MONEYVAL measures to regulate and supervise VASPs -  Dec 2025 report

The Council of Europe’s anti-money laundering body, MONEYVAL, has released today a report on the use of virtual assets and virtual asset service providers in the laundering of criminal property, financing of terrorism and the evasion of sanctions.

https://rm.coe.int/moneyval-2025-26-typologies/48802a9b30

The report presents an updated horizontal review of measures to regulate and supervise the virtual asset service provider sector to combat financial crime. It identifies risks associated with specific products, based on information from 25 [out of 35 – see list below] MONEYVAL jurisdictions.

The project was conducted by a dedicated working group composed of experts from the Isle of Man (Team lead), Azerbaijan, the Czech Republic, Estonia, Gibraltar, Guernsey and Romania, supported by the MONEYVAL Secretariat.

The report, which updates a 2023 initial review, has been prepared in light of the rapid development of crypto and virtual asset technology and places particular emphasis on how virtual assets can be used to circumvent targeted financial sanctions.

The report finds that,

• Overall, there has been significant progress in developing regulatory and supervisory frameworks for virtual assets and virtual asset service providers, as well as in international cooperation to combat financial crimes.
• However, challenges remain, including the need to prevent the use of virtual assets to circumvent targeted financial sanctions, a growing concern for MONEYVAL.

In most jurisdictions participating in the review (81%), virtual asset service providers are now required to be licensed or registered, and over 90% have designated supervisory authorities. Nevertheless, enforcement against unlicensed operators remains weak.

In addition, the implementation of the Travel Rule, as set out in the Financial Action Task Force (FATF) Recommendation 16, which requires the collection, transmission, and availability of originator and beneficiary information for virtual asset transfers, remains incomplete, with only 46% of jurisdictions having operationalised it to date.

The report identifies as emerging risks the misuse of virtual assets for sanctions evasion, fraud, proliferation financing and child exploitation. Moreover, data collection remains a challenge in many areas, often leaving jurisdictions without structured insights into cross-border virtual asset flows.

Further action is still needed to integrate targeted financing sanctions and proliferation financing risks into national assessments, improve the quality of suspicious activity reporting from virtual asset service providers, and enhance investigatory capabilities across all competent authorities and the private sector. MONEYVAL jurisdictions should also step up their efforts in capacity building and cross-border cooperation and develop guidance to keep pace with the dynamic virtual assets sector.

Sources

• https://www.coe.int/en/web/moneyval/-/council-of-europe-s-moneyval-committee-issues-new-report-on-the-use-of-virtual-assets-for-money-laundering-and-terrorist-financing-1
• https://rm.coe.int/moneyval-2025-26-typologies/48802a9b30

Below is the full list of all 35 MONEYVAL jurisdictions, based on the official MONEYVAL “Jurisdictions” page from the Council of Europe, which states that MONEYVAL comprises 35 jurisdictions, including 32 evaluated solely by MONEYVAL, Israel (jointly with FATF), and two FATF-appointed delegations: Germany and the United Kingdom.

All 35 MONEYVAL Jurisdictions

Council of Europe Member States (non-FATF) evaluated by MONEYVAL

1. Albania
2. Andorra
3. Armenia
4. Azerbaijan
5. Bosnia‑Herzegovina
6. Bulgaria
7. Croatia
8. Cyprus
9. Czechia
10. Estonia
11. Georgia
12. Hungary
13. Latvia
14. Liechtenstein
15. Lithuania
16. Malta
17. Republic of Moldova
18. Monaco
19. Montenegro
20. North Macedonia
21. Poland
22. Romania
23. San Marino
24. Serbia
25. Slovak Republic
26. Slovenia
27. Ukraine

Non-Council of Europe States evaluated by MONEYVAL

28. Israel (jointly evaluated by FATF & MONEYVAL)
29. Holy See (including Vatican City State)

UK Crown Dependencies and Overseas Territories evaluated by MONEYVAL

30. Guernsey
31. Isle of Man
32. Jersey
33. Gibraltar

FATF‑appointed delegations (2-year rotating members)

These are not evaluated by MONEYVAL but counted among its 35 jurisdictions because they participate in plenaries and the committee’s work.

34. Germany
35. United Kingdom