In its annual report for 2024, published today, the Council of Europe's anti-money laundering and counter-terrorism financing body MONEYVAL highlights the progress made by its 33 member states and territories in implementing, in a number of areas, international standards to combat money laundering, the financing of terrorism and the proliferation of weapons of mass destruction. However, it also notes that significant shortcomings remain to be addressed in several key areas.
In 2024, with the evaluation of Bosnia and Herzegovina and the United Kingdom Crown Dependencies of Jersey and Guernsey, MONEYVAL completed the assessment under its 5th evaluation round of all the states and jurisdictions subject to its evaluation procedures.
Some flaws persist in dealing with money laundering
The report highlights that during the 5th evaluation round, launched in 2015, MONEYVAL members have performed well in areas such as international cooperation, transparency of beneficial ownership and supervision of financial institutions. However, weaknesses remain in the investigation and prosecution of money-laundering offences, asset confiscation, the implementation of targeted financial sanctions, the use of financial intelligence, the application of preventive measures and supervision of designated non-financial businesses and professions, such as lawyers, notaries, accountants, auditors, tax advisors, real estate agents or dealers in precious metals and stones.
General climate of improvement
MONEYVAL welcomes that many jurisdictions have improved their technical compliance ratings through the 5th round follow-up processes. According to the Financial Action Task Force's consolidated list of ratings, 193 technical compliance upgrades were recorded in MONEYVAL jurisdictions. Just nine downgrades were recorded, mostly related to the identification and assessment of money-laundering and terrorist financing risks arising from the development of new products and new business practices, including those involving the use of new technologies.
Nicola Muccioli, Chair of MONEVYAL, said: "As the global landscape evolves, new challenges and opportunities emerge in fighting against money laundering, the financing of terrorism, and proliferation financing. In an era marked by geopolitical shifts, diminishing multilateralism and rapid technological change, it is vital to continue improving the effectiveness of the legal and institutional frameworks to prevent and prosecute money laundering and terrorist financing."
In 2024, MONEYVAL launched its 6th round of evaluations - becoming the first member of the Global Network led by the Financial Action task force (FATF) to begin the new cycle. The first report of this global evaluation round - the mutual evaluation of Latvia - was adopted during a joint MONEYVAL-FATF plenary meeting in Strasbourg in June 2025. The 6th round evaluation reports on Serbia, Slovenia and Armenia will be the next to be adopted.
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a Council of Europe monitoring body and a Financial Action Task Force-Style Regional Body which assesses compliance with the main international standards to counter money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction, as well as the effectiveness of their implementation. It comprises 35 jurisdictions, 32 of which are assessed solely by MONEYVAL.
Read the annual report in full
MONEYVAL's report on Latvia, first of the new round
MONEYVAL's report on Bosnia and Herzegovina
