Title: Slovakia takes Strides Forward in Financial Crime Prevention: MONEYVAL Report Shows
Slovakia has made significant progress in strengthening its regulatory framework for financial institutions to combat money laundering and terrorist financing, according to the latest report from the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL).
Slovakia’s Advancements in Financial Crime Prevention
Since late last year, Slovak authorities have taken the following steps:
- Preventing criminals’ associates from holding significant positions: Authorities have implemented measures to prevent close associates of criminals from holding or being the beneficial owner of significant or controlling interests or management positions in banks and insurance companies.
- Risk assessment procedures for exchange offices and non-banking lenders: Exchange offices and non-banking lenders have undergone risk assessment procedures.
- Reviewing individual risk profiles for financial institutions: Slovakia has bolstered its efforts to review individual risk profiles for financial institutions.
Re-rating by MONEYVAL
These advancements led to Slovakia being re-rated from Partially Compliant to Largely Compliant in the area of Recommendation 26 on regulation and supervision of financial institutions. This notable improvement reflects Slovakia’s overall approach to counteracting money laundering and terrorist financing.
Substantial Progress Since 2020
Following the publication of its 2020 Mutual Evaluation Report identifying various technical compliance shortcomings, Slovakia has made considerable progress in addressing most of these issues. As of March 2023, the country’s ratings for MONEYVAL recommendations stand as follows:
- 5 Recommendations rated Compliant
- 23 Recommendations rated Largely Compliant
- 12 Recommendations rated Partially Compliant
Future Advances
Slovak authorities are expected to submit a progress report back to MONEYVAL by December 2024, detailing further advances made in strengthening their Anti-Money Laundering and Counter Terrorist Financing (AML/CFT) system.
MONEYVAL: Monitoring Bodies of the Council of Europe
MONEYVAL is a monitoring body of the Council of Europe tasked with evaluating countries’ adherence to principal international measures against money laundering, terrorist financing, and the financing of weapons of mass destruction. Their assessments help national authorities establish effective AML/CFT systems.
For further information, please contact Jaime Rodriguez, MONEYVAL Spokesperson, on +33 3 90 21 47 04, or visit the Council of Europe website.