 | |
| Formation | 2002 (denomination change) 1997 (established) |
|---|---|
| Purpose | Ensuring an effective compliance with the international standards to counter money laundering (ML) and terrorist financing (TF). |
| Location | |
Chairman | Mr. Nicola Muccioli, San Marino |
| Website | www |
MONEYVAL is the official denomination of the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism. It is a permanent monitoring body of the Council of Europe, with 35 member states and jurisdictions out of which 32 are assessed exclusively by MONEYVAL.[1]
According to Article 2 of its Statute, evaluations cover member states of the Council of Europe which are not members of the Financial Action Task Force (FATF) (28 states). Through decisions of the Council of Europe's Committee of Ministers, two non-member states of the Council of Europe are also members (Israel, the Holy See), as well as several territories for whose international relations the United Kingdom is responsible (the United Kingdom Crown Dependencies of Guernsey, the Isle of Man and Jersey; as well as the United Kingdom Overseas Territory of Gibraltar). The evaluation process is based on the FATF model and standards and is based on several rounds.[clarification needed] MONEYVAL is now[when?] completing its 5th round of evaluations.
In the Council of Europe, MONEYVAL is part of the Directorate General of Human Rights and Rule of Law (DG1), and it is entrusted with the task of assessing the compliance with the principal international standards, to counter money laundering (ML) and terrorism financing (TF) and the effectiveness of their implementation. In the context of its mutual evaluation reports, MONEYVAL makes recommendations to the national authorities for the necessary improvements to improve their systems.