2023 MONEYVAL (Council of Europe) has released its annual report for 2022
- MONEYVAL (Council of Europe) has released its annual report for 2022, highlighting the inadequate recovery of proceeds from crime among countries and urging governments to strengthen their national frameworks for managing and recovering assets.
- The annual report assesses compliance with international standards and legal and institutional framework developments for combating money laundering and terrorist financing in the 33 member states and territories monitored by MONEYVAL as of December 31, 2022.
- Elżbieta Franków-Jaśkiewicz , Chair of MONEYVAL, presented the report's findings and achievements before the Committee of Ministers on June 14, 2023.
- MONEYVAL emphasizes
- The need to not only freeze but also seize and confiscate criminal funds, calling for enhanced powers and resources for asset recovery and management offices.
- Improving efforts in identifying, freezing, confiscating, and managing criminal assets is essential.
- Stricter sanctions and increased convictions for serious money-laundering offences are also necessary.
- The report also highlights:-
- The link between authoritarian regimes, corrupt actors, and illicit financial flows, particularly evident during Russia's aggression against Ukraine.
- Governments urged to:-
- Invest more in national programs to combat money laundering and terrorist financing, and adopt stricter policies against the laundering of proceeds associated with corrupt regimes.
- Overall, member states demonstrated
- A moderate level of effectiveness in combating money laundering and terrorist financing, with notable achievements in risk management, international cooperation, and financial intelligence.
- Weak compliance with international standards remains in financial sector supervision, private sector compliance, transparency of legal entities, money-laundering convictions and confiscations, and sanctions related to terrorism financing and the proliferation of weapons of mass destruction.
- Regarding technical compliance with legislative and institutional reforms, MONEYVAL members showed
- Excellent results, fully implementing 72% of the recommendations.
- As of the end of 2022,
- 21 out of the 26 jurisdictions evaluated in the 5th round of mutual evaluations were subject to enhanced follow-up procedures due to their limited compliance with anti-money laundering and countering the financing of terrorism ( AML/CFT) standards.
- Additionally, Armenia, the Holy See, Liechtenstein, San Marino, and Israel (jointly evaluated by the Financial Action Task Force (FATF) and MONEYVAL) are subject to MONEYVAL's regular follow-up procedure.
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