FATF MUTUAL EVALUATION REPORT ON VATICAN CITY, PLUS FOLLOW-UP REPORTS ON MALTA AND HUNGARY

On 6 August, FATF issued a new mutual evaluation report (MER) and 2 follow-up reports –

The MER of the Holy See dated April 2021 was undertaken by MONEYVAL and the findings have been reviewed and endorsed by the FATF.  The on-site visit took place 30 September to 12 October 2020. 

http://www.fatf-gafi.org/media/fatf/documents/reports/mer-fsrb/Moneyval-Mutual-Evaluation-Holy-See-2021.pdf

The follow-up report on Malta, also dated April 2021, says that, Malta has made progress in addressing the technical compliance deficiencies identified in its 5th Round MER and has been re-rated on 8 FATF Recommendations (8, 13, 20, 24, 26, 28, 36, and 38).  Recommendations 8, 13, 24, 26, 28 and 38, initially rated Partially Compliant are re-rated as Largely Compliant; and Recommendations 20 and 36, initially rated Partially Compliant are re-rated Compliant.  However, Malta will remain in enhanced follow-up and will continue to report back to MONEYVAL on progress to strengthen its implementation of AML/CFT measures. Malta is expected to report back to the FATF Plenary in 2 years.

http://www.fatf-gafi.org/media/fatf/documents/reports/fur/Moneyval-FUR-Malta.pdf

The follow-up report on Hungary says that, overall, Hungary has made progress in addressing the technical compliance deficiencies identified in its 5th Round Mutual Evaluation.  FATF Recommendation 12 initially rated Partially Compliant is re-rated Largely Compliant.  It also notes that measures taken by the Hungary authorities with respect to virtual assets and VASP are not sufficiently in compliance with the revised requirements of FATF Recommendation 15. Therefore, Hungary has been re-rated as PC (having been re- rated as C in its first enhanced FUR).  Hungary will remain in enhanced follow-up, and will continue to report back to MONEYVAL on progress to strengthen its implementation of AML/CFT measures.

http://www.fatf-gafi.org/media/fatf/documents/reports/fur/Moneyval-FUR-Hungary-2021.pdf

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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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