Slovakia Enhances Financial Crime Risk Management Efforts

Bratislava, Slovakia - Strengthening Fight Against Financial Crime with International Support

The Slovak Republic has taken significant steps to strengthen its fight against financial crime with the support of the Council of Europe’s Economic Crime and Cooperation Division. The division has been working closely with national authorities to prepare for the country’s next Money Laundering and Terrorist Financing (ML/TF) National Risk Assessment (NRA).

Preparing for the Next Step: Workshop in Bratislava

A recent workshop held in Bratislava brought together over 30 representatives from key agencies of the national Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) system. The event aimed to prepare stakeholders for the data collection and analysis phase of the NRA, which is a crucial step in identifying and mitigating financial crime risks.

Key Objectives of the Workshop

• To clarify roles and responsibilities among stakeholders
• To address challenges and discuss practical solutions
• To increase confidence in the process and understanding of involvement

Building on Previous Momentum

The workshop was the second in a series of events organized by the Council of Europe to support the Slovak Republic’s ML/TF NRA process. It built on the momentum generated by the previous workshop held in June 2023.

Outcome of the Workshop

Participants expressed increased confidence in the process and a clearer understanding of their respective involvement after the workshop. The Slovak Financial Intelligence Unit will lead the continuation of the process, with support from the Council of Europe as needed.

Joint Initiative: Enhancing AML Framework

The joint TSI Project on “Enhancing the Effectiveness of the AML Framework in Slovakia” funded by the European Union and the Council of Europe is implementing this initiative.