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Slovakia Makes Strides in Financial Compliance, MONEYVAL Report Confirms
Slovakia has taken significant steps to strengthen its financial compliance regime, according to a recently published 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 been re-rated from Partially Compliant to Largely Compliant under Recommendation 26 regarding the regulation and supervision of financial institutions.
Recent Actions
Since November 2022, Slovak authorities have taken action to prevent individuals associated with criminals from holding significant or controlling interests or managerial roles within banks and insurance undertakings. Additionally, they have implemented risk assessment procedures for exchange offices and non-banking lenders while enhancing their policies regarding the evaluation of individual risk profiles for financial institutions.
Progress in Technical Compliance
These measures mark progress in addressing most of the technical compliance shortcomings identified in Slovakia’s 2020 Mutual Evaluation Report. Out of a total of 40 recommendations, the country now boasts:
- 5 Compliant Recommendations
- 23 Largely Compliant Recommendations
- 12 Partially Compliant Recommendations
Future Plans
Slovakia is expected to provide a progress report to MONEYVAL by December 2024 and continues its efforts towards enhancing the AML/CTF system. The Council of Europe’s monitoring body evaluates the compliance and effectiveness of anti-money laundering, counter-terrorist financing, and counter proliferation financing systems in 33 states and territories, providing relevant recommendations to improve their regulatory frameworks.
Accessing the Report
The full report on Slovakia’s assessment, along with further details on MONEYVAL’s work, can be accessed through the provided links.
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