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Slovakia Improves Anti-Money Laundering and Terrorist Financing Regulations
Prague, Czech Republic - March [Year]
The Slovak Republic has made significant progress in strengthening its anti-money laundering and terrorist financing (AML/CFT) regime, according to a recent report by MONEYVAL, the Council of Europe’s monitoring body.
Key Findings
- The Slovak Republic has taken positive steps towards improving its AML/CFT system, particularly in relation to the regulation and supervision of financial institutions.
- As a result, MONEYVAL has upgraded the country’s rating on this recommendation from Partially Compliant to Largely Compliant.
- 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.
Progress Made
The report highlights several key areas where Slovakia has made progress:
- Regulation and Supervision: The government has adopted risk assessment procedures for exchange offices and non-banking lenders, as well as improved policies for reviewing individual risk profiles for financial institutions.
- Technical Compliance Shortcomings: The Slovak Republic has addressed most of the technical compliance shortcomings identified in its 2020 Mutual Evaluation Report.
Recommendations
Out of 40 recommendations, the country now meets:
- 5 recommendations rated Compliant
- 23 recommendations rated Largely Compliant
- 12 recommendations rated Partially Compliant
Future Developments
Slovak authorities are expected to submit a follow-up report to MONEYVAL by December 2024, detailing further progress made towards strengthening its AML/CFT system.
About MONEYVAL
The Council of Europe’s MONEYVAL Committee is responsible for assessing compliance with international standards against money laundering, terrorist financing, and the financing of proliferation of weapons of mass destruction. The committee evaluates 33 states and territories, providing recommendations to national authorities on necessary improvements to their anti-money laundering and counter-terrorist financing systems.
Contact
Jaime Rodriguez, Spokesperson/Media Officer Council of Europe, Media Assistance Unit Tel: +33 (0)3 88 41 25 60