Money Laundering Detection in Slovakia Remains Under Scrutiny

The Slovakian authorities have made significant progress in addressing the deficiencies identified in the country’s 5th Round Mutual Evaluation Report (MER). However, despite these advancements, Slovakia remains on enhanced follow-up status and is still required to report back to MONEYVAL, the international anti-money laundering (AML) monitoring body.

Recommendation Updates

The review has led to changes in five recommendations:

• Recommendations 20, 30, and 33, initially classified as Partially Compliant, have been re-rated as Compliance Deficient.
• Recommendation 1, originally rated as Limited Compliance, has been upgraded to Largely Compliant.
• Recommendation 15, previously assessed as Largely Compliant, has been downgraded to Partially Compliant.

Ongoing Efforts Required

Despite these changes, Slovakia is still urged to continue its efforts to address the remaining shortcomings in its AML/CFT regime. The country’s progress will be closely monitored by MONEYVAL, which will require regular updates on its implementation of anti-money laundering and combating financing of terrorism (AML/CFT) measures.

Key Takeaways

• Slovakia has made significant strides in addressing deficiencies identified in the MER.
• The country remains on enhanced follow-up status and is still required to report back to MONEYVAL.
• Ongoing efforts are needed to address remaining shortcomings in the AML/CFT regime.
• MONEYVAL will closely monitor Slovakia’s progress and require regular updates.