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Slovakia Fails to Meet Financial Action Task Force Standards, Report Says
Bratislava, Slovakia - A recent report by the Financial Action Task Force (FATF) has found that Slovakia has failed to meet several key requirements for combating money laundering and terrorist financing.
Non-Compliance with FATF Recommendations
According to the report, Slovakia was deemed “non-compliant” with several FATF recommendations, including:
- Non-profit organizations
- Financial institution secrecy laws
- Transparency and beneficial ownership of legal persons
The country was also found to be “partially compliant” in areas such as:
- Confiscation and provisional measures
- Terrorist financing offences
- Regulation and supervision of financial institutions
Efforts Praised, Areas for Improvement
While the report praised Slovakia’s efforts to assess risk and apply a risk-based approach, it identified several areas where the country needs to improve, including:
- Strengthening laws and regulations related to money laundering and terrorist financing
- Increasing transparency in its financial sector
- Enhancing international cooperation
Consequences of Non-Compliance
Slovakia’s failure to meet FATF standards could have significant consequences for its financial sector, including:
- Increased scrutiny from global regulators
- Potentially even sanctions
The country has been given a deadline to implement the necessary reforms and improvements to bring itself into compliance with the FATF’s recommendations.
Background on FATF Assessments
The report is the latest assessment of Slovakia’s anti-money laundering and counter-terrorist financing efforts by the FATF, an intergovernmental organization that sets standards for combating financial crime. The organization conducts regular assessments of its member countries to ensure they are meeting their obligations to prevent money laundering and terrorist financing.
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