What is Moneyval Committee?
Moneyval is a Council of Europe committee of experts which assesses its members’ compliance with all relevant international standards in the legal, financial and law enforcement sectors through a peer review process of mutual evaluations.
The aim of MONEYVAL is to ensure that its member states have in place effective systems to counter money laundering and terrorist financing and comply with the relevant international standards in these fields.
Such standards are those contained in the recommendations of the FATF, including the Special Recommendations on Terrorist Financing, the 1988 United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances, the United Nations Convention against Transnational Organised Crime, the 1999 United Nations International Convention for the Suppression of the Financing of Terrorism, the Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing and the relevant implementing measures and the 1990 Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime, concluded within the Council of Europe.
Moneyval reports provide highly detailed recommendations on ways to improve the effectiveness of domestic regimes to combat money laundering and terrorist financing and states’ capacities to co-operate internationally in these areas.
MONEYVAL also conducts typologies studies of money laundering and terrorist financing methods, trends and techniques. The latest typology exercise took place in Tel Aviv, Israel, in early November 2011, which was focused on trade-based money laundering, as well as on the power of a FIU to postpone a transaction. The Administration had its two representatives at the typology exercise.
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