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Slovakia Strengthens Anti-Money Laundering Regulations, Says MONEYVAL

The Slovak Republic has taken significant steps to improve its anti-money laundering and terrorist financing regime, according to a follow-up report released by MONEYVAL. The country has demonstrated compliance with the Financial Action Task Force’s Recommendation 26 on regulating and supervising financial institutions.

Key Improvements

• Slovakia has introduced measures to prevent individuals associated with criminals from holding significant or controlling interests in banks and insurance companies.
• Risk assessment procedures have been adopted for exchange offices and non-banking lenders.
• Improved policies are now in place for reviewing individual risk profiles of financial institutions.

Progress Made

Slovakia has made substantial progress in addressing technical compliance shortcomings identified in its 2020 Mutual Evaluation Report. Currently, the country is:

• Compliant with 5 out of 40 Recommendations from MONEYVAL
• Largely compliant with 23 Recommendations
• Partially compliant with 12 Recommendations

Next Steps

The Slovak authorities are expected to report back to MONEYVAL by December 2024 on further efforts made towards strengthening the anti-money laundering and counter-terrorist financing system.

About MONEYVAL

MONEYVAL is a monitoring body of the Council of Europe responsible for evaluating compliance with international standards against money laundering, terrorist financing, and proliferation financing. The organization assesses 33 states and territories and provides recommendations to national authorities on improving their anti-money laundering and counter-terrorism systems.