Slovakia Takes Steps to Boost Financial Inclusion and Strengthen Anti-Money Laundering Regime
Slovakia has taken significant steps to strengthen its regulations for financial institutions, aiming to boost financial inclusion and combat money laundering. According to a report by MONEYVAL, a Council of Europe monitoring body, the Slovak Republic has made positive progress in improving its anti-money laundering and terrorist financing regime.
Progress Made in Addressing Technical Compliance Shortcomings
MONEYVAL’s report concludes that Slovakia has addressed technical compliance shortcomings identified in its 2020 Mutual Evaluation Report. The country has re-rated on Recommendation 26, which pertains to the regulation and supervision of financial institutions, from Partially Compliant to Largely Compliant.
Measures Introduced to Prevent Money Laundering
Since November 2022, Slovak authorities have introduced measures aimed at preventing associates of criminals from holding significant or controlling interests in banks and insurance undertakings. These measures include:
- Adopted risk assessment procedures for exchange offices and non-banking lenders
- Improved policies for reviewing individual risk profiles for financial institutions
Progress on MONEYVAL Recommendations
As a result, Slovakia has made progress on most of the 40 Recommendations assessed by MONEYVAL. Specifically:
- Five recommendations rated Compliant
- 23 recommendations rated Largely Compliant
- 12 recommendations rated Partially Compliant
The country is expected to report back to MONEYVAL by December 2024 on further progress towards strengthening its anti-money laundering and counter-terrorist financing systems.
Commitment to Enhancing Financial Inclusion and Combating Money Laundering
The Slovak Republic’s efforts demonstrate a commitment to enhancing financial inclusion and combating money laundering. The country’s progress is expected to contribute to a safer and more transparent financial system for all stakeholders.
Contact Information:
- Jaime Rodriguez, Spokesperson/Media Officer
- Tel.: +33 3 90 21 47 04