Slovakia’s Regulatory Bodies Crack Down on Financial Crime: A MONEYVAL Update

Slovakia’s commitment to enhancing its financial crime regulations has been recognized in a new report by the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL). The country has made notable progress in strengthening its Anti-Money Laundering and Terrorist Financing (AML/CFT) regime, particularly in the area of financial institution oversight.

Slovakia’s AML/CFT Progress

Significant Developments

• Since November 2022, Slovak authorities have taken decisive actions to prevent individuals linked to criminal activities from holding significant or controlling stakes or managerial positions in banks and insurance companies.
• Implementation of risk assessment procedures for exchange offices and non-banking lenders.
• Improvements to individual risk profiling reviews for financial institutions.

MONEYVAL’s Upgrade

Due to these efforts, MONEYVAL has upgraded Slovakia’s rating on Recommendation 26 from Partially Compliant to Largely Compliant.

Technical Compliance Shortcomings

Of the 40 recommendations provided, Slovakia has made considerable progress in addressing most of the technical compliance shortcomings identified in their 2020 Mutual Evaluation Report.

• 5 fully Compliant Recommendations
• 23 Recommendations rated Largely Compliant
• 12 Recommendations rated Partially Compliant

Future Developments

Slovakia is expected to update MONEYVAL on further developments in their AML/CFT system by December 2024. This progress report will provide insights into the continued efforts to reinforce the country’s regulatory framework against financial crimes.

Contact Information

For more information from the Council of Europe’s Media Assistance Unit, please contact: +33 (0)3 88 41 25 60 www.coe.int

For media inquiries, please contact: Jaime Rodriguez, MONEYVAL Spokesperson and Media Officer +33 3 90 21 47 04