML/CFT standards is below satisfactory.  It also said that further efforts are indispensable to ensure the effectiveness of these frameworks to counter criminals aiming to launder the proceeds of their crimes or to fund terrorist attacks; and that 90% of jurisdictions regularly pursue international cooperation via mutual legal assistance and information exchanges.  Risk assessments, international cooperation and the use of financial intelligence are the areas where MONEYVAL members obtain higher compliance ratings. However, effectiveness is particularly weak in the supervision of the financial sector, private sector compliance, transparency of legal persons, as well as in convictions for money laundering offences and confiscations of assets, which remain very low.  The report also identifies serious shortcomings in respect of financial sanctions for terrorism and proliferation of WMD.

https://search.coe.int/directorate_of_communications/Pages/result_details.aspx?ObjectId=0900001680a2bad9

https://rm.coe.int/moneyval-annual-report-2020-eng-final/1680a2b3a4

 

 

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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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