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| Moneyval | |
|---|---|
| Name | Moneyval |
| Formation | 1997 |
| Type | Monitoring body |
| Headquarters | Strasbourg |
| Parent organization | Council of Europe |
Moneyval is the Committee of Experts on the Evaluation of Anti‑Money Laundering Measures and the Financing of Terrorism, established to assess compliance with international standards on anti‑money laundering and counter‑terrorist financing. Located in Strasbourg and operating under the auspices of the Council of Europe, it engages with regional partners such as the European Union, United Nations Office on Drugs and Crime, Financial Action Task Force, and national authorities including the European Central Bank, Bank of England, and the Ministry of Interior (France) to monitor implementation of standards set by international instruments like the United Nations Convention against Transnational Organized Crime and the International Convention for the Suppression of the Financing of Terrorism.
Moneyval traces its origins to initiatives within the Council of Europe in the late 1990s addressing illicit finance linked to organized crime and corruption in post‑Cold War Europe. Early engagement involved collaboration with the Financial Action Task Force and assessments referencing instruments such as the Basel Committee on Banking Supervision guidance and the OECD anti‑bribery framework. Subsequent landmark events influencing its development include enlargements of the European Union, the expansion of the Council of Europe membership, and international counterterrorism shifts after the September 11 attacks. Over time, Moneyval evolved from a regional expert group into a full monitoring mechanism with mandates reflecting agreements like the Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime.
The committee's mandate is to evaluate member states' compliance with anti‑money laundering and counter‑terrorist financing standards promulgated by the Financial Action Task Force, the Council of Europe, and the United Nations. Functions include conducting mutual evaluations, producing compliance reports, recommending legislative reforms, and following up on action plans with institutions such as the European Commission, the European Bank for Reconstruction and Development, and national judiciaries like the Cour de cassation (France) or the Supreme Court of the United Kingdom. Moneyval also issues guidance aligning with instruments such as the International Monetary Fund's assessments, the World Bank technical assistance, and standards articulated in the Vienna Convention framework.
The committee comprises experts nominated by member states of the Council of Europe and, in some cases, non‑Council of Europe jurisdictions invited as observers, alongside representatives from organizations like the European Commission, the United Nations Office on Drugs and Crime, and the Financial Action Task Force. Governing bodies include plenary sessions, a bureau, and specialized working groups drawing on expertise from institutions such as the European Central Bank, the Bank for International Settlements, and national financial intelligence units like the UK Financial Intelligence Unit and the Trinidad and Tobago Financial Intelligence Unit. Membership decisions interrelate with processes involving the Committee of Ministers (Council of Europe) and national ministries such as the Ministry of Finance (Germany) and the Ministry of Justice (Italy).
Moneyval applies a methodology consistent with the Financial Action Task Force's standards and uses tools developed in cooperation with the International Monetary Fund and the World Bank. The mutual evaluation process assesses technical compliance with legal instruments like the Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and the effectiveness of measures in practice, drawing on casework from prosecutorial bodies such as the European Public Prosecutor's Office and investigative agencies like Europol. Assessments consider national frameworks influenced by laws such as the United Kingdom Proceeds of Crime Act 2002 and institutional actors including central banks, registries (for example, the Companies House), and supervisory authorities such as the Financial Conduct Authority.
Key Moneyval reports have covered jurisdictions across Europe and neighboring regions, producing mutual evaluation reports, follow‑up reports, and thematic studies addressing issues like beneficial ownership, asset recovery, and the financing of terrorism. Notable findings have highlighted gaps in legislation similar to reforms under the European Union Fourth Anti‑Money Laundering Directive and identified practical weaknesses comparable to cases reviewed by the European Court of Human Rights or the European Commission on Human Rights. The committee's work has intersected with high‑profile investigations and policy changes involving entities such as national banking systems reviewed by the European Central Bank and national prosecutors like the Prosecutor General of Romania.
Moneyval's evaluations have influenced legislative reforms, regulatory strengthening, and international cooperation, prompting actions by bodies like the European Commission, the International Monetary Fund, and bilateral partners such as the United States Department of the Treasury. Criticisms have arisen regarding transparency, the balance between technical compliance and effectiveness, and perceived political pressures, echoing debates seen in forums such as the World Bank and the Financial Action Task Force plenaries. Academic and policy critiques referencing institutions like London School of Economics and Harvard Law School scholars have discussed the challenges of standardization across diverse legal traditions exemplified by the Civil Code (France) and the German Civil Code.
Moneyval maintains formal and operational cooperation with the Financial Action Task Force, the United Nations Office on Drugs and Crime, the European Commission, the International Monetary Fund, the World Bank, and law enforcement agencies including Europol and the European Public Prosecutor's Office. It liaises with regional entities such as the Organization for Security and Co‑operation in Europe and engages with financial regulators like the European Banking Authority and the Financial Conduct Authority to harmonize standards and coordinate technical assistance delivered with partners including the Council of Europe Development Bank and the European Bank for Reconstruction and Development.