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2023 MONEYVAL (Council of Europe) has released its annual report for 2022

29/06/2023
  1. 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.
  2. 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.
  3. The report also highlights:-
    • The link between authoritarian regimes, corrupt actors, and illicit financial flows, particularly evident during  Russia's aggression against   Ukraine.
  4. 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.
  5. 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.
  6. Regarding technical compliance with legislative and institutional reforms, MONEYVAL members showed
    • Excellent results, fully implementing 72% of the recommendations.
  7. 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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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.