Financial Crime World

Slovakia Tackles Financial Crime Reporting Procedures

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 must implement substantial anti-money laundering (AML) procedures to protect its financial industry and contribute to global efforts against illicit economic activity.

Understanding Money Laundering in Slovakia

Like many parts of the world, money laundering activities occur in Slovakia. These crimes have a negative impact on the economy, prompting the implementation of regulations and laws aimed at reducing money laundering activities. According to the International Narcotics Control Strategy Report (INCSR) submitted by the US Department of State in 2016, Slovakia was recognized as a Concerned Jurisdiction.

Types of Money Laundering Crimes in Slovakia

Some of the crimes associated with money laundering in Slovakia include:

  • Auto theft
  • Contraband
  • Tax fraud
  • Arms trafficking
  • Illegal drug smuggling

Slovakia is also a transit and destination country for laundering money obtained from these crimes.

Financial Action Task Force (FATF) Status

The most recent follow-up Mutual Evaluation Report on implementing anti-money laundering and counter-terrorist financing standards in Slovakia was completed in 2022. According to the report, Slovakia was found to be Compliant for five and Nearly Compliant for 22 of the FATF’s 40 recommendations.

Regulatory Institutions in Slovakia

Slovakia has several regulatory institutions aimed at reducing the effects of money laundering. The Financial Intelligence Unit is responsible for overseeing compliance with the Slovak AML Act. Other regulatory authorities include:

  • National Bank of Slovakia
  • Financial Directorate of the Slovak Republic
  • Tax and customs offices

These institutions are responsible for supervising obligated entities, which include banks, stock exchange businesses, securities warehouse management companies, tax and economic consultants, insurance services providers, accountants, post offices, auditors, lawyers, and notary officers.

Obligated Institutions

Under the Slovak AML Act, certain institutions must comply with money laundering regulations. These institutions are required to report any suspicious transactions to the Financial Intelligence Unit.

AML Solutions for Slovakia

Sanction Scanner offers advanced anti-money laundering solutions that empower businesses to meet AML requirements. Companies operating in Slovakia committed to AML compliance can leverage Sanction Scanner’s comprehensive suite of solutions to address their AML needs.

To learn more about how Sanction Scanner can help your business, please visit our website or request a demo today.