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Slovakia Strengthens Money Laundering Detection with New Guidance from Council of Europe

The Slovak government has received crucial support to enhance its anti-money laundering (AML) and countering the financing of terrorism (CFT) system, thanks to a new methodological guidance provided by the Council of Europe.

Technical Guidance Paper

The Council of Europe’s Technical Guidance Paper is based on a review of Slovakia’s National Risk Assessment Report, as well as reports from MONEYVAL and the European Banking Authority (EBA). The paper also draws upon international best practices from other countries, the Council of Europe, EBA, and the Financial Action Task Force (FATF).

Recommendations

The guidance provides concrete recommendations to help Slovak authorities develop a comprehensive methodology for assessing money laundering and terrorist financing risks in the banking sector. These recommendations include:

  • Providing a more detailed and precise understanding of ML/TF risks in the banking sector
  • Allowing national authorities to deploy supervisory resources more effectively

Implementation

The new methodology is designed to provide a more detailed and precise understanding of ML/TF risks in the banking sector, allowing national authorities to deploy supervisory resources more effectively. Developed specifically for Slovakia, the guidance builds on existing experiences and processes, while also incorporating international good practices.

The recommendations were presented to and discussed with concerned national beneficiary authorities, who welcomed the targeted assistance and committed to finalizing the methodology and conducting a sectoral risk assessment through a national coordination process.

Project Background

This support was provided within the framework of the joint Technical Support Instrument (TSI) Project on “Enhancing the effectiveness of the AML Framework in Slovakia”, funded by the European Union and the Council of Europe, and implemented by the Council of Europe.