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MONEYVAL is the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism.
The predecessor body was established in 1997. At its meeting in 2010, the Committee of Ministers of the Council of Europe adopted a Resolution on MONEYVAL, so that from 1 January 2011 MONEYVAL has been an independent monitoring mechanism within the Council of Europe answerable directly to the Committee of Ministers.
The aim of MONEYVAL is to ensure that its members have in place effective systems to counter money laundering and terrorist financing and comply with the relevant international standards in these fields.
Such standards are those contained in the:
Recommendations of the Financial Action Task Force (FATF), including the Special Recommendations on Terrorist Financing
1988 United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances
United Nations Convention against Transnational Organised Crime
1999 United Nations International Convention for the Suppression of the Financing of Terrorism
Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing and the relevant implementing measures
1990 Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime, concluded within the Council of Europe.
MONEYVAL undertakes a number of tasks in relation to its aim, including assessing its members' compliance with all relevant international standards in the legal, financial and law enforcement sectors through a peer review process of mutual evaluations.
Its reports provide highly detailed recommendations on ways to improve the effectiveness of domestic regimes to combat money laundering and terrorist financing and members capacities to co-operate internationally in these areas.
MONEYVAL is one of eight FATF Style Regional Bodies (FSRBs) who have been established for the purpose of disseminating the FATF international standards throughout the world.
The FSRBs conduct evaluations of the AML/CFT systems of their members and make recommendations for their improvement. The regional bodies are also involved in the study of typologies - the most common schemes used by criminals for money laundering and terrorist financing. Based on the results of the typological research, the best practices are disseminated to the private sector, oversight and regulatory bodies, law enforcement and the scientific community.
MONEYVAL's statute provides that it shall consist of representatives having particular knowledge and experience of their domestic AML/CFT regimes and who should have profiles in each of the following areas:
Senior officials and experts with responsibility for regulation and supervision of financial institutions
Senior officials in law enforcement and financial intelligence units
Senior legal experts from ministries of justice and/or judicial and prosecutorial.
MONEYVAL members which are subject to its evaluation processes and procedures, each member being entitled to appoint up to three representatives.
Furthermore, the presidency of the Financial Action Task Force (FATF) shall appoint two delegations from among two states members of the FATF, composed each of one representative appointed for a term of office of two years renewable.
Jersey has four trained MONEYVAL assessors based in multiple insular agencies. This provides Jersey with detailed working knowledge of MONEYVAL's process and procedures for mutual evaluations.
Jersey similarly has a right to be represented as a Crown Dependency at Plenary Meetings and has regularly attended these since December 2012.