Financial Crime World

Financial Crime Risk Management Frameworks in Slovakia Under Scrutiny

EU and Council of Europe Collaborate on Anti-Money Laundering Efforts

A significant workshop was recently held in Bratislava, Slovakia to enhance the country’s ability to combat money laundering and terrorist financing. The event, organized by the Council of Europe Economic Crime and Cooperation Division (ECCD), brought together representatives from Slovak competent authorities, as well as participants from Poland and Ukraine.

Workshop Objectives

  • Enhance Slovakia’s ability to combat money laundering and terrorist financing
  • Strengthen the country’s anti-money laundering and countering the financing of terrorism (AML/CFT) regime

Sectoral Risk Assessments: A Critical Aspect of Effective AML/CFT Regimes

The workshop focused on sectoral risk assessments related to organized crime and cross-border threats, a critical aspect of effective AML/CFT regimes. The ECCD has been supporting Slovakia in strengthening its AML/CFT framework through the production of detailed methodological guidelines for conducting these risk assessments.

Key Highlights from the Workshop

  • Day 1: Organized Crime-Related Money Laundering and Terrorist Financing Risk Assessments
    • Experts engaged in discussions centered around organized crime-related money laundering and terrorist financing risk assessments.
  • Day 2: Cross-Border Threats of Money Laundering and Terrorism Financing
    • Best practices for assessing and addressing related risks were explored, including guidelines on practical implementation.
    • Participants shared their own experiences with risk assessments, highlighting good practices, challenges, and solutions to overcoming these hurdles.

Enhancing Cross-Border Cooperation

Representatives from Slovak, Polish, and Ukrainian competent authorities engaged in discussions on enhancing cross-border cooperation and facilitating information exchange between jurisdictions to mitigate money laundering and terrorist financing risks across borders.

The TSI Project: A Joint Effort by EU and Council of Europe

The workshop is part of the joint TSI Project on “Enhancing the Effectiveness of the AML Framework in Slovakia,” funded by the European Union and implemented by the Council of Europe.