Slovakia Makes Strides in Financial Institution Security, MONEYVAL Reports
The Slovak Republic has made significant progress in enhancing its anti-money laundering and terrorist financing (AML/CFT) regime, according to a recent report by MONEYVAL.
Improved Rating on Recommendation 26
The country’s efforts have earned it an improved rating on Recommendation 26 regarding the regulation and supervision of financial institutions. Specifically, Slovakia has moved from Partially Compliant to Largely Compliant.
Key Measures Implemented Since November 2022
- Preventing associates of criminals from holding significant or controlling interests in banks and insurance undertakings
- Introducing risk assessment procedures for exchange offices and non-banking lenders
- Strengthening policies for reviewing individual risk profiles for financial institutions
Substantial Progress in Addressing Technical Compliance Shortcomings
Since the 2020 Mutual Evaluation Report, Slovakia has made substantial progress in addressing technical compliance shortcomings. The country now boasts a rating of:
- 5 Recommendations Compliant
- 23 Largely Compliant
- 12 Partially Compliant out of the total 40 Recommendations
Future Plans and Monitoring
In an effort to continue strengthening its AML/CFT system, the Slovak authorities are expected to report back to MONEYVAL by December 2024. The country’s progress will be closely monitored as it works towards achieving full compliance with international standards.
About MONEYVAL
MONEYVAL is a Council of Europe monitoring body responsible for evaluating the effectiveness of anti-money laundering and counter terrorist financing systems in its member states. The organization assesses 33 states and territories, providing recommendations to national authorities on necessary improvements to their AML/CFT regimes.