San Marino: Financial Sector Assessment Program-Technical Note on Anti-Money Laundering and Combating the Financing of Terrorism

International Monetary Fund

No 2010/318, IMF Staff Country Reports from International Monetary Fund

Abstract: The level of domestically generated proceeds of serious crime in San Marino is low. However, San Marino is vulnerable to money laundering (ML) of proceeds of crimes committed abroad. The Sammarinese financial sector, until recently, was characterized by a number of features that have created a favorable environment to ML. San Marino has made considerable progress in bringing its legal and institutional framework in line with the Financial Action Task Force (FATF) recommendations. Banks and financial institutions have started implementing the new Antimoney Laundering and Combating the Financing of Terrorism (AML/CFT) requirements, with mixed results.

Keywords: ISCR; CR; customer; AML; CFT; firm; bank; legacy customer; risk profile; fiduciary firm; risk profiling requirement; risk customer; customer identity; a number of customer; FIA instructions; beneficial owner; bank secrecy; FATF AML; Anti-money laundering and combating the financing of terrorism (AML/CFT); Human capital; Legal support in revenue administration (search for similar items in EconPapers)
Pages: 23
Date: 2010-10-20
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