Financial Crime World

Slovenia’s Anti-Money Laundering Measures Under Scrutiny

The Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL) has completed its fifth round of evaluation of Slovenia’s anti-money laundering and combating of terrorist financing measures. The report, adopted in May 2017, assessed Slovenia’s compliance with international standards set by the Financial Action Task Force (FATF).

Progress Made

According to the report, Slovenia has made significant progress in implementing measures to prevent money laundering and terrorist financing. However, there are still areas that require improvement.

International Cooperation

  • Slovenia is a member of the Egmont Group, an international organization that brings together financial intelligence units from around the world.
  • The country also exchanges data with similar bodies through the Egmont Secure Web (ESW) computer network and has signed bilateral memorandums of understanding on data exchange with 50 countries.

National Risk Assessment

  • Slovenia is required to conduct a national risk assessment for money laundering and terrorist financing, which involves identifying areas of increased risk and verifying that its system for preventing money laundering and terrorist financing takes sufficient account of those risks.
  • The country must update this assessment every four years.

Obliged Persons

The Prevention of Money Laundering and Terrorist Financing Act (APMLTF-2) sets out the obliged persons who must implement measures to detect and prevent money laundering and terrorist financing. These include:

  • Financial institutions, non-financial businesses, and professions that are vulnerable to money laundering and terrorist financing.
  • Obliged persons are required to carry out a range of tasks, including:
    • Conducting customer due diligence
    • Reporting suspicious transactions
    • Establishing policies and procedures for preventing money laundering and terrorist financing
    • Appointing compliance officers
    • Ensuring employee training and regular internal controls

Supranational Risk Assessment

  • The European Commission has drafted a supranational risk assessment report on the risks of money laundering and terrorist financing that affect the EU’s internal market.
  • The report analyzed the risks facing the EU and proposed comprehensive measures to mitigate those risks.

Conclusion

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Overall, Slovenia’s anti-money laundering measures have been evaluated as satisfactory by MONEYVAL, with some areas for improvement identified. The country is committed to continuing its efforts to prevent money laundering and combat terrorist financing in accordance with international standards.