Financial Crime World

Czech Republic Advances in Fight Against Financial Crimes, Remains Under MONEYVAL Scrutiny

The Czech Republic has made significant strides in fortifying its defenses against financial crimes, as acknowledged in the latest assessment by the Council of Europe’s Moneyval committee.

Key Recommendations Show Improvement

In the assessment report, the Czech Republic’s compliance with the following recommendations has improved:

  1. Recommendation 2: Prevention of Use of the Financial System for Money Laundering and Terrorist Financing

    • The Czech Republic has upgraded from “Partially Compliant” to “Largely Compliant.”

  2. Recommendation 13: Effective, Proportional, and Dissuasive Sanctions

    • The country has moved from “Partially Compliant” to “Compliant.”

  3. Recommendation 19: Freezing and Confiscation of Instrumentalities and Proceeds from Criminal Activities

    • The Czech Republic has upgraded from “Partially Compliant” to “Largely Compliant.”

Remaining in Enhanced Follow-Up Process

Although the Czech Republic has made progress, it is not out of the woods yet. The following points outline the country’s ongoing obligations:

  • Continued Advancement: The progress report does not signify the end of the process. The Czech Republic is expected to report back within one year with proof of continued advancement in combating financial crimes.
  • Collaboration with MONEYVAL: The Czech Republic will remain in the enhanced follow-up process as part of this continued evaluation and collaboration with MONEYVAL.

Despite the remaining challenges, the latest assessment demonstrates the Czech Republic’s commitment to addressing financial crimes and strengthening its financial system.