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Financial Action Task Force (FATF) in Slovakia: Assessment Reveals Compliance and Effectiveness Gaps

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The Financial Action Task Force (FATF), a global anti-money laundering and combating the financing of terrorism (AML/CFT) standard setter, has conducted an assessment of Slovakia’s AML/CFT system. The evaluation provides insight into the country’s technical compliance with FATF Recommendations as well as its effectiveness in preventing and detecting money laundering and terrorist financing.

Technical Compliance: Partially Compliant

According to the report, Slovakia received a rating of PC - partially compliant for Technical Compliance. This indicates that while the country has made significant progress in implementing the necessary measures, there are still some areas where it falls short.

Areas for Improvement

• Strengthening its AML/CFT supervisory body
• Improving the transparency of beneficial ownership information

Effectiveness: Moderate Level of Effectiveness

Regarding Effectiveness, Slovakia received a rating of ME - moderate level of effectiveness. This suggests that while the country’s measures have shown some positive results, there is still room for improvement.

Areas for Enhancement

• Increasing cooperation with foreign authorities
• Improving the traceability of cash transactions

Conclusion

The FATF assessment serves as a valuable tool for Slovakia to identify and address gaps in its AML/CFT regime, ultimately strengthening its ability to combat money laundering and terrorist financing. The country’s authorities are expected to take concrete steps to address these shortcomings and improve its overall performance.