In its annual report for 2018 published recently, the Council of Europe body for the fight against money laundering and terrorist financing, MONEYVAL, calls on states to ensure that they have adopted appropriate measures to combat money laundering.
The effects of economic crime, organized crime and terrorism have continued in 2018 in Europe and other parts of the world. In the report, MONEYVAL President Elzbieta Frankow-Jaskiewicz stresses that, given the heightened risks, countries and territories in Europe and beyond need to take strong measures against money laundering and financing. terrorism.
The President cited a number of initiatives implemented by MONEYVAL in 2018 in response to several pressing issues. In particular, the knowledge and effectiveness of prosecutors and judges in the fight against money laundering, predicate offenses and the financing of terrorism should be strengthened, as should efforts to combat the associated financial flows. slavery, human trafficking and forced labor.
MONEYVAL also has the priority of tackling the damaging consequences of the so-called "de-risking" phenomenon, that is to say the practice of banks around the world, in recent years, to stop all commercial relations with foreign banks in order to avoid (rather than manage) the risks of money laundering or terrorist financing, with consequent worsening of these risks in some countries.
In 2018 MONEYVAL continued its role as an international player in the global network of anti-money laundering and counter-terrorist financing bodies led by the Financial Action Task Force (FATF). The Committee actively followed up 24 countries and territories by adopting mutual evaluation reports or monitoring reports.