There have been allegations that proceeds of crime deposited in the Sammarinese banks are used as collaterals.
MONEYVAL is the FATF-style regional body of which San Marino is a member.
The mutual evaluation on-site visit took place in March 2007.
Among the major deficiencies noted were the lack of coverage of financial institutions, deficiencies in the scope of the CDD requirements (for example, the identification and verification of identity of beneficial owners) and the possibility of issuing bearer passbooks.
San Marino was rated NC on Recommendation 26, because the FIU’s responsibilities were vested in different units of the Central Bank of San Marino rather than centralized, and because the exercise of these functions lacked “operational” independence”.
This Law established that bearer shares must be deposited at a public notary’s office, and that transfer of shares’ ownership can only be done with a legalized act issued by the notary.
The Decree was ratified by Congress on January 19, 2010.
This provision establishes the principle of secrecy of financial information.
This interpretative note clarifies that the providing of clientele’s information to other Italian/European financial institutions does not constitute a breach of bank secrecy, when the information is sought for implementing AML/CFT regulations. There have been allegations that SM banks would not provide such information to Italian financial institutions when these were conducting operations involving SM clients (who are mostly Italian residents).
“Intermediation of the Central Bank for the Purposes of Interbank Data Transmission Between San Marino and Italy”.
“Regulation on Interbank Data Transmission between San Marino and Italy”.
The Congress passed the bill on January 21, 2010. The law now specifically provides that financial secrecy cannot be opposed to the penal judicial authority, governmental bodies responsible for the exchange of information with foreign counterparts for the execution of international treaties”, the CBRSM and the FIA (before the law would only more generically refer to the “authority responsible for supervision and AML/CFT” and the penal judicial authority). The law also provides that information covered by banking secrecy may be shared with other foreign authorities or foreign parent companies of Sammarinese financial institutions, but only if an “international agreement exists”.
The MOU delineates the areas of responsibility of the two institutions in regard supervision of compliance with AML/CFT-related legislation and the obligation to inform each other in the case in which a breach is ascertained.
37 cases; out of which 29 from banks, 7 from financial and fiduciaries companies and 1 from a notary.
This is the case of tax evasion, when it does not involve the use of fraudulent means (in San Marino tax evasion is criminalized by article 389 of the criminal code only when committed with the use of fraudulent means).
Banks (Bs); Insurance companies (ICs); Post Office (Pos); Collective Investment Companies (SGs); Insurance Intermediaries (IIs); and Financial Promoters (FPs).
Source: FIA - Financial Intelligence Unit of San Marino.
Period: From January 1 to November 6, 2009.