Please enable JavaScript.
Coggle requires JavaScript to display documents.
Moneyval - Coggle Diagram
Moneyval
-
Represenatives
Senior officials and experts with responsibility for regulation and supervision of financial institutions
-
-
Those put forward are therefore experts in their field which assists Moneyval in fulfilling its functions by use of their knowledge and expertise
These individuals who represent the member state have the right to vote on any matter which Moneyval presents for voting
Moneyval membership also has a category of observer, where individuals can attend meetings representing specific bodies, countries and organisations but if a vote is held they do not have the right to vote
Remit of Moneyval
Assessing compliance with all relevant international standards, including evaluation as to the effectiveness of the measures that have been implemented by the jurisdiction in relation to its regulatory and enforcement framework
-
Conducting thematics on money laundering and terrorist financing methods, trends and evolution of new methodologies, their potential impact and issues reports on their findings
Making recommendations to the Committee of Ministers on enhancements to the AML/CGT legislation in Europe
Working in conjunction with other international bodies engaged in the fight against financial crime such as the FATF and the International Monetary Fund
Evaluation visits
The evaluation team normally consists of a member of the Secretariat and four evaluators comprising the following areas of expertise; one from legal, one from law enforcement and two financial services industry experts
In advance of an evaluation visit a detailed pre-visit questionnaire is sent to the jurisdiction - this requires them to provide responses regarding the regulatory, legal and enforcement framework that they have in place in relation to financial crime prevention
During the site visit the valuation team will meet with those that have contributed to the answers within the questionnaire which may include representatives of the government, regulators and law enforcement together with representatives of the private sector such as management of licensed entities
The on-site visits do not normally exceed eight days, the evaluation team then drafts the evaluation report which will be discussed with the jurisdiction before being submitted to the Plenary for adoption
After the third round of evaluation visits to jurisdctions, the ongoing monitoring of jursidctions in addressing recommendations made in their evaluation report was overseen by Moneyval who had to be provided with reports from the jurisdiction setting out what action they had taken to remedy identified deficiencies. These progress updates were then tabled and adopted by the Plenary
Moneyval Plenary
-
Responsbile for the review and adoption of the on-site visit reports and oversight of the progress made in accordance with the follow-up methods as well as other reports produced by the Committee (such as typology reports)
Plenary meetings are also where ideas and suggestions are shared or concerns and queries raised as discussion topics for investigation by Moneyval.
There are 3 Plenary meetings held annually and they consist of delegations of its Member States and terrotities and two FATF Member States as well as represents of observer states, organisations and institutions or bodies
The Committee
The operational arm of Moneyval is detained by the Bureau, the Bureau sits at the top of the structure and consists of a chairperson, a Vice Chairperson and three other members elected by the Committee from the delegations which are entitled to vote in the Committee
-
Underneath the Committee there are a number of focused working groups set to undertake specific task, including an Advisory Group on Policy and Evaluations and a Working Group on Evaluations
Current position
Regular follow up
-
-
If a jurisdiction receives any partially compliant or non-compliant ratings in any of the six Core Recommendations or wherever the Plenary considerate it appropriate, the jursidcitiion is placed on regular follow up
They then have to report back to Moneyval, the first such report to be submitted within 2 years from the date of their report being issued and provide confirmation of the steps they are taking to rectify matters identified within the report rated as partially compliant or non-compliant.
-
Moneyval has issued guidance that jurisdictions should aim to have concluded their regular reporting process within t3 years of their fourth round report being approved
Before they can be removed from regular reporting they must provide sufficient evidence to demonstrate that they an effective AML/CFT framework which covers the FATF Key Recommendations and FATf Core Recommendations on a deemed compliant or largely compliant basis - if they can demonstrate this then they can be moved onto the biennial update proceudre
Enhanced follow up
Jurisdictions may be subject to enhanced follow up where the visit has identified serious non-compliance with FATF recommendations
-
This may include a remediation plan being developed which identifies the outstanding deficiencies and provides timeframes for remediation, the fifth round evaluation may be brought forward and any other measure which they may feel is necessary to ensure a focus on improvement by the jursidction
Biennial update
Where a jurisdiction received a compliant or largely compliant rating in the areas against which they were assessed they are only obliged to provide a biennial update of their progress in meeting the deficiencies identified, starting two years after their report is tabled
The biennial report should provide Moneyval with details of any changes or devleopments in their AML/CFT framework
The biennial update is subject to review by an appointed member state or terrority to ensure that progress has been made as well as to a peer review by Moneyval
If Moneyval is satisfied with the progress that has been made, it formally adopts the biennial report. However if the report does not evidence that sufficient progress has been made then the jurisdiction can be referred back onto a higher level of supervisory oversight and reporting
An EU body responsible for analysis and oversight of a jurisdiction's compliance with international standards to prevent money laundering and terrorist financing
-
Moneyval oversees those EU member states which are not members of FATF or member states that subsequently become a member of FATF but still wish to continue under the remit of Moneyval