San Marino: Financial Sector Assessment Program-Technical Note on Anti-Money Laundering and Combating the Financing of Terrorism
October 20, 2010
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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.
Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Crime, Human capital, Labor, Legal support in revenue administration, Revenue administration
Keywords: a number of customer, AML, Anti-money laundering and combating the financing of terrorism (AML/CFT), bank, bank secrecy, beneficial owner, CFT, CR, customer, customer identity, FATF AML, FIA instructions, fiduciary firm, firm, Human capital, ISCR, legacy customer, Legal support in revenue administration, risk customer, risk profile, risk profiling requirement
Pages:
23
Volume:
2010
DOI:
Issue:
318
Series:
Country Report No. 2010/318
Stock No:
1SMREA2010004
ISBN:
9781455208692
ISSN:
1934-7685
