San Marino

New Documents

The Council of Europe’s GRECO published a report that examines anti-corruption processes in San Marino, concluding that the jurisdiction should require government officials to publicly declare their assets and establish a code of ethics for parliamentarians.

The Council of Europe’s Group of Experts on Action against Trafficking in Human Beings issued its second evaluation round report highlighting San Marino’s additional measures taken to combat human trafficking.

News

Enforcement Actions

0 Items Found


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

Technical Effectiveness
Compliant : 4 High :
Largely Compliant : 30 Substantial :
Partially Compliant : 15 Moderate :
Non-Compliant : 0 Low :

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