MONEYVAL: The Evaluation of Anti-Money Laundering and the Financing of Terrorism
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is the Council of Europe’s permanent monitoring body tasked to assess compliance with the principal international standards to combat money laundering and the financing of terrorism. Originally a subordinate body of the Council of Europe established in 1997, MONEYVAL’s 2011 promotion to an independent monitoring mechanism answerable directly to the Committee of Ministers demonstrates the increasing prevalence and importance of issues surrounding the financing of terrorism through money laundering initiatives.
MONEYVAL’s 47 Member States are convening to review each Members’ domestic policies and projects identifying and protecting against money laundering activity. Through information-sharing and policy coordination, MONEYVAL Members will strengthen national policy pertaining to the Role of Material Cross-Border Flows in Money Laundering Schemes, including the use of Online Gambling, Trade of Arts and Antiquities and the Black Market for Arms to siphon funds to terrorist groups. Additionally, Members will consider the Emergence of Financial Technologies as Alternative Forms of Payment for Terrorism Financing as they seek to incorporate Anonymous Currencies, Crowdfunding Platforms and the Payment of Ransoms into national policy on laundering identification and prevention.
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