Slovakia Enhances Anti-Money Laundering Efforts

The Slovak Republic has made significant strides in strengthening its anti-money laundering (AML) and terrorist financing (CFT) regime. The country’s financial institutions are now better equipped to combat illicit activities, thanks to recent measures implemented by the authorities.

Strengthened Regulations for Financial Institutions

In response to MONEYVAL’s recommendations, the Slovak Republic has:

• Strengthened regulations for banks and insurance undertakings, making it easier to identify and prevent associates of criminals from holding positions of influence.
• Implemented measures aimed at preventing individuals with ties to organized crime from controlling or influencing financial institutions since November 2022.
• Adopted risk assessment procedures for exchange offices and non-banking lenders.
• Improved policies to review individual risk profiles for financial institutions.

Progress in Addressing AML/CFT Shortcomings

The Slovak Republic’s efforts have been reflected in its improved ratings on MONEYVAL’s recommendations:

• 5 Recommendations rated Compliant
• 23 Recommendations rated Largely Compliant
• 12 Recommendations rated Partially Compliant (out of a total of 40 Recommendations)

Commitment to Enhancing Anti-Money Laundering Regime

The Slovak authorities are expected to report back to MONEYVAL by December 2024 with further updates on their efforts to strengthen the AML/CFT system. This commitment is a significant step towards reducing the risk of illicit activities in the financial sector.

International Cooperation and Evaluation

As a monitoring body, MONEYVAL evaluates compliance with international standards for combating money laundering and terrorist financing, making recommendations to national authorities to address shortcomings in their systems. With 33 countries and territories under evaluation, MONEYVAL plays a crucial role in promoting effective AML/CFT measures worldwide.