Financial Crime World

Slovakia Making Strides in Combating Financial Crimes: MONEYVAL Report

Bratislava, Slovakia - Slovakia’s anti-money laundering and terrorist financing (AML/CFT) regime has received commendation from the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL). The country has been re-rated from Partially Compliant to Largely Compliant regarding the Financial Action Task Force’s Recommendation 26 on financial institution regulation and supervision.

Positive Steps Towards AML/CFT Compliance

The latest report, released on March 13, 2024, acknowledges Slovenia’s efforts to address AML/CFT issues since the 2020 Mutual Evaluation Report, which identified numerous technical compliance shortcomings. Some of the progress Slovenia has made includes:

  • Preventing associates of criminals from having significant control or management functions in banks and insurance entities.
  • Introducing risk assessment procedures for exchange offices and non-banking lenders.
  • Improving policies for reviewing individual risk profiles of financial institutions.

Now, Slovakia complies with 5 of the 40 recommendations, is largely compliant with 23, and partially compliant with 12. However, Slovak authorities are expected to provide an update on their further progress in strengthening the AML/CFT system to MONEYVAL by December 2024.

Ongoing Evaluation by MONEYVAL

MONEYVAL is a monitoring body that assesses countries’ adherence to international standards in countering money laundering, terrorist financing, and proliferation financing. The organization evaluates the compliance and effectiveness of 33 states and territories and provides recommendations where improvements are needed.

Key Takeaways:

  • Slovakia has been re-rated from Partially Compliant to Largely Compliant by MONEYVAL.
  • The country made significant progress in addressing AML/CFT issues.
  • Slovakia currently complies with 5 of the 40 recommendations, is largely compliant with 23, and partially compliant with 12.

For more details on Slovakia’s progress and the full MONEYVAL report, please contact Jaime Rodriguez, MONEYVAL Spokesperson/Media Officer, at +33 3 90 21 47 04.