Slovakia Takes Significant Steps to Strengthen Financial Institution Fraud Prevention
Strengthening Regulations for Financial Integrity
In a major boost for financial integrity, Slovakia has strengthened its regulations for financial institutions in a bid to prevent fraud and money laundering. The country’s efforts have been recognized by the Council of Europe’s MONEYVAL committee, which has upgraded Slovakia’s rating on anti-money laundering and terrorist financing (AML/CFT) regime from Partially Compliant to Largely Compliant.
Progress towards Compliance
Slovakia has made significant progress in addressing technical compliance shortcomings identified in the 2020 Mutual Evaluation Report. The country currently has:
- 5 Recommendations rated Compliant
- 23 Recommendations rated Largely Compliant
- 12 Recommendations rated Partially Compliant
Enhanced Measures to Prevent Fraud and Money Laundering
The Slovak Republic has taken concrete steps to enhance the effectiveness of its anti-money laundering and counter terrorist financing measures. These efforts demonstrate a strong commitment to maintaining financial integrity and upholding international standards.
Upcoming Evaluation and Future Progress
MONEYVAL’s positive assessment is a significant milestone for Slovakia, which is expected to report back on further progress made towards strengthening its AML/CFT system by December 2024.
The Importance of International Cooperation
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is a monitoring body of the Council of Europe entrusted with assessing compliance with international standards to counter money laundering, terrorist financing, and proliferation of weapons of mass destruction. MONEYVAL evaluates 33 states and territories and makes recommendations to national authorities in respect of necessary improvements to their anti-money laundering and counter terrorist financing systems.
By strengthening its regulations and implementing effective measures to prevent fraud and money laundering, Slovakia is setting a positive example for other countries to follow. This commitment to maintaining financial integrity will help ensure a safe and secure financial environment for all stakeholders.