Moneyval

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MONEYVAL Members

Committee of Experts on the Evaluation of Anti-Money Laundering Measures (formerly PC-R-EV) established in 1997.

Albania
Andorra
Armenia
Azerbaijan
Bosnia and Herzegovina
Bulgaria
Croatia
Cyprus
Czech Republic
Estonia
France
Georgia
Hungary
Latvia
Liechtenstein
Lithuania
Malta
Moldova
Monaco
Montenegro
The Netherlands
Poland
Romania
Russian Federation
San Marino
Serbia
Slovakia
Slovenia
The former Yugoslav Republic of Macedonia
Ukraine

Observer Jurisdictions

Canada
Holy See
Israel
Japan
Mexico
United States

Observers

Commission of the European Communities
Commonwealth Secretariat
Egmont Group of Financial Intelligence Units
European Bank for Reconstruction and Development (EBRD)
FATF (Secretariat and Member Countries)
International Monetary Fund (IMF)
Interpol
Offshore Group of Banking Supervisors (OGBS)
Secretariat General of the Council of the European Union
United Nations Counter Terrorism Committee (UNCTC)
United Nations Crime Prevention and Criminal Justice Division
United Nations Office on Drugs and Crime / United Nations Drug Control Progarm (ODC / UNDCP)
World Bank
World Customs Organisation (WCO)

BACKGROUND ON THE MONEYVAL (FORMERLY PC-R-EV)

In 2002, the PC-R-EV formally changed its name to MONEYVAL. MONEYVAL was established in September 1997 by the Committee of Ministers of the Council of Europe to conduct self and mutual assessment exercises of the anti-money laundering measures in place in 21(*) Council of Europe countries, which are not members of the Financial Action Task Force (FATF). The effort includes encouraging jurisdictions to improve their anti-money laundering measures in keeping with the FATF Forty Recommendations and to enhance international co-operation. MONEYVAL also engages in a regular typologies exercise focused on the methods and trends of money laundering activity.

MONEYVAL takes into account the practices and procedures of the FATF in its work. MONEYVAL is a sub-committee of the European Committee on Crime Problems of the Council of Europe (CDPC). Each of the 25 member countries is entitled to appoint three experts to MONEYVAL. These individuals are selected based on their expertise in legal issues related to national and international anti-money laundering instruments, supervision of financial institutions, and law enforcement matters. There are twice-yearly Plenary meetings of the Committee at which the national experts consider and adopt draft mutual evaluation reports of member states. Additionally, the MONEYVAL membership also includes experts from the past and current Presidency of the FATF and scientific experts appointed by the MONEYVAL Secretariat.

When MONEYVAL (then called PC-R-EV) was formed in 1997, a document containing the terms of reference for the Committee was agreed at the same time. The Terms of Reference have since been amended to extend the mandate of the Committee until 31 December 2003, thus allowing a second round of mutual evaluations to take place. The amended Terms of Reference also permit FATF member countries to participate as observers in the work of the Committee and allow for the providing — where necessary and upon request — of technical assistance to MONEYVAL countries to enable them to comply with the recommendations made in mutual evaluation reports.

Following the events of 11 September 2001, MONEYVAL expanded its mandate to include countering terrorist financing.

MONEYVAL became an Associate Member of the FATF in 2006.

NOTE:

(*) Two countries are designated by the FATF President to be members of MONEYVAL for a two year period. Currently these members are France and the Netherlands.

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