Financial Crime World

Building a Proliferation-Free Czech Republic: Authorities and Private Sector Unite for Awareness Campaign

Prague, Czech Republic - In a collaborative effort to bolster the Czech Republic’s defenses against the financing of weapons of mass destruction (WMD) and other proliferation risks, the Council of Europe’s Economic Crime and Cooperation Division teamed up with local authorities for an awareness-raising workshop.

Prevention of Proliferation Financing in the Private Sector

On 9 June 2022, key representatives from military items manufacturers, dual use items manufacturers, trading and export companies gathered in Prague for a workshop on “Prevention of Proliferation Financing in the Private Sector.” This event marked the second part of a two-part series, preceded by a workshop on “Observer Entities and AML/CFT Frameworks” held on 21 April 2022.

The workshop provided attendees with valuable insights into the latest trends and risks in proliferation financing, with experts from the Financial Analytical Office, Ministry of Foreign Affairs, and Ministry of Industry and Trade delivering presentations.

The presentations covered topics such as:

  1. The Proliferation Financing National Risk Assessment (PF NRA) process.
  2. The Council of Europe’s PF NRA Methodology.
  3. The licensing regime regarding foreign trade in dual-use goods and military materials.

Insights into Compliance Practices

During the second half of the day, private sector attendees gained insights into private sector compliance practices, enhancing their knowledge of WMD international and national control frameworks. The Council of Europe expert delivered presentations featuring:

  1. Case studies of entities potentially susceptible to proliferation financing.
  2. A range of current and emerging proliferation financing typologies.

Workshop Organization and Funding

This workshop was organized under the Structural Reform Support Programme project, funded by the European Commission Directorate General for Structural Reform Support and the Council of Europe, with implementation by the Council of Europe.

Empowering Regulatory and Private Sector Entities

The goal of these initiatives is to fortify the Czech Republic’s Financial Intelligence Unit (FIU)-Czech Republic and its partners in their mission to tackle money laundering, terrorist financing, and proliferation financing. By empowering both regulatory and private sector entities, these initiatives contribute to the creation of a more resilient and proactive financial ecosystem in the Czech Republic.

Next Steps for Enhancing the AML/CFT Regime in the Czech Republic

As authorities and the private sector continue to work together, the next steps for enhancing the effectiveness of the AML/CFT regime in the Czech Republic are on the horizon. This collaboration will help safeguard the nation’s financial system and prevent harmful activities.