San Marino

New Documents

Moneyval Publishes 5th Round Mutual Evaluation of San Marino’s AML/CTF Regime

The Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism published a 5th round mutual evaluation report on San Marino’s compliance with anti-money laundering and counterterrorist financing standards.

June 11, 2021

GRECO Compliance Report on San Marino Highlights Progress in Expanding Bribery Laws

The Council of Europe Group of States against Corruption published a second compliance report concerning San Marino’s efforts to improve criminal laws to ensure that bribery offenses explicitly cover instances of bribery committed through intermediaries.

March 3, 2021

EU Anti-Corruption Body Releases Assessment Report of San Marino

October 6, 2020

GRETA Publishes Second Round Evaluation on San Marino’s Human Trafficking Efforts

March 20, 2019

Switzerland, San Marino Sign Joint Declaration on Tax Information Sharing

November 30, 2016

News

Weekly Roundup: Italy Investigates Vatican Priests, Afghanistan to Audit All Private Banks, and More

While U.S. regulators are pushing national banks to hire regional Bank Secrecy Act (BSA) officers, some smaller banks have yet to hire a single full-time compliance officer, the U.S. Treasury Department said this week.

October 22, 2010

Enforcement Actions

0 Items Found

Key Documents

San Marino Outlines CDD Requirements, Establishes FIU

November 26, 2010

San Marino Defines Role, Duties for Financial Intelligence Unit

October 31, 2008

San Marino Issues Cross Border Cash Transportation Limit

June 19, 2009

San Marino Mandates Suspicious Transaction Reporting

December 15, 1998

Important Facts

  • The U.S State Department labels the Republic of San Mario as a monitored jurisdiction. Money laundering in San Marino is mainly trade-based and is perpetrated by foreigners who are trying to avoid higher taxes in their home countries. It occurs in both the formal and non-bank financial sectors, unrelated to narcotics trafficking. However, stricter monitoring regulations appear to have resulted in an overall decrease in financial crimes. San Marino does not have a significant market for illegal or smuggled goods.
  • KYC Covered Entities: Banks and financial companies, the postal service, electronic money institutions, investment firms, insurance companies, lawyers, trust companies, accountants, auditors, gaming centers, and money exchangers
  • STR Covered Entities: Banks and financial companies, insurance and reinsurance companies, accountants and tax advisors, real estate agents, notaries, lawyers, gaming centers, and dealers in precious stones and metals
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 19 (2014); Convictions: 4 (2014)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 18 High : 1
Largely Compliant : 17 Substantial : 4
Partially Compliant : 5 Moderate : 6
Non-Compliant : 0 Low : 0

BASEL i

Rank : N/A
Score : N/A

TRANSPARENCY INTERNATIONAL i

Rank : 86/92
Score : 70/100

Tax Justice Network i

Rank : 129/133
Score : 60/100