San Marino Country Summary

FATF Status

San Marino is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The last follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in San Marino was undertaken in 2024. According to that Evaluation, San Marino was deemed Compliant for 18 and Largely Compliant for 18 of the FATF 40 Recommendations. It remains Highly Effective for 1 and Substantially Effective for 4 of the Effectiveness ratings.

San Marino experiences minimal levels of crime and corruption, largely due to its small size and limited infrastructure, which make it less appealing to organized criminal groups. While there are some concerns regarding foreign mafia activities, particularly related to money laundering and drug trafficking, the country has implemented measures to enhance transparency and is reforming its judicial system to better address these issues.

San Marino boasts a developed economy primarily driven by finance, industry, services, retail, and tourism, positioning it among the wealthiest nations in terms of GDP per capita. The country’s favorable investment climate is bolstered by low corporate tax rates and a regulatory environment designed to attract foreign businesses, further enhanced by its political stability and robust financial sector. Although not a member of the European Union, San Marino benefits from a monetary agreement allowing the use of the euro, facilitating trade and investment while maintaining a standard of living comparable to Italy.