Slovakia Strengthens Financial Institution Compliance Requirements, Says MONEYVAL Report

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According to a recent report by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL), Slovakia has made significant progress in improving its anti-money laundering and terrorist financing regime.

Improved Regulation and Supervision of Financial Institutions

Slovakia has implemented measures to prevent associates of criminals from holding significant or controlling interests in banks and insurance undertakings. Additionally, they have introduced risk assessment procedures for exchange offices and non-banking lenders, as well as improved individual risk profiles for financial institutions.

Progress Made on Recommendation 26

As a result of these efforts, MONEYVAL has upgraded Slovakia’s rating on Recommendation 26 from Partially Compliant to Largely Compliant. This recommendation relates to the regulation and supervision of financial institutions.

Compliance Status

• Out of the 40 Recommendations, Slovakia currently meets:
  • 5 Requirements that are Compliant
  • 23 Requirements that are Largely Compliant
  • 12 Requirements that are Partially Compliant

Commitment to Further Progress

The Slovak authorities have committed to reporting back to MONEYVAL by December 2024 on further progress made towards strengthening its AML/CFT system.

About MONEYVAL

MONEYVAL is a monitoring body of the Council of Europe responsible for assessing compliance with international standards to counter money laundering, terrorist financing, and the proliferation of weapons of mass destruction. The organization evaluates 33 states and territories and provides recommendations to national authorities on necessary improvements to their anti-money laundering and counter-terrorist financing systems.