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Holy See (Including Vatican City State) COMMITTEE OF EXPERTS ON THE EVALUATION OF ANTI-MONEY LAUNDERING MEASURES AND THE FINANCING OF TERRORISM (MONEYVAL) MONEYVAL(2021)4 Anti-money laundering and counter-terrorist financing measures Holy See (including Vatican City State) Fifth Round Mutual Evaluation Report April 2021 1 The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism - MONEYVAL is a permanent monitoring body of the Council of Europe entrusted with the task of assessing compliance with the principal international standards to counter money laundering and the financing of terrorism and the effectiveness of their implementation, as well as with the task of making recommendations to national authorities in respect of necessary improvements to their systems. Through a dynamic process of mutual evaluations, peer review and regular follow-up of its reports, MONEYVAL aims to improve the capacities of national authorities to fight money All rights reserved. Reproduction is authorised, provided the laundering and the financing of source is acknowledged, save where otherwise stated. For any terrorism more effectively. use for commercial purposes, no part of this publication may be translated, reproduced or transmitted, in any form or by any means, electronic (CD-Rom, Internet, etc.) or mechanical, including photocopying, recording or any information storage or retrieval system without prior permission in writing from The fifth round mutual the MONEYVAL Secretariat, Directorate General of Human evaluation report on Holy See Rights and Rule of Law, Council of Europe (F-67075 Strasbourg including Vatican City State was or [email protected] adopted by the MONEYVAL Committee at its 61st Plenary 2 Session (Strasbourg, 26 – 30 April 2021). Contents EXECUTIVE SUMMARY ........................................................................................................................................ 5 Key Findings ........................................................................................................................................................................ 5 Risks and General Situation ........................................................................................................................................... 7 Overall Level of Compliance and Effectiveness ..................................................................................................... 8 Priority Actions ................................................................................................................................................................ 16 Effectiveness & Technical Compliance Ratings .................................................................................................. 17 MUTUAL EVALUATION REPORT ................................................................................................................... 18 1. ML/TF RISKS AND CONTEXT ..................................................................................................................... 20 1.1. ML/TF Risks and Scoping of Higher Risk Issues ....................................................................................... 21 1.2. Materiality ................................................................................................................................................................. 24 1.3. Structural elements ............................................................................................................................................... 25 1.4. Background and Other Contextual Factors ................................................................................................. 27 2. NATIONAL AML/CFT POLICIES AND COORDINATION ...................................................................... 36 2.1. Key Findings and Recommended Actions .................................................................................................... 36 2.2. Immediate Outcome 1 (Risk, Policy and Coordination) ......................................................................... 37 3. LEGAL SYSTEM AND OPERATIONAL ISSUES ......................................................................................... 51 3.1. Key Findings and Recommended Actions .................................................................................................... 51 3.2. Immediate Outcome 6 (Financial Intelligence ML/TF) .......................................................................... 55 3.3. Immediate Outcome 7 (ML investigation and prosecution) ................................................................ 76 3.4. Immediate Outcome 8 (Confiscation) ............................................................................................................ 89 4. TERRORIST FINANCING AND FINANCING OF PROLIFERATION ..................................................... 98 4.1. Key Findings and Recommended Actions .................................................................................................... 98 4.2. Immediate Outcome 9 (TF investigation and prosecution) ............................................................... 101 4.3. Immediate Outcome 10 (TF preventive measures and financial sanctions) ............................... 106 4.4. Immediate Outcome 11 (PF financial sanctions) .................................................................................... 113 5. PREVENTIVE MEASURES ........................................................................................................................... 116 5.1. Key Findings and Recommended Actions .................................................................................................. 116 5.2. Immediate Outcome 4 (Preventive Measures) ........................................................................................ 117 6. SUPERVISION ................................................................................................................................................ 130 6.1. Key Findings and Recommended Actions .................................................................................................. 130 6.2. Immediate Outcome 3 (Supervision) ........................................................................................................... 132 7. LEGAL PERSONS AND ARRANGEMENTS .............................................................................................. 144 7.1. Key Findings and Recommended Actions .................................................................................................. 144 7.2. Immediate Outcome 5 (Legal Persons and arrangements) ................................................................ 146 8. INTERNATIONAL COOPERATION ........................................................................................................... 154 8.1. Key Findings and Recommended Actions .................................................................................................. 154 8.2. Immediate Outcome 2 (International Cooperation) .............................................................................. 155 TECHNICAL COMPLIANCE ANNEX .............................................................................................................. 168 Recommendation 1 – Assessing risks and applying a risk-based approach ........................................ 168 3 Recommendation 2 - National Cooperation and Coordination ................................................................. 172 Recommendation 3 - Money laundering offence ............................................................................................. 174 Recommendation 4 - Confiscation and provisional measures ................................................................... 176 Recommendation 5 - Terrorist financing offence ........................................................................................... 179 Recommendation 6 - Targeted financial sanctions related to terrorism and TF ............................... 183 Recommendation 7 – Targeted financial sanctions related to proliferation ....................................... 189 Recommendation 8 – Non-profit organisations............................................................................................... 191 Recommendation 9 – Financial institution secrecy laws ............................................................................. 196 Recommendation 10 – Customer due diligence .............................................................................................. 197 Recommendation 11 – Record-keeping .............................................................................................................. 201 Recommendation 12 – Politically exposed persons ....................................................................................... 202 Recommendation 13 – Correspondent banking .............................................................................................. 203 Recommendation 14 – Money or value transfer services ............................................................................ 205 Recommendation 15 – New technologies .......................................................................................................... 206 Recommendation 16 – Wire transfers ................................................................................................................. 208 Recommendation 17 – Reliance on third parties ...........................................................................................
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