In the Council of Europe, MONEYVAL is part of the Directorate General of Human Rights and Rule of Law (DG1), and it is entrusted with the task of assessing the compliance with the principal international standards, to counter money laundering (ML) and terrorism financing (TF) and the effectiveness of their implementation.

MONEYVAL holds regular meetings with ministers and high-level officials with the aim of taking decisive action to improve the effectiveness of measures to combat money laundering, the financing of terrorism and proliferation and to agree on direction and future strategic priorities.

Another important function of MONEYVAL is to identify new and emerging money laundering and terrorist financing techniques and trends, to assess the level of these threats and to report on the findings.

On a regular basis, MONEYVAL undertakes typologies[clarification needed] research to better understand the money laundering and terrorist financing environment in the European region and to provide decision-makers and operational experts with up-to-date information so that they may develop sound policies and strategies to combat these threats.

In 2022 a dedicated Strategy group for the period 2023–2027 was created to analyze in detail MONEYVAL's strengths, weaknesses, opportunities, and threats (SWOT).

The United Nations Office on Drugs and Crime (UNODC) also regularly send representatives to MONEYVAL's plenary, and the Organization for Security and Co-operation in Europe (OSCE) is a permanent observer to the Committee.

The FATF is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the proliferation of weapons of mass destruction.