FinCrime Intelligence
Ministers responsible for anti-money laundering policies from the member states and territories of the Council of Europe’s MONEYVAL Committee have committed to improving the effectiveness of their regimes to prevent and combat money laundering, the financing of terrorism, and the proliferation of weapons of mass destruction.
The ministers acknowledged that illicit finance poses a major threat to economic development and security, making the need for effective anti-money laundering and counter-terrorist financing measures more apparent than ever. They underscored the importance of enhancing the level of implementation of measures to counter money laundering and terrorist financing in their countries and committed to strengthening their compliance and effectiveness in the next five years.
The ministers noted that MONEYVAL evaluations have shown an overall positive performance of its members concerning international cooperation and information exchanges. However, they regretted the poor results so far in prosecuting and convicting money launderers and confiscating their crime proceeds, including from organised crime, trafficking in persons, drugs and arms, corruption and extortion, cybercrime, smuggling, and fraud.
During the high-level meeting in Warsaw organized by the Ministry of Finance of Poland and MONEYVAL, the ministers adopted MONEYVAL’s strategic priorities for 2023-2027, which include preparing and launching its 6th evaluation round, to be carried out from 2024 to 2032. The ministers also emphasized the need to develop effective strategies to prevent and combat money laundering and terrorist financing.
The ministers expressed their appreciation for MONEYVAL’s role in the Global Network led by the Financial Action Task Force (FATF) and encouraged further development of this role. They also underscored the importance of closer relationships with other FATF-style regional bodies, the European Commission, and other EU institutions.
The meeting was attended by prominent speakers, including Minister of Finance of Poland Magdalena Rzeczkowska, Council of Europe Deputy Secretary General Bjørn Berge, and President of the Financial Action Task Force Raja Kumar.
In conclusion, the ministers responsible for anti-money laundering policies have committed to strengthening their regimes to prevent and combat money laundering, the financing of terrorism, and the proliferation of weapons of mass destruction. The adoption of MONEYVAL’s strategic priorities for 2023-2027 and the commitment to enhancing the level of implementation of measures to counter money laundering and terrorist financing demonstrate a significant step towards improving the effectiveness of anti-money laundering policies.
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