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Slovakia Cracks Down on Money Laundering, But More Work Needed to Meet International Standards
As a member of the European Union, Slovakia has been working diligently to combat money laundering and terrorism financing. To achieve this goal, the country has implemented substantial anti-money laundering (AML) procedures to protect its financial industry and contribute to global efforts to curb illicit economic activity.
Money Laundering Activities in Slovakia
Slovakia, like many other countries, is not immune to money laundering activities. Criminals have been known to engage in various crimes such as auto theft, contraband smuggling, tax fraud, arms trafficking, and illegal drug smuggling, among others. As a result, the country has been recognized as a Concerned Jurisdiction by the International Narcotics Control Strategy Report (INCSR) submitted by the US Department of State in 2016.
FATF Evaluation
The Financial Action Task Force (FATF), an international organization that sets standards for combating money laundering and terrorist financing, has evaluated Slovakia’s efforts to implement AML and counter-terrorist financing (CTF) standards. According to its most recent follow-up Mutual Evaluation Report, completed in 2022, Slovakia was found to be:
- Compliant with five FATF recommendations
- Nearly Compliant with 22 others
Areas for Improvement
While the country has made significant progress in implementing AML/CTF standards, there are still areas that require improvement to ensure full compliance and increased effectiveness. Slovakia’s regulatory institutions, including:
- Financial Intelligence Unit
- National Bank of Slovakia
- Financial Directorate of the Slovak Republic
- Tax and customs offices
must continue to work together to strengthen their AML/CTF framework.
Responsibilities of Obliged Entities
Obliged entities, such as:
- Banks
- Stock exchange businesses
- Securities warehouses
- Management companies
- Tax and economic consultants
- Insurance companies
- Accountants
- Post offices
- Auditors
- Lawyers
- Notary officers
are also responsible for complying with Slovak AML regulations. These institutions must report any suspicious transactions to the required authority and undergo regular audits.
Advanced Anti-Money Laundering Solutions
To help Slovakia’s financial sector stay ahead of money laundering threats, Sanction Scanner offers advanced anti-money laundering solutions that empower businesses to meet AML requirements. By leveraging these comprehensive solutions, companies operating in Slovakia can ensure their success through robust AML measures.