San Marino

New Documents

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.

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.

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 | 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